Terrafame focuses on the production of chemicals for electric vehicle batteries
- Now, the mainly state-owned Finnish company is aiming at the production of chemicals for electric car batteries, writes Helsinki newspaper Hufvudstadsbladet
According to HBL, the company's mine in Petsamo generated a profit of 4.7 million euros during the July-September 2018 period.
In total, the mine produced 7 326 nickel and 16 530 tonnes of zinc.
- Production levels are now at the level that the former business executive would achieve in 2015, says Terrafames CEO Joni Lukkaroinen.
The next milestone is to start producing nickel and cobalt chemicals used in, among other things, electric car batteries.
The preparatory work has already begun and the assessment of possible environmental impact has begun.
The plan is for Terrafame to become one of the world's leading producers of nickel sulphate.
According to current hopes, the factory's annual output shall be 170 000 tonnes of nickel sulphate and 7 400 tonnes of cobalt sulphate.
According to Terrafames CEO Joni Lukkaroinen, the factory will benefit the Finnish economy.
- The factory will increase its sales by just over 200 million euros a year. Building the factory and running productions will not only benefit the economy in Kajanaland but also all of Finland, says Lukkaroinen.
The state's ownership in the mining company has decreased to about 71 per cent from the previous 84 per cent.
For the electric car battery project, the company gets about 175 million euros in the new financing of the multinational commodity giant Trafigura, the capital investment company Galena and the financial company Sampo.
During the construction phase of the new plant, it will employ 600 people and is even ready for about 150 people.
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