International news within the industry of mining and metal, Apr, 24 2019
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The Finnish state mining company made a million loss on melting project

The Raahe mill project has been in progress since 2011 and the Finnish Ore Processing has made a EUR 4.5 million investment in October. However, the financing required for the construction of the plant was not arranged. Photo: Pöyry
The Raahe mill project has been in progress since 2011 and the Finnish Ore Processing has made a EUR 4.5 million investment in October. However, the financing required for the construction of the plant was not arranged. Photo: Pöyry
Published by
Markku Björkman - 11 Apr 2019

The state mining company made a million loss on Raahe's defective melting project. The factory was supposed to have about a hundred jobs and it was supposed to be available by the end of next year.

The state-owned Finnish mining company Suomen Malmijalostus announces that it will make a write-down of EUR 11 million from the bankrupt Ferrovan company, which had designed the Raahe vanadium production plant. Ferrovan was set to liquidation at the end of March.

In its announcement (you are moving to another service), the Finnish Ore Processing company says that the company's actual loss in the project is EUR 3.1 million.

The purpose was to set up a Raahe plant that would have produced vanadium used in the steel and chemical industries from the slag arising from SSAB's steel production. The factory was supposed to have about a hundred jobs and it was supposed to be available by the end of next year.

Previously, the Finnish Ore Processing was formerly called Terrafame Group but changed its name last year. Finnish Ore Processing was not a shareholder in Ferrovan, but it has convertible bonds from the company. The majority of this amount is based on investments made by Finnish Industry Investment, which were transferred to Finnish Ore Processing last autumn.

The name of Ferrovan was formerly Mustavaara Kaivos.
 
 

The property lies in the famous Cobalt province and is approximately 47 km south of the town of Cobalt. The picture shows an old mine in the town of Cobalt. In the early 1900s, the area was heavily mined for silver; the silver ore also contained cobalt. By 1910, the community was the fourth highest producer of silver in the world. Mining declined significantly by the 1930s, together with the local population. In late 2017 one publication referred to Cobalt as a ghost town, but the high demand for cobalt, used in making batteries for mobile devices and electric vehicles, is leading to great interest in the area among mining companies. Photo: Wikipedia, credit: P199
The property lies in the famous Cobalt province and is approximately 47 km south of the town of Cobalt. The picture shows an old mine in the town of Cobalt. In the early 1900s, the area was heavily mined for silver; the silver ore also contained cobalt. By 1910, the community was the fourth highest producer of silver in the world. Mining declined significantly by the 1930s, together with the local population. In late 2017 one publication referred to Cobalt as a ghost town, but the high demand for cobalt, used in making batteries for mobile devices and electric vehicles, is leading to great interest in the area among mining companies. Photo: Wikipedia, credit: P199

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