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Stockholm, 27 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 details about the environmental permit application process for the Hautalampi battery mineral project.
The company will provide the environmental permit application to the Finnish Environmental Authority and following this, have a meeting with the agency in mid-April. After the April meeting, Eurobattery Minerals will follow the instructions and procedural steps indicated by the Finnish Authority.
“We are looking forward to submitting the environmental permit application and work alongside the authorities to ensure a smooth and quick process,” 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.
The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) is announcing process design for the concentration plant at its battery mineral mine project in Hautalampi. Eurobattery Minerals is the majority owner of the Hautalampi project.
“I am very pleased to see that our battery mineral project in Finland is progressing. Along with finalising the environmental permit process in Q1 2024, the development of the concentration plant is vital in our work to supply responsible battery minerals from our Finnish mine and thus make Europe less dependent on conflict minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The concentrator for refinement will consist of a comminution circuit (crushing and grinding), copper flotation concentrate production, nickel-cobalt flotation concentrate production, sulphur removal and tailings handling. 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.
To get a visual update of the Hautalampi battery mineral project and the concentration plant, please take a look at the following video:
Stockholm, 26 July 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the first phase of the environmental permit process for the Hautalampi mining project has been completed successfully. The environmental impact assessment (EIA) submitted by FinnCobalt Oy in 2022, following the requested supplement submitted later in 2023, is now fully approved by the Finnish Centre for Economic Development, Transport, and the Environment (ELY). FinnCobalt proceeds swiftly with the environmental permit application that will result in the environmental permit. Eurobattery Minerals is the majority owner of FinnCobalt Oy and the Hautalampi mine project.
”With the approved environmental impact assessment, we are one major step closer to mining in Finland and to supplying responsibly mined battery minerals to the European industry. The approval also provides us good guidance towards the environmental permit application we are working on,” said Roberto García Martínez, CEO of Eurobattery Minerals.
According to the approved EIA, the project’s implementation, based on current information and assessment, is technically, socially, and environmentally feasible, taking mitigation measures into account. In connection with the ongoing work for the environmental permit application, several tasks will be carried out. These are ground surveys, characterizations, water management and detailed process planning.
Stockholm, 13 July 2023 – 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 Board of Directors resolved to issue 2 855 856 shares with the support of the authorization by the shareholders meeting on 13 June 2023. The share issue constitutes part of the Company’s acquisition of an additional 30 per cent of the shares of FinnCobalt Oy (”FinnCobalt”), the owner of the ground and mining rights to the nickel-cobalt-copper project Hautalampi. Following the closing, Eurobattery Minerals owns 70 per cent of FinnCobalt Oy and the Hautalampi project.
“In 2020, we announced our intention to acquire 100 per cent of the Hautalampi battery mineral mine project. Following the closing of the directed issue announced today, we have acquired an additional 30 per cent stake, thus continuing to deliver on our target. Alongside the financial aspects of the project, we have made significant advancements in our work to open a battery mineral mine and supply responsible minerals to Europe, powering the green transition,” said Roberto García Martínez, CEO of Eurobattery Minerals AB.
The Board of Directors of Eurobattery has today resolved to carry out a directed share issue of a maximum of 2 855 856 new shares. In the event that the share issue is fully subscribed, the aggregate number of shares and votes in the Company increase from 33 738 202 to 36 594 058. The subscription price in the share issue has been determined pursuant to applicable terms for the acquisition of the shares of FinnCobalt and corresponds to the volume weighted average price for the Company’s shares on NGM Nordic SME during the 10 trading days immediately prior to the day of the issue resolution.
The issued shares constitute part of the consideration for the shares in FinnCobalt that the Company acquires through the exercise of the second option pursuant to the Investment and Shareholders Agreement, which included an option to successively acquire FinnCobalt and which was entered into on 11 May 2020 and became effective on 27 May 2020. Pursuant to the terms of the second option, Eurobattery shall no later than 27 July 2023 pay an aggregate cash consideration of EUR 250 002 and issue shares in Eurobattery with a value of an aggregate of EUR 1 000 002 to the three founders of FinnCobalt. The payment of cash consideration and the delivery of the issued shares will be made simultaneously.
Stockholm, 21 June 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the Outokumpu town Urban Development Board initiated the zoning and site plan change for the Hautalampi mine project. Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.
“I am very pleased with how work progresses in our Finnish battery mineral mine project. Yesterday we got the official listing in the Finnish mining right register, and today, the authorities announced the start of the zoning and site plan change. It is encouraging to see how our team in Finland work in close co-operation with the local authorities to move the project forward,” said Roberto García Martínez, CEO of Eurobattery Minerals.
The land zoning is according to the Land-use and Building Act in Finland and intends to support the site construction of the area in the near future. This includes building permits and supervision by authorities.
Outokumpu town structural services tendered the preparation of the zoning for the area of the Hautalampi mine. Sweco Finland Oy was selected by Outokumpu town as a zoning developer of the site plan for the Hautalampi mine area.
“We are very pleased with the progress made for the zoning by Outokumpu town, and we are looking forward to future co-operations with stakeholders, including landowners and city councils,” says Ilari Kinnunen, Managing Director of FinnCobalt Oy.
Stockholm, 20 June 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the Safety and Chemicals Agency (Tukes) has entered (9.6.2023) the Hautalampi mining right (K7802) in the mining register according to the Mining Act (503/1965). Hautalampi mining area has the full legal force for its underground mine and its concession.
“I am very pleased that the Hautalampi mining right has now been registered in Finland’s official mining register. This is an important step in our preparations for starting the mine”, said Roberto García Martínez, CEO of Eurobattery Minerals AB.
Stockholm, 15 May 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the FinnCobalt Oy’s 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). Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.
“Achieving the highest UN classification is a very significant proof of the potential of our Hautalampi project to supply the European market with responsibly mined battery minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.
UNFC is an international scheme for the classification, management and reporting of energy, mineral, and raw material resources. The UNFC classification complies with the European Commission’s Raw Materials Proposal: The Critical Raw Materials Act published by the European Commission on 16th of March 2023. The proposal suggests that each EU country should classify its minerals reserves according to the United Nations Framework Classification for Resources. The Hautalampi UNFC actual classification was originally done by Geological Survey of Finland (GTK).
The information in the report “Hautalampi Ore Reserves and Mineral Resources classification according to UNFC-2019 and bridging to the JORC 2012-Code” refers to ore reserves and mineral resources statement prepared by AFRY Finland Oy (7th of March 2023) transferred to the UNFC-classification.
The report is prepared by Dr. Hannu Makkonen (EurGeol), Suomen Malmitutkimus Oy who has also been team member preparing the guidance documentation (180212_A_guidance_for_the_application_of_the_UNFC) for UNFC. Dr. Makkonen owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
The complete Hautalampi UNFC report is available in Eurobattery Minerals website: https://eurobatteryminerals.com/en/projects/hautalampi/.
Stockholm, 22 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announces that FinnCobalt Oy has submitted Hautalampi-projects environmental impact assessment (EIA) update report to the North Karelia Centre for Economic Development, Transport, and the Environment (“ELY-centre “) for official review as part of the assessment. Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.
“Completing the environmental impact assessment is critical in our journey to mine battery minerals in Hautalampi, and to do it responsibly. Following this, our team in Finland will immediately proceed with the environmental permit application”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The recently updated EIA assessment will present the most updated status of the Hautalampi mine project’s environment, the environmental effects of the assessed options, their significance, and a comparison of the assessed options. The now-delivered update gives detailed information about the project’s effect on the groundwater level, bedrock subsidence, blasting vibrations and discharge water quality, and impact on the receiving watercourse. Also, the project mass and water usage balance have been updated to reflect the current planning status.
The report comprises two different options for the tailings storage facility. Envineer Oy has compiled the assessment together with FinnCobalt Oy’s personnel and other consultants.
The EIA procedure commenced in December 2020 when the EIA program was submitted to the authorities. The EIA assessment and recent updates have been drafted based on the EIA program and the competent authority’s official statements on the program.
The EIA procedure will continue with a public hearing and will be concluded by the authorities’ official reasoned conclusion, which is due latest 4 months from filing the EIA. FinnCobalt has informed Eurobattery Minerals AB that it will immediately proceed with the environmental permit application.
The report will be available (only in Finnish) here https://www.ymparisto.fi/yva-hankkeet?n5=1.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se
Stockholm, 21 March 2023 – 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 Company is exercising its option to acquire 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 second acquisition within the scope of its contracted right to acquire 100 per cent of the shares in FinnCobalt in a staged process until May 2024. Altogether, Eurobattery’s share of ownership in FinnCobalt will amount to 70 per cent after the now 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 are very pleased to continue to deliver on our strategy to provide battery minerals from Europe to Europe, now as the majority owner of the Hautalampi mine project. With the pre-feasibility study just announced we know 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 has informed the three founders and initial owners of FinnCobalt that the Company will exercise the second 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, before 27 July 2023, should exercise said option by paying a total cash amount of EUR 250,002 and issuing shares in Eurobattery 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 will acquire 30 per cent of the shares in FinnCobalt. The Company’s stake in FinnCobalt will thereby increase from 40 per cent to 70 per cent of the capital and the votes.
- The stake acquisition of FinnCobalt is expected to be completed during the second quarter of 2023. FinnCobalt is expected to be consolidated into Eurobattery’s financial statements from the date of admission.
- As a majority owner, Eurobattery will have controlling influence on the resolutions of the Board in FinnCobalt.
- Eurobattery 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 in the spring of 2020. In June 2021 Eurobattery 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.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se