Stockholm 28 August 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) today announces that the Company has entered into a non-binding offtake agreement with Boliden AB [BOL:STO] (in short: Boliden) for its Hautalampi battery mineral project in Finland. The agreement is valid for a minimum of 10 years.
Eurobattery Minerals CEO Roberto García Martinez says executing the agreement with an industry major such as Boliden is a significant milestone for the Company.
"Today is an extraordinary day for Eurobattery Minerals, for the Outokumpu Municipality and for the future of responsible mining in Europe. It´s a fantastic achievement for the team at the Company and the offtake agreement with Boliden creates the right conditions for the planned carbon-zero production of critical raw materials at our battery mineral project in Finland. During our negotiations with Boliden, we have established a close relationship and we are looking forward to a fruitful future collaboration. Boliden is a very important partner that has increased its efforts and ambitions for Europe and the Nordics. Their strategic focus and vision are well in line with our own goals and values. This was the first step in the process and we continue to work on possible offtake agreements for nickel and cobalt," continues Roberto García Martínez.
Information about the 10-year non-binding offtake agreement
The agreement with Boliden has been entered into by our Finnish subsidiary FinnCobalt Oy, which is owned to 100% by Eurobattery Minerals. The accord is a long-term purchase agreement for the Hautalampi concentrates. In the evaluation, Boliden has assumed an agreement for the full copper concentrate production and a long-term duration of minimum 10 years. The concentrates will be handled by Boliden Harjavalta Copper Smelter in Harjavalta, Finland and/or the Boliden Rönnskär Copper Smelter located in Rönnskär, Sweden.
About the Hautalampi Battery Mineral Project
The Hautalampi project and its mineralization is located 345 km from Helsinki, in the well-known Outokumpu Mining Camp Area. The mineralization is located in the same region as the well-renowned Keretti mine where approximately 28.5 million tonnes of copper ore were mined between 1912–1989. The project consists of one mining concession covering 277 hectares with exposure towards cobalt, nickel, and copper. A pre-feasibility study from 2023 indicates that Eurobattery Minerals will produce around 500,000 tonnes of ore from the underground mine per annum, with an expected mine life of +12 years. The minerals resources have been classified in the highest categories as viable mining projects according to UNFC and the Environmental Permit Application was submitted at the end of April 2024.
About Boliden AB
Boliden's vision is to be the most climate-friendly and respected metal provider in the world. The company is a European producer of sustainable metals. They operate within exploration, mines, smelters, and recycling, guided by their values which are care, courage, and responsibility. Boliden has around 6,000 employees and has annual revenues of approximately SEK 80 billion. The share is listed in the Large Cap segment of NASDAQ OMX Stockholm.
Stockholm 21 August 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) is pleased to announce that it has now submitted the application for its Hautalampi battery mineral project to become a Strategic Project under the EU’s Critical Raw Materials Act (CRMA). The European Commission (EC) is expected to announce the first list of Strategic Projects in December 2024.
In May this year, the Company announced in a press release its intention to apply for Hautalampi to become a Strategic Project under the CRMA. The CRMA was approved in record time as the EC aims to bolster the bloc's strategic autonomy by reducing reliance on external suppliers for critical raw materials (CRMs). These materials are essential for the production of batteries, renewable energy technologies, and other various high-tech applications.
The Hautalampi nickel, cobalt, and copper mining project has been under development for several years, with significant advancements made in resource estimation, environmental management, and community engagement. Our commitment to minimising the environmental footprint is evidenced through our plan to focus on responsible mining practices and state-of-the-art processing techniques that will indeed contribute to EU
circular economy-related provisions in the CRMA. Eurobattery Minerals has for example signed a Memorandum of Understanding with a local energy company for the development of photovoltaic energy to support carbon-zero production of CRMs. The project is also aligned with the EU's stringent environmental, social, and governance (ESG) criteria and continuous balance of increasing CRMs extraction. All this while also maintaining proof that such growth is conducted sustainably, responsibly, with the interests of local community at the forefront.
