State’s mining industry holdings transferred to Finnish Minerals Group

Exit - 10.10.2018

The Committee on Economic Policy of Finnish Government decided in May 2018 to endorse the reorganising of the State’s mining industry holdings into Finnish Minerals Group with the aim to advance the development of Finland’s battery and mining cluster. Pursuant to this decision the shares in Sotkamo Silver AB and Keliber Oy as well as a convertible loan and related option rights entitling to shares in Ferrovan Oy have been transferred from Finnish Industry Investment Oy (Tesi) to Finnish Minerals Group.

Ferrovan Oy is targeting to construct a metal production plant for extraction of vanadium from LD-slag, a by-product of steel production. Finnish Minerals Group has previously announced its participation in a EUR 7.5 million financing round of Ferrovan Oy together with Ferrovan’s biggest shareholders and financiers. Finnish Minerals Group holds a 14% stake at Ferrovan Oy via convertible loans.

Keliber Oy is a Finnish mining company with an objective of producing high-purity lithium chemicals especially for the needs of the international lithium battery market. Finnish Minerals Group holds a 17.6% stake in Keliber.

Sotkamo Silver AB is the parent company of the Sotkamo Silver group, which consists of the parent and its wholly-owned subsidiary in Finland, Sotkamo Silver Oy. Sotkamo Silver develops silver, gold and zinc deposits in the Nordic region and its main development project is Silver Mine project in the municipality of Sotkamo. Sotkamo Silver is currently constructing a Silver Mine, which mine is planned to be in production during early 2019. Finnish Minerals Group holds a ~2.05% stake in Sotkamo Silver.

Inquiries
Matti Hietanen, CEO, Finnish Minerals Group +358 40 8238806, matti.hietanen@mineralsgroup.fi

Finnish Minerals Group is a special-purpose company developing the Finnish battery and mining ecosystem. We operate as a long-term strategic owner of Terrafame Oy and other battery and mining cluster holdings, manage the mining and battery investment programme, develop battery value chain initiatives, and coordinate R&D projects.