Company says country is only one in Europe currently producing material
Finnish mining company Terrafame has begun recovering natural uranium as a by-product of zinc and nickel production in a step that it says makes Finland the only European Union member state that currently produces uranium
being produced at its Sotkamo mine in Talvivaara in the northeast of the country
will be transported abroad for further processing
after which it will be used in nuclear energy production
France-based Orano and British-German-Dutch consortium Urenco offer uranium conversion and enrichment
but Terrafame said it is the only company carrying out actual uranium recovery – using a production process that enables the low concentration of natural uranium found in the ore to be used as a by-product
have produced uranium from imported mineral or through enterprises overseas
Terrafame said recovery had begun on 18 June 2024
the Finnish Radiation and Nuclear Safety Authority (Stuk) conducted a commissioning inspection at the uranium recovery plant and found that the plant could be commissioned safely
the recovery plant is scheduled to operate at full capacity by 2026 when the company’s uranium output will total about 200 tonnes per year
The production capacity corresponds to approximately nine months of consumption at the new Olkiluoto-3 EPR nuclear power plant in Finland
“The plan is to continue uranium production alongside the production of other metals throughout the operating period
which covers at least the next 30 years,” Terrafame said
the preparations required investments of approximately €20 million [$21.4m].”
the recovery of uranium will increase Terrafame's annual net sales by approximately €30m-€40m
based on the current market price of uranium
accounting for a few percent of the company’s estimated net sales in the coming years
had planned to produce uranium at the site and built a uranium extraction plant before being declared bankrupt in 2014
The company was subsequently bought by Terrafame
which is 70%-owned by Finnish Minerals Group
a special-purpose company wholly owned by the State of Finland
the body responsible for the supervision of uranium supply and demand in the EU
about 97% of natural uranium supplied to the EU in 2022 came from overseas with deliveries from Russia decreasing by 16% as the bloc implemented efforts to reduce its dependency on Moscow
Niger and Canada were the top three countries delivering natural uranium
President of the Republic of Finland Alexander Stubb visited the region of Kainuu in Eastern Finland on 18–19 February 2024
Tuesday 18 February kicked off at Sotkamo Sports High School and continued at Vuokatti Sports Institute
where students from the Ruka Vuokatti Sport Academy trained cross-country skiing
the young people shared their experiences of combining studies and sport
President Stubb also met with decision-makers from Sotkamo municipality and representatives of local sports operators
the President met the players of Sotkamon Jymy
one of the most successful teams in the history of Finnish baseball
President Stubb had a go at the ball himself and took the opportunity to congratulate the team on winning the Finnish Championship 2024
President Stubb paid an inspection visit to the Kainuu Brigade in Kajaani
The President was introduced to combat and ski training
and even went skiing with the conscripts in the sunny winter weather
Next on the agenda was a visit to the Seminaarin koulu primary school
where the President met pupils and was briefed on the school’s bilingual English-Finnish education
President Stubb met with members of the public at the Kaukametsä Congress and Cultural Centre
the programme continued at a nearby sports hall for a meeting with the gymnasts of Kajaani Gymnastics
the President visited the CSC Data Center for a demonstration of the LUMI supercomputer
which is used to boost top-level research in Finland and Europe
More news
Office of the President of the Republic of FinlandMariankatu 2FI-00170 HelsinkiFinland
Tel. +358 (0)29 522 6000kirjaamo@tpk.fi
© Office of the President of the Republic of Finland 2024
Accessibility statement of Presidentti.fi
Sotkamo Silver AB is pleased to announce the update of the Mineral Resource and Ore Reserve estimates of the Silver Mine
Mineral Resource Estimate (“MRE”) totals to 9,242 million tons (Measured
Indicated and Inferred) at average grades of 54 g/t silver
0,23 % lead and 0,56 % zinc or 93 g/t as silver equivalent
Ore Reserve Estimate (“ORE”) totals to 1,909 million tons (Proven
Probable and Non-JORC) at average grades of 104 g/t silver
0,22 % lead and 0,52 % zinc or 129 g/t as silver equivalent
Exploration potential and new drilling in 2022
CEO Erkki Kuronen comments: “Our Ore Reserve was 2,75 million tons when we started the production in 2019
that by continuous drilling the Mineral Resources can be upgraded into the Ore Reserves
Our strategic target is to prolong the Life of Silver Mine by P700 project
we’ll increase the Ore Reserve base gradually as the P700 project advances
The released update is a result of the hard and dedicated work of the entire team which deserves a praise
the unpublished assay results of the 2022 drilling are encouraging and strengthen our view that the Silver Mine has potential
and we are on the right track on the implementation of our strategy.”
