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Terrafames sales amounted to 218.8 million euro year 2017

Terrafame produces nickel, zinc and cobalt for the metal industry in the mine of Sotkamo. Image: Terrafame
Terrafame produces nickel, zinc and cobalt for the metal industry in the mine of Sotkamo. Image: Terrafame
Published by
Markku Björkman - 25 Jan 2018

Terrafame's mine in Sotkamo had a complicated year last fiscal year, which ended with negative results, but faith among the board members in the future of the company is bright, according to the Helsinki newspaper HBL.

The full year's result is a loss of 6.4 million euros. Last year the loss was 134.4 million. Terrafames CEO describes the year as essentially good and especially raises the fourth quarter. During the fourth quarter of the fiscal year, the mine produced 5840 tonnes of nickel and 13772 tonnes of zinc.

- On the whole, 2017 was a good year, and I'm pleased with what we achieved. We have developed our business and managed to increase our production. Sales more than doubled, fold Joni Lukkaroinen, CEO to HBL.

Turnover in the fourth quarter, October-December, was 66.4 million when it was 47.6 million a year earlier. The result for the fourth quarter of 2017 landed at 10.9 million.

The entire fiscal year's net sales amounted to 218.8 million, a substantial increase compared with last year's 101.0 million. The mining company will now focus on more development projects and on better profitability.

- During the first half of this year, we will start the process of chemical manufacturing for the battery industry and we are preparing for investment decisions. We also investigate the possibilities of using rare earth metals and uranium.

The mine was bought by Talvivaara's bankruptcy booth in 2015 and has since been focused on making the mine environmentally sustainable. The Finnish State is the largest owner of Terrafame and owns 71.2 percent of the shares.

Source: HBL
Source: Hufvudstadsbladet