Roberto García-Martínez, CEO of Eurobattery Minerals, comments: “Achieving Strategic Project status for our Hautalampi project would be a pivotal milestone, driving forward our contribution to the EU's ambition for a secure, resilient, and sustainable supply chain of critical raw materials. With the rising demand for nickel, cobalt, and copper—key elements in energy storage, electric vehicles, and renewable energy technologies—our project is strategically positioned to support the green transition and reduce the EU’s strategic dependencies on external sources"
The relevance of Hautalampi to the EU
The Hautalampi battery mineral project is critical for the EU’s strategic interests. It has the potential to be a significant source of nickel, cobalt, and copper, all considered Strategic raw materials as listed in Annex I of the CRMA. It will support Europe’s efforts to achieve self-sufficiency and reduce dependency on non-EU sources, particularly in the context of the green and digital transitions, thereby supporting the goal of CRMA which states that the EU should not be dependent on any single third country for more than 65% of imports of each strategic raw material.
The development of the project is based on sustainable resource management practices and has gained the support of private investors and government agencies such as the Finnish Funding Agency for Innovation (TEKES) and The Centres for Economic Development, Transport and the Environment (ELY).
Finally, the Hautalampi battery mineral project is located 345km from Helsinki, in well-known Outokumpu Mining Camp Area. This is an excellent location for mine development since there is strong local support for mining and the municipality is ideally positioned for the burgeoning EV battery manufacturing market in northern Europe. This strategic location will facilitate the seamless supply of processed materials to key industries across Europe, particularly in sectors related to renewable energy and electric mobility.
About the Hautalampi Battery Mineral Project
The Hautalampi project is located in the same region as the well-renowned Keretti mine where approximately 28.5 million tonnes of copper ore were mined between 1912–1989. The project consists of one mining concession covering 277 hectares with exposure towards cobalt, nickel, and copper. There are strong technical fundaments for the processing and production of commercial Co-Ni concentrate and Cu concentrate.
The target operational figures, as they appear in the pre-feasibility study from March 2023, indicate that Eurobattery Minerals will produce around 500,000 tonnes of ore per annum, with an expected mine life of +12 years. The total capital expenditure is estimated at EUR 65 million, and the payback period is 4.6 years. The mining project is expected to have a concentrate production of Cu-conc. 25% of 5,000 tonnes per annum and Ni/Co-conc. Ni 7%/Co 1.9% of 21,000 tonnes per annum.
The Finnish project has a pre-feasibility study from March 2023 and the Hautalampi ore reserves and minerals resources reserves have been classified in the highest categories as viable mining projects in the United Nations Framework Classification for Resources (UNFC). The Hautalampi mining permit (K7802) was registered in June 2023 and the Environmental Permit Application was submitted to the Finnish Authorities at the end of April 2024.
The Critical Raw Materials Act – a short background
The Critical Raw Materials Act (CRMA) entered into force on the 23 May 2024, establishing a framework to secure and sustainably supply critical raw materials across the EU. The CRMA introduces clear timelines for permit procedures for EU extracting projects, allows for the designation of strategic projects, and mandates comprehensive supply-chain risk assessments.
The act underscores the importance of critical raw materials for the EU’s green and digital transitions, as well as the resilience of its defence and aerospace sectors. A call for Strategic Projects under the CRMA was launched at the end of May 2024 aiming to boost the EU's capacity for extraction, processing, and recycling of these materials while diversifying supply sources.
Our Hautalampi battery mineral project aligns perfectly with the objectives of the CRMA and represents a significant step toward ensuring the EU’s long-term supply security for critical raw materials. We look forward to the opportunity to contribute to Europe’s strategic goals and to play a key role in the continent’s sustainable industrial future.
During the process of application and adoption of the CRMA, the global strategic public affairs consultancy, Kreab Worldwide, acted as advisors to Eurobattery Minerals.
Stockholm, 7 August 2024
On 7 May 2024, the mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) signed a non-binding letter of intent (the “LOI”) to invest a majority stake in Spanish company Tungsten San Juan SL (“TSJ”). The Company today announces that Eurobattery Minerals and TSJ, by mutual agreement, have extended the term and exclusivity of the LOI until further notice. All other terms and conditions of the LOI (as further described in the Company’s press release regarding the LOI published on 7 May 2024) remain unchanged.
