Summary 2024

We are reaching the end of 2024, and at Eurobattery Minerals we are wrapping up the year. In this last newsletter for the year, we will summarise the year and look back at all the things we achieved.

January
In January we were pleased to announce the news about the process design for the concentration plant at our battery mineral mine project Hautalampi. The Hautalampi concentration plant is designed to produce annually 21,000 tonnes of Ni 7%/Co 1.9% concentrate and 5,000 tonnes of Cu 25% concentrate during the anticipated 12 years of mining at the site. The designed capacity of the plant is 500,000 tonnes per annum.

For a visual overview of the concentration plant, and also more information about the Hautalampi project, you can take a look at the following video:

March
In March we presented positive results on research proving that the bedrock conditions at the Hautalampi nickel-cobalt-copper project are ideal for future mining operations.

The research was carried out as an essential part 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 at Hautalampi are favourable for mining operations. 

April
On the 29th of April we reached a major milestone for the Finnish project when we submitted the environmental permit application to the Finnish Regional State Administrative Agency (Aluehallintovirasto, or AVI).

Roberto García Martínez, CEO of Eurobattery Minerals, said: “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. 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 responsibly mined battery minerals.”

May
In the month of May, Eurobattery Minerals signed 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.

Commodity prices – December 2023 to December 2024

July
At the end of July, the Company exercised its option to acquire the remaining 30 per cent of the shares in FinnCobalt Oy, the owner of the ground and mining rights to the Hautalampi project. This was the Company’s third and last acquisition within the scope of its contracted right to acquire 100 per cent of the shares in FinnCobalt in a staged process. The acquisition is of great significance for Eurobattery Minerals´ planned development of the Hautalampi project and the goal to establish a battery mineral mine with production and sales within a mid-term horizon.

August
In August, Eurobattery Minerals officially submitted its Hautalampi battery mineral project for designation as a Strategic Project under the EU's Critical Raw Materials Act (CRMA). 

Hautalampi's rich nickel, cobalt, and copper resources are vital for Europe’s green and digital transitions, defence, security, and strategic self-sufficiency. By reducing dependence on external suppliers for critical raw materials, Hautalampi aligns perfectly with the EU’s ambition to secure a sustainable, resilient supply chain.

The project prioritises sustainability through responsible mining practices, renewable energy integration, and compliance with stringent environmental, social, and governance (ESG) standards. Its strategic location in Finland offers proximity to Europe’s burgeoning EV battery and renewable energy industries, ensuring an efficient supply of processed materials.

CEO Roberto García-Martínez stated: "Achieving Strategic Project status would solidify Hautalampi’s pivotal role in the EU’s green transition and strengthen Europe’s autonomy in critical raw materials."

Hautalampi stands poised to become a cornerstone for Europe’s cleaner, self-sufficient future.

And at the end of August, we reached another important milestone when we announced that the Company has entered into a non-binding offtake agreement with Boliden AB for Hautalampi. The accord is a long-term purchase agreement for the Hautalampi copper concentrates during at least 10 years. In the evaluation, Boliden has assumed an agreement for the full copper concentrate production and these concentrates will be handled by Boliden Harjavalta Copper Smelter in Finland and/or the Boliden Rönnskär Copper Smelter in Sweden.

October
In October, Eurobattery Minerals published a video interview with the Company’s CEO, Roberto García Martínez, who presented a market update and summarised the work carried out in Hautalampi during 2024 and the plans for the upcoming year. You can watch the video here:

Closing this year, but already looking forward to 2025
As 2024 is coming to an end, we reflect on an incredible year of progress and achievement at Eurobattery Minerals. Guided by our vision to make Europe self-sufficient in responsibly mined battery minerals, we have reached pivotal milestones that strengthen our commitment to a sustainable and greener future.

As we enter 2025, we remain steadfast in our mission to power Europe’s green transformation. The anticipated Strategic Project designation for Hautalampi, along with our ongoing partnerships, positions us to meet the rising demand for critical raw materials in electric vehicles, renewable energy, and beyond.

Thank you for being part of our journey. Together, we’re building a cleaner, self-sufficient, and just future for Europe.