Finland will not revise its plans to become one of the largest uranium suppliers in the EU within the next several years, despite the pandemic and its negative consequences, according to recent statements, made by representatives of local business and some Finnish media reports.
It is planned, most of uranium output in the country will be produced by the Finnish mining company Terrafame, which became the first local producer, which received permission for commercial uranium mining within the territory of the country at the beginning of the current year.
As part of the plans of the investor, commercial production will begin 1-2 years. It is expected, by this time the EU's mining reserves will "become scarce", that will lead to a significant growth of the demand. Already in 2022-2023 Finland will be able to supply its uranium for the needs of European nuclear power plants.
Most of analysts believe while the level of competition in this market remains generally low, producers may face a number of difficulties: as the demand for uranium currently remains under pressure.
The production will be carried on the basis of the Talvivaara mine in Sotkamo in eastern Finland. The volume of production will reach 250 tonnes of uranium per year. It is planned, the local fields will be also used for the production of nickel and zinc.
By: Eugen Gerden