Stockholm, 20 May 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or “the Company”), today announces that the Company is exercising its option to acquire the remaining 30 per cent of the shares in FinnCobalt Oy (“FinnCobalt”), the owner of the ground and mining rights to the nickel–cobalt–copper project Hautalampi. This constitutes the Company’s third acquisition within the scope of its contracted right to acquire 100 per cent of the shares in FinnCobalt in a staged process. Altogether, Eurobattery Minerals’ share of ownership in FinnCobalt now amounts to 100 per cent after the impending acquisition. The acquisition is of great significance for the Company’s planned development of the Hautalampi project and the goal to establish a battery mineral mine with production and sales within a mid-term horizon. The consideration for the stake acquisition will be paid partly in cash and partly through a directed issue of shares to the three founders of FinnCobalt.
“We have just submitted the Environmental Permit Application to the Finnish Authorities and with that crucial step and this acquisition, we have taken one big stride closer to start the mining operations in Outokumpu. The pre-feasibility study showed that the economic outlook for the battery mineral mine in Finland is strong,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Financial details of the stake acquisition
The Board of Directors of Eurobattery Minerals has informed the three founders and initial owners of FinnCobalt that the Company will exercise the third option of the investment and shareholder agreement entailing the option to acquire FinnCobalt in a staged process which was entered into on 11 May 2020 and which became effective on 27 May 2020. This means that Eurobattery Minerals, before 27 July 2024, should exercise said option by paying a total cash amount of EUR 300,000 and issuing shares in Eurobattery Minerals amounting to a value of EUR 1,000,002 to the three founders of FinnCobalt. These two actions will be taken parallelly and simultaneously. The cash part of the consideration will be paid from the Company’s cash. The share part of the consideration will be paid through a directed issue of shares. The subscription price in the directed share issue will correspond to the volume-weighted average price of the Company’s share on NGM Nordic SME during the ten trading days preceding the issue decision.
Effects of the acquisition
- Eurobattery Minerals will acquire 30 per cent of the shares in FinnCobalt. The Company’s stake in FinnCobalt will thereby increase from 70 per cent to 100 per cent of the capital and the votes.
- The stake acquisition of FinnCobalt is expected to be completed during the second quarter of 2024. FinnCobalt is expected to be consolidated into Eurobattery Minerals’ financial statements from the date of admission.
- As the owner of all shares in FinnCobalt, Eurobattery Minerals will have full control over the resolutions of the Board in FinnCobalt.
- Eurobattery Minerals will also have the right, but no obligation, to nominate the Chairman of the Board and two ordinary Board members and their personal deputy members in FinnCobalt.
The Hautalampi project in brief
The Hautalampi project is located near Outokumpu, Finland, in the same spot as the well-renowned Keretti mine where approximately 28.5 million tonnes of rock with a copper content of 3.8 per cent were mined between 1912–1989. The project consists of one mining concession covering 227 hectares with exposure towards nickel, cobalt, and copper, and a nearby reservation. The area benefits from well-developed surface and underground infrastructure as well as strong local support for mining. An estimated EUR 10–15 million had been invested in the project by previous owners before the project was assumed by Eurobattery Minerals in the spring of 2020. In June 2021 Eurobattery Minerals was able to increase the project’s measured, indicated, and inferred resource tonnage by approximately 100 per cent and the metal content by approximately 50 per cent. In October 2022, the Company was able to confirm a further increase in the metal content of approximately 40 per cent. On 20 March 2023, the Company published a preliminary feasibility study (PFS) for the Hautalampi project which highlighted the opportunities and potential challenges of advancing the development of the Hautalampi deposit. On the 29th of April 2024, the Company announced that the environmental permit application had been submitted to the Finnish Regional State Administrative Agency. In May, Eurobattery Minerals communicated that that the Company will apply for the battery mineral project Hautalampi to become a Strategic Project under the new EU Critical Raw Materials Act.
Stockholm, 17 May 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) today announces that the Company’s Chairman of the Board Henrik Johannesson, Board member and CEO Roberto García Martínez, and CFO Mattias Modén – as well one larger warrant holder – are exercising a total of 5,635,169 warrants of series TO4 (the “Warrants”), corresponding to approximately 16.9 per cent of the total number of outstanding Warrants, for the subscription of shares in Eurobattery Minerals amounting to a total of approximately SEK 2.3 million. The indications correspond to each warrant holder’s full holdings of Warrants. The last day of trading in Warrants is today, 17 May 2024, and the last day to subscribe for shares by exercise of Warrants is 21 May 2024.