Appendix 1: Mineral Resource Estimate of the Silver Mine
Table 1: The Silver Mine Mineral Resource estimate
(1) The Mineral Resource estimate has an effective date of June 2X
(2) Mineral resources do not have demonstrated economic viability
(3) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (4) Exchange rate used: USD/EUR 1.214
(5) Base case cut-off grade for the estimate of the Mineral Resources is 40 g/t AgEq
AgEq grade calculated using (USD prices of) silver US $25,6 $/oz
lead 2 000 $/t and zinc US$ 2 820 $/t
No metallurgical or recovery factors have been assumed
(6) AgEq grade calculation = Ag ppm +(Au ppm * [AgEq Au in situ])+(Pb ppm *[AgEq Pb in situ])+(Zn ppm * [AgEq Zn In situ])
where AgEq Au in situ = ([Au $/oz]/[1 Eur in US$])/([Ag $/oz]/[1 Eur in US$])
AgEq Pb in situ = ((([Pb $/t] / [1 Eur in US$])/1000000)) / (([Ag $/oz]/[1 Eur in US$]) / ([Troy oz
and AgEq Zn in situ= ((([Zn $/t] / [1 Eur in US$])/1000000)) / (([Ag $/oz]/[1 Eur in US$]) / ([Troy oz
(7) It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated or Measured Mineral Resources with continued exploration
(8) Sotkamo Silver is not aware of any legal
or other risks that could materially affect the potential development of the Mineral Resources. (9) Depending on the amount of the data within the domain either the Ordinary Kriging method (“OK”) or Inverse Distance Squared (“ID2”) algorithms for grade interpolation was used for the Silver Mine Mineral Resource using an experimental variogram models created for the elements Ag
Estimation of Domains using the Inverse Distance Squared method (“ID2”) algorithm using an individual search ellipsoid oriented to the average strike
Samples within the wireframes were composited to 1 m intervals
The estimate is based on a block size of 5 m (X) by 10 m (Y) by 10m (Z)
A bulk density value of 2.82t/m³ was assigned to all materials (ore and waste)
The Information in this release that relates to Mineral Resources is based on information compiled by Mr Ville-Matti Seppä and Mr Ove Klavér
both are Competent Persons with EurGeol qualifications
Seppä and Klavér are full-time employees of AFRY Finland Oy
Mr Klavér has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results
The Competent Persons Seppä and Klavér have reviewed
and approved the contents of this news release as they relate to the Mineral Resource estimate
Mr Seppä or Mr Klavér do not own shares in Sotkamo Silver AB
Appendix 2: Ore Reserve Estimate of the Silver Mine
Table 2: The Silver Mine Ore Reserve estimate
(1) Ore Reserve estimate is based on the above-mentioned Mineral Resource estimate (JORC-compatible) and additional resources supported by the old data and sludge drilling samples (Non-JORC)
(2) Mine design has been done for the portion of the Mineral Resource where sufficient information has been available to support the mine designing
The design parameters and principles are adopted from the current mining operations and have been proved suitable for the ore type
(3) Cut-off grade of the NSR has been 45 Euros/ton
NSR has been derived from AgEq (Ag equivalent) applying metallurgical recoveries and same Ag price and USD/EUR rate as in the Mineral Resource estimate – estimated freight costs of 6,5 EUR/t. (4) Mass and grade estimates include both anticipated ore loss of 10% and dilution of 15% (open pit) and 20% (underground mine)
Diluting material is estimated to be barren
(5) Sotkamo Silver is not aware of any legal
or other risks that could materially affect the potential development of the Mineral Resources into Ore Reserves.