Eurobattery Minerals has received indications that the following members of the Board of Directors and management are exercising Warrants for the subscription of shares in the Company:
- Henrik Johannesson – 477,000 Warrants, corresponding to SEK 190.8 thousand.
- Nazgero Consulting Services LTD (Roberto García Martínez) – 2,419,226 Warrants, corresponding to approximately SEK 967.7 thousand (through set-off).
- MJ Modén Förvaltning AB (Mattias Modén) – 259,943 Warrants, corresponding to approximately SEK 104.0 thousand.
In addition to this, Eurobattery Minerals has received indications that a larger warrant holder is exercising approximately 2,479,000 Warrants for subscription of shares in the Company, corresponding to approximately SEK 991.6 thousand.
Altogether, the abovementioned subscriptions amount to a total of approximately SEK 2.3 million, corresponding to approximately 16.9 per cent of the total number of outstanding Warrants.
“The Board and management have great confidence in our road ahead, and I am grateful that this faith is shared among other warrant holders as well. We are looking forward to continuing our work in the Finnish Hautalampi project, where we are gradually getting closer to the start of mining operations,” comments Roberto García Martínez, CEO of Eurobattery Minerals.
Advisers
Augment Partners AB acted as financial adviser and Advokatfirman Schjødt acted as legal adviser in the transaction.
Stockholm, 15 May 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) is pleased to announce the signing of a Memorandum of Understanding (MoU) with Okun Energia Oy, a prominent energy provider partly owned by the local municipality in Outokumpu, Finland. This MoU is signed via FinnCobalt Oy, our subsidiary in Finland, and sets forth the terms and understanding between the entities for the development of local photovoltaic (PV) production to support carbon-zero production of critical raw materials, thereby advancing the green transition.
The project aims to create an opportunity for local carbon-zero production by harnessing solar energy. FinnCobalt Oy – part of Eurobattery Minerals – has offered a section of its mining area for solar energy production, while Okun Energia Oy will invest in the units and provide electricity for the mine through a Power Purchase Agreement (PPA). The connection will be "behind the meter," ensuring production directly for own use without taxes or electricity transmission fees.
"At Eurobattery Minerals, we are committed to responsible mining practices and contributing to a sustainable future," says Roberto García Martínez, CEO for Eurobattery Minerals. “This partnership with Okun Energia Oy marks a significant step towards achieving carbon-zero production of critical raw materials, aligning with our objectives to operate responsibly and support the green transition.”
Key factors of the MoU include the promotion of carbon-zero production of critical raw materials and the enhancement of the social license to operate. The objective is to provide a framework for long-term local cooperation activities that benefit both parties and also the local community. The Hautalampi battery mineral project is located at a historical mining site with strong local support for mining activities. The municipality has evolved from a mining town into an industrial centre, and there is widespread anticipation for the mine to open. The project is expected to create jobs on-site, and the community is working towards making this a reality. The local municipality in Outokumpu is giving its full support for the project.
“Solar is vital part of the green transition, essentially our role is to enforce and support Outokumpu’s sustainable development,” says Tero Mäntylä, CEO for Okun Energia Oy.
Eurobattery Minerals strives to conduct responsible and modern mining by utilizing state-of-the-art technology. The mining sector plays a strategic role in the transition towards a digitalized and decarbonized economy, aligning with EU Agenda 2030 and Fit for 55 objectives.
The signing of this MoU represents a significant event in our journey towards responsible mining practices and carbon-zero production. Eurobattery Minerals looks forward to working closely with Okun Energia Oy and the local community to bring this vision to fruition and to deliver responsibly mined minerals from Europe for Europe.
Stockholm, 13 May 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) announces that the Company will apply for the battery mineral project Hautalampi to become a Strategic Project under the new EU Critical Raw Materials Act.
Eurobattery Minerals has announced its application for the Company´s Finnish Hautalampi project to become a Strategic Project under the new Critical Raw Materials Act (CRMA) recently approved by the European Union (EU). This initiative aims to contribute to the EU's objective of ensuring access to a secure, diversified, affordable, and sustainable supply of critical raw materials essential for strategic applications in various sectors, including the net-zero industry, digital industry, aerospace, and defence. This is an open call from the Directorate-General of the European Commission (DG GROW) to support strategic projects under CRMA and the initiative is intimately connected to the benchmarks set for the goals of EU 2030, for a sustainable Europe by that year.
The recognition of a project as a Strategic Project has several advantages, including streamlined and predictable permitting procedures and support in gaining access to finance.
“Eurobattery Minerals is committed to supporting the EU's efforts to secure the supply of critical raw materials. Our project aims to not only contribute to the EU's strategic goals but also to operate responsibly and sustainably, generating positive impacts for local communities and economies. This first open call to become a strategic project is a great opportunity for us, and also opens the door for future subventions under the umbrella of CRMA,” comments Roberto García Martínez, CEO of Eurobattery Minerals.
Background of the open call for Strategic Projects under CRMA
Under the CRMA, Strategic Projects are recognized as key instruments to enhance the security of the EU's supply of 17 strategic raw materials listed in Annex I of the Act. These materials include crucial elements such as cobalt, nickel, copper, tungsten, and other raw materials vital for modern technologies and industries. DG GROW aims to have a first set of strategic projects decided and published by the end of this year. The CRM Council meeting with the opening of the first call for proposals will take place after the entry into force of the CRMA regulation on May 23, as informed by DG GROW at the information day for potential applicants held on April 30. A timetable has been established for the Strategic Projects, highlighting the next steps:
- First cut-off date (August 2024)
- Completeness check (September 2024)
- Technical assessment (September 2024)
- CRM Board Meeting (November 2024)
- Commission decision for the list of Strategic Projects (December 2024).
There will be several assessment criteria for the strategic projects; need for the project to make a meaningful contribution to the security of the EU’s supply of critical raw materials, technical feasibility of the project and its sustainable implementation with a positive impact on the environment and societies. For projects in the EU, the benefits must be cross-border. During the assessment procedure, each application is evaluated by at least four individual experts who will assess four aspects: technical, financial, UNFC classification and ESG aspects.
Eurobattery Minerals´ initiatives for Hautalampi to become a strategic project
Eurobattery Minerals´ Hautalampi project aligns with the EU's objectives and aims to:
- Enhance the security of the EU's supply of critical raw materials, contributing to the benchmarks set for 2030
- Implement sustainable practices, including environmental impact monitoring and prevention, and socially responsible practices such as respect for human rights and labour rights
- Create cross-border benefits by involving undertakings from different EU Member States and potential off-takers located in multiple Member States
“Institutional support from the EU is important and if the permitting procedure becomes faster and more predictable for strategical projects, that would of course be great news for us. As might be expected, support in gaining access to finance and subventions would also be very positive, so we will put our best effort into this application process,” says Roberto García Martínez, CEO of Eurobattery Minerals.
Short about the Hautalampi battery mineral project
Our Finnish project has a pre-feasibility study from March 2023 and the Hautalampi ore reserves and minerals resources reserves have been classified in the highest categories as viable mining projects in the United Nations Framework Classification for Resources (UNFC). The Hautalampi mining permit (K7802) was registered in June 2023 and the Environmental Permit Application was submitted to the Finnish Authorities at the end of April 2024. More information about the Hautalampi project is available on our website: https://eurobatteryminerals.com/en/projects/hautalampi/.
Stockholm, 29 April 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announces that the environmental permit application for the battery mineral mine project Hautalampi in Finland has been submitted to the Finnish Regional State Administrative Agency (Aluehallintovirasto, or AVI).
“Submitting the application for the environmental permit is a critical milestone for Eurobattery Minerals and we have now taken a major step towards mining operations in Finland,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Roberto García Martínez continued:
“As a result of previous analyses, we know that there is a great economic outlook for the cobalt, nickel, and copper mine. In addition to the financial aspects, the Finnish mine is also a great opportunity to increase Europe’s self-sufficiency when it comes to responsible mined battery minerals.”
The application covers all aspects needed to start and operate the mine
The environmental permit application includes all essential aspects of an operational mine at the Hautalampi project, for example, underground mining operations for ore and waste rock, crushing operations for ore and waste rock usage for construction. Furthermore, it also covers an application for producing metal concentrates, discharge treatment, handling mining waste, implementing mine backfilling, and depositing extractive waste in extractive waste areas. In addition, the environmental permit application also covers aspects regulated by the Finnish Environmental Protection Act (Ympäristönsuojelulaki 527/2014).
“We look forward to working closely with the authorities in Finland to ensure a smooth and quick environmental permit process and expect a positive outcome. In parallel with this process, we are continuing the discussions and development of off-take agreements that are related to the work with the bankable feasibility study,” said Roberto García Martínez.
As the company waits for the outcome of the environmental permit application, Eurobattery Minerals will continue with the work according to the company´s plans. These include the finalisation of the 100 per cent acquisition of FinnCobalt Oy and continuing with the detailed engineering of the next phases. The Company will also continue the discussions and development of off-take and equipment agreements which is part of the preparatory work for the bankable feasibility study.
About the Hautalampi Battery Mineral Project
The Hautalampi project is located 345 km from Helsinki, in the well-known Outokumpu Mining Camp Area. The Hautalampi project is located in the same region as the well-renowned Keretti mine where approximately 28.5 million tonnes of copper ore were mined between 1912–1989. The project consists of one mining concession covering 277 hectares with exposure towards cobalt, nickel, and copper.
The Outokumpu municipality has evolved from a mining town into an industrial centre. Therefore, this is an excellent location for mining operations, with strong local support for mining.
The Hautalampi project is ideally positioned for the burgeoning EV battery manufacturing market in northern Europe, and there are strong technical fundaments for the processing and production of commercial Co-Ni concentrate and Cu concentrate.
The target operational figures, as they appear in the pre-feasibility study from March 2023, indicate that Eurobattery Minerals will produce around 500,000 tonnes of ore per annum, with an expected mine life of +12 years. The total capital expenditure is estimated at EUR 65 million, and the payback period is 4.6 years. The mining project is expected to have a concentrate production of Cu-conc. 25% of 5,000 tonnes per annum and Ni/Co-conc. Ni 7%/Co 1.9% of 21,000 tonnes per annum.
Stockholm, 18 March 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announced positive results on research proving that the bedrock conditions in its Finnish Hautalampi battery minerals mine project are ideal for future mining operations.
The research has been carried out as an essential part and as a standard procedure of the environmental permit process to determine possible risks associated with groundwater moving in shear zones in and out of the mine and the deposit. With the analysis ready, it can be concluded that the shear zones follow the geology of the bedrock, and no larger dominant shear zones were found, i.e., the bedrock conditions in Hautalampi are favorable for mining operations.
“As the Hautalampi project is located on an old mining ground, we knew already that the geology was suitable for further mining. Yet, the results from the geophysical tests further cement that our Hautalampi battery minerals mine project has all the preconditions to be an important source of responsibly mined battery minerals. With the test results in hand, we will proceed with the environmental permit application as planned,” said Roberto García Martínez, CEO of Eurobattery Minerals.
The CEO of the mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “Eurobattery” or the “Company”), Roberto García Martínez, presented the Company at an investor meeting yesterday, 15 January 2024. A recording from the investor meeting is available on Financial Hearings’ webcast, https://ir.financialhearings.com/eurobattery-minerals-2024.
The investor presentation covered, among other things, a status update regarding the progress of the battery mineral mine projects in Finnish Hautalampi and in Spanish Corcel. A selection of the information is summarised below.
In 2023, the Company has increased its stake in FinnCobalt Oy and the Hautalampi project to 70 per cent, and achieved several important milestones in the project, including the publication of a Preliminary Feasibility Study, the achievement of the highest UNFC classification as a viable mining project, the registration of the Hautalampi mining permit, and the submission and approval of an updated Environmental Impact Assessment. In 2024, the Company intends to accelerate the work in Hautalampi by finalising the acquisition of the project, applying for an environmental permit, as well as signing a non-binding offtake agreement and delivering a feasibility study.
In the Spanish Corcel project, the Company continues to await a positive decision from the Energy and Mining Authority of Galicia. Eurobattery has, as previously communicated through a press release on 30 August 2022, submitted all necessary information for environmental and operating permits and will resume the development of Corcel when possible. Since the European Parliament on 12 December 2023 voted in favour of a bill under the Critical Raw Materials Act (CRMA), which among other things entails that the permit process for a mine should be significantly speeded up and that at least 10 per cent of the EU’s annual consumption of strategic raw materials should be mined within the EU by 2030, the Company hopes that the permit process in Corcel will be made easier in the near future.