Schematic long section illustration of the classification and the management view LOM
B) JORC Compliant Reserve indicates the area
where the amount and quality of the data has been sufficient for measured/indicated resource classification
C) Non-JORC Compliant Reserve indicates the area
where resource is based on inferred resource and has been supported by the old drilling
D) Management view LOM extension indicates the part of the mineral resource which can be upgraded to Ore Reserve by additional drilling
This information is such information that Sotkamo Silver AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication
through the agency of the contact persons set out above on June 27
The official Stock Exchange Releases are given in Swedish and there may be differences in the translated versions
Sotkamo Silver´s business concept is to develop mineral deposits with regards to human society and environment
The Company owns the Silver Mine in Sotkamo which started production in March 2019
the Company holds mining and exploration rights to precious and base metal deposits in Finland
Sotkamo Silver applies SveMin's & FinnMin's own rules of reporting for public mining & exploration companies
Sotkamo Silver has chosen to publish Mineral Resources and Ore Reserves according to the internationally accepted JORC or NI 43-101 code
The company applies International Financial Reporting Standards (IFRS) as approved by the European Union
The ticker symbol is SOSI on NGM Main Regulated Equity in Stockholm and SOSI1 on Nasdaq Helsinki
ISIN-code for Sotkamo Silver shares is SE0001057910
Legal Entity Identifier (LEI): 213800R2TQW1OZGYDX93
Read more about Sotkamo Silver on www.silver.fi
The Company's press releases, and financial reports are distributed via Cision Sverige and are available on www.silver.fi
Open image viewerFile photo of Sotkamo Silver workers in a mine
Image: Julia Sieppi / YleYle News25.10.2024 11:14After a shaky start to the year
Finnish mining firm Sotkamo Silver announced profitability and better performance than last year in a third-quarter report it issued on Friday
The silver mining company reported a turnaround in July-September brought operating profits to 30 million Swedish kronor (roughly 2.6 million euros)
after seeing losses at the beginning of the year
The firm reports its earnings in Swedish currency because it is listed on Nasdaq Stockholm
Profits were boosted by a rise in silver prices as well as increased production
The firm estimated that it would produce an output of 1.2 to 1.4 million ounces of silver this year
Silver is currently fetching around 33.70 US dollars (about 31.14 euros) an ounce
"We expect that demand for silver and the general market situation will continue to be favourable and in order to respond to this
we will continue to develop our production along with our mining contractors," the company's CEO
Sotkamo Silver operates in the country's Kainuu region
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Having completed construction of its €250 million battery chemicals plant in 2021
Terrafame is now able to refine these intermediates – previously sold as raw material to metal refining companies – itself
This moves the company forward in the refining value chain and enables it to produce nickel and cobalt sulphates
the key ingredients used in electric vehicle batteries
The solution met the constraints of Terrafame’s existing capital structure while allowing them to retain full control over the marketing of their product
it has since undergone a refinancing exercise that resulted in early repayment of Macquarie’s working capital facility
Importantly, Terrafame’s production output supports the global energy transition, while the integrated production process, by having both mining and processing facilities on one industrial site, creates a highly energy-efficient and traceable value chain. As a result, the carbon footprint of the nickel sulphate produced by Terrafame is among the smallest in the industry.2
Evolving with precision: A history of innovation in electric meter solutions
Investing in a pioneering carbon capture business
Scaling critical minerals value chains sustainably
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View of the mine site including office building
Comparative figures refer to the corresponding period of the previous year
The Silver Mine project proceeded according to the schedule in 2018
The fourth quarter has been fascinating and rewarding for the Company
Sotkamo Silver has intensively built the Silver Mine to get it completed aiming for a production start in March 2019
We have been successful in our subcontractor choices
We have employed for more than 160 persons during the construction and installation phase
One of Sotkamo Silver's important goals was reached with the first open pit blast in October
The underground mine development was started simultaneously
The Silver Mine will produce silver-gold-lead and zinc-silver concentrates for sales
These will be supplied to Boliden smelters
Kokkola in Finland and Rönnskär in Sweden
The existing operations and the future mining operations are based on the current environmental permit that applies until further notice
and tailings storage facility comply with the valid environmental permit
The ponds have been commissioned in December and filled with water
a total of five settling ponds have been constructed
Due to concerns on water quality we have invested in water treatment by introducing mechanical water treatment already at this stage
we are already preparing ourselves for capacity increase and taking environmental aspects into account and increasing the efficient control of production
I warmly welcome our new employees to the Company's personnel
and passion in various areas of mining production and development of mining
The personnel's broad knowledge and composition increase the possibility of further developing the Company after the production start
The company has an open house day on June 5
and other interested parties are welcome to visit the Silver Mine
FINANCIAL INFORMATION
Sotkamo Silver will provide financial information on the following dates
The full report and other financial statements are available at the Company’s home page: http://www.silver.fi/sivu/en/finansiella_rapporter/
This information is information that Sotkamo Silver AB is obliged to make public pursuant to the Securities Markets Act
The information was submitted for publication
through the agency of the contact persons set out above on February 22
ABOUT SOTKAMO SILVER ABSotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with positive social and environmental benefits
which contain silver and gold in Finland as well as zinc and gold in Norway
The Company’s main development project is the Silver Mine project in the municipality of Sotkamo
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies
Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101 code
The ticker symbol is SOSI in NGM Equity in Stockholm and SOSI1 in NASDAQ Helsinki
The Company's press releases and financial reports are distributed via Cision Sverige and are available on www.silver.fi
HELSINKI FINLAND
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Prime Minister Juha Sipilä (Centre) has yet to convince the Green League that a miracle has been performed at the zinc and nickel mine of Terrafame in Sotkamo
Hanna Halmeenpää (Greens) concedes that the financial situation of the long-troubled mine has improved but reminds that there is no evidence that the mine has brought its long-standing environmental issues under control
“I wouldn’t talk about a miracle just yet,” she commented to Uusi Suomi on Monday
“Things are looking better in terms of the financial situation
although also that should be viewed in the long term
There’s also no evidence of yet that the environmental issues have been resolved
Environmental standards must not be violated going forward and the old mess must be cleaned up.”
Sipilä has spoken about a miracle in reference to the improved financial and production outlook for the mine operated by the state-owned special-purpose company
when he declared that the mine has brought its financial
process-related and environmental risks under control and that shutting it down is no longer an option
The Finnish government has injected roughly half-a-billion euros into the mine to allow it to restart production
Estimates indicate that the cost of shutting the mine down would be roughly comparable
The debate about the situation at the mine was re-kindled last week after the special-purpose company announced it has secured private funding and is planning on building a battery chemicals production plant to utilise the nickel it produces
The mine has also received media attention due to an ongoing trial in which four ex-directors of Talvivaara
stand accused of aggravated impairment of the environment
All four defendants have demanded that they be acquitted of the charges, arguing that the environmental issues were caused neither deliberately nor by negligence, according to Helsingin Sanomat
The defence will present its final arguments to the District Court of Rovaniemi on Wednesday
Aleksi Teivainen – HTPhoto: Kimmo Rauatmaa – LehtikuvaSource: Uusi Suomi
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The preparations will require investments of approximately €20m ($21m) with the plant expected to operate at full capacity of around 200 tonnes a year in 2026
Finland has four operational nuclear power plants – two at Loviisa and two at Olkiluoto – that provide about 32% of its electricity production. A third unit, the delayed Olkiluoto-3 EPR plant
is undergoing test operation and is scheduled to begin full commercial operation in March
In 2020 the International Energy Agency said there was no uranium exploration in Finland
Identified conventional resources – both reasonably assured and inferred resources – stood at 1,500 tU (tons of raw uranium) of in-situ reasonably assured conventional resources in the Palmottu and Pahtavuoma uranium deposits
No inferred conventional resources were reported
Uranium production in Finland has been confined only to the now remediated Paukkajanvaara mine that operated as a pilot-scale mine between 1958 and 1961
threatens to pollute groundwater in a larger area of the surrounding nature
was taken over by the state after years of serious environmental and financial problems
Levels of contamination of many metals including nickel
copper and aluminium in surrounding groundwater range from above-average to high
The company says it suspects the contamination is due to the Kortelampi reservoir and leaks from the mine’s bioleaching facility
The information is included in two groundwater reports released by Terrafame in recent months
Groundwater around the mine has been studied since 2008
However previous reports have only included results for the Kortelampi area following a 2012 leak from the mine’s gypsum waste pond
The latest data show the clearest impact from the mine’s operations within the grounds of the mine as well as west of it
the groundwater around Kortelampi can be considered to be contaminated
The mining company emphasises that no impact from the mine has been found in household water wells in the area
“Despite this we consider it important that the state of the groundwater be monitored continuously and that the impact of the mining operations on nature be kept as low as possible in all ways,” the firm said in a statement to Yle
Yle requested an interview to discuss the groundwater issue
The Kainuu Centre for Economic Development
Transport and the Environment (ELY Centre) downplays the risk of water contamination
“There are no groundwater areas in or near the mine that are important from a societal standpoint,” says Sari Myllyoja
head of the environmental responsibility unit at the Kainuu ELY
She says that inspections of groundwater in the area have been beefed up
Permanent Secretary at the Environment Ministry
“We’re talking about contamination that is now gradually happening and beginning to affect a larger area,” said Pokka
a former justice minister and governor of Lapland
She says that Terrafame must improve its protection of groundwater
The Finnish Association of Nature Conservation (FANC) is also concerned
who monitors mining activities in the Kainuu district for the NGO
notes that groundwater contamination indicates soil contamination
which can only be contained by soil removal
“We face Finland’s biggest earthmoving operation
in order to normalise the situation and stop the current progression of events
We can’t just assume that there’ll be a mine there for 20 years
We should get to work immediately,” says Lankinen
who is also chaplain of the Sotkamo Lutheran Parish
Meanwhile Terrafame is refusing to accept restrictions placed on its environmental permit for a dump in Sotkamo
dregs from the mine – totalling some 800,000 cubic metres – must be disposed of at a waste site that is underpinned by a base isolating it from the surrounding soil
The taxpayer-owned firm argues that such an elaborate facility is unnecessary
It says it would be sufficient if the dump site is covered and its seepage water is collected
this solution is completely unacceptable,” says Lankinen
“The company must carry out these environmental improvement measures if it intends to carry on with its operations and improve its image,” she says
Terrafame was embroiled in a scandal involving Prime Minister Juha Sipilä after his cabinet approved an additional injection of 100 million euros in state funds for the cash-strapped firm
an engineering firm owned by Sipilä’s relatives won a half-million-euro deal from Terrafame
The premier has however been cleared of any wrongdoing in the case
Canada: Gold miner Agnico Eagle to invest $1.2B in two Canadian Arctic mines
Finland: Commodities firm takes 15 percent stake in Terrafame troubled mine
Greenland: Greenland pioneers Arctic tourism & mining
Iceland: Discussions underway on who can claim Arctic seabed
Norway: Mining company CAN dump waste in Arctic fjord, says Norway; Saami opposed
Russia: On remote Russian Arctic coast, a grand coal project in the making
Sweden: Swedish iron ore producer LKAB boosts output, halts deficit
United States: Alaska controversial Chuitna coal mine ‘shelved’ after investor backs out
For more news from Finland visit Yle News
and website in this browser for the next time I comment
Sotkamo Silver has updated the Bankable Feasibility Study for the Company's Silver Mine-project in Sotkamo
even at silver-prices under current levels
Production is expected to start late 2017 or early 2018
Calculations are based on new information of the ore-reserves
new mining-schedule and latest quotes from suppliers
construction- and entrepreneurial-companies
which is based on an average silver-price of 14,9 - 20 $/Oz between the years 2016-2022
the Mine´s project IRR is estimated to 36% and NPV to € 50 million (@ 5%)
Pay-back period from production-start is estimated to be less than 3 years
The Cash Cost was calculated to find the minimum average silver-price required
to achieve positive cash flow. If the revenues from the by-products lead
zinc and gold besides silver are used the cash cost will be 6,6 €/Oz during the first 6 production-years
sustaining investments during production years are taken into consideration
Cash Cost and the annual ore and country rock mining from open pit as well as underground ore and development mining are presented in figure below
The Ore Reserves are estimated to be totally 2.76 million tons with an average silver-content of 124 g/ton
The estimation has been done according to the Australasian JORC Code (2012)
feed capacity will be increased from 350,000 to 450,000 tons per annum in conjunction with the updated environmental-permit
the estimated IRR is 85 % and NPV is 124 million € (@ 5%)
the estimated IRR is 11% and NPV is 9 million € (@ 5%)
evaluated and approved by the independent consultant-group
has compiled the mining plan and ore-reserve estimate
carried out a review on the mine-technology
the Silver Mine’s mine-plan and the mineral-reserve estimates for the Feasibility Study
The updated ore reserves are based on information from the updated Bankable Feasibility Study and information from Sotkamo Silver
The updated financial figures have been prepared
evaluated and approved by the independent consulting company
MAusIMM have compiled and reviewed the plans and estimated the figures for the Management´s view
Ilkka Tuokko is one of the Management team and he is not an independent consultant
""This update of the Feasibility study shows that new mining plan and pre-concentrating with ore sorter have increased amount of silver in the ore-feed to the mill which increases resistance against periods of low silver-prices
The results also show that the measures and investments we have undertaken during recent years have been successful
The "Cash Cost" and "All-In Cash Cost" have reduced significantly
I look positive towards the nearest future and I am confident that we will achieve the targets which we have set"
The official Stock Exchange Release is given in Swedish and there may be slight differences in the translated versions
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regards to human society and environment
which contains silver and gold in Finland and exploration-potential targets of zinc
The Company’s main development project is the Silver Mine project in the municipality of Sotkamo
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies
Sotkamo Silver has chosen to report mineral resources and mineral reserves according to the internationally accepted JORC or NI 43-101-code
The ticker symbol is SOSI at NGM and SOSI1 in NASDAQ OMX Helsinki
ISIN-code for Sotkamo Silver shares are SE0001057910
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
Publication or distribution of press releases in certain jurisdictions may be restricted by law and persons in those jurisdictions where this press release is published
or distributed should inform themselves about and observe such restrictions
South Africa or the United States or any other country where such action is wholly or partially subject to legal restrictions
The information in this press release may not be forwarded
or disclosed in ways that conflict with such restrictions
Omission to follow this instruction may result in violation of the United States Securities Act of 1933 ("Securities Act")
including without limitation statements regarding future estimates
assumptions or expectations of future performance are “forward - looking statements
Please note that such forward - looking statements involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements
Such risks and uncertainties include fluctuations in metal prices
unpredictable results of exploration activities
uncertainties inherent in the estimation of mineral reserves and resources
fluctuations in the costs of goods and services
problems associated with exploration and mining operations
Sweden and Norway and lack of appropriate funding
prevent any of the forward looking statements in this presentation from coming to fruition or lead to a delay in the development of mining operations
has slammed Prime Minister Juha Sipilä (Centre) for his statements about the nickel mine of Terrafame in Sotkamo
Sipilä stated after visiting the state-owned mine earlier this week that “a miracle has been performed in Sotkamo,” estimating that shutting down the nickel mine is no longer an option for the Government
“When we were first making our decisions, we were simultaneously faced with environmental risks, process-related risks and economic risks,” he said in an interview with the national broadcasting company on Monday
“It was a very difficult time for decision-making
but luckily we were confident that the problems can be solved
the environmental risks seem to be well under control
Sipilä also voiced his confidence that the ongoing negotiations with private investors will be successful and revealed that the recent decision to grant Terrafame
a wholly state-owned special-purpose company established to take over the mining operations from Talvivaara
an additional 100 million euros in funding should be the last state-granted cash injection it can expect
Niinistö reminds that the mining operations continue to cost taxpayers ten million euros a month
“It is a miracle indeed,” he writes on Facebook
“The Government is cutting education and research spending by hundreds of millions
[…] [and] slashing the basic security of pensioners
“Finland has a premier who is proud to demonstrate how taxpayers' money is being poured into a mine that has racked up almost one billion euros in losses and struggled with environmental problems – while wearing a Terrafame knit cap,” slams Niinistö
Aleksi Teivainen – HTPhoto: Kimmo Rauatmaa – LehtikuvaSource: Uusi Suomi
The 45 kV power transmission line will be installed before year end 2013. The design and engineering of the power-line and preparations will start immediately. After completion, Sotkamo Silver will be the sole owner of the new power-line. The power line will connect Taivaljärvi Silver Mine with Katerma hydroelectric power-plant and its 110-kV grid. The capacity allows future expansion of the processing plant.
"The signing of this agreement is an important milestone for Sotkamo Silver, and enables a construction and production start-up of the Taivaljärvi Silver Mine after decision of construction start". Summarizes Timo Lindborg, CEO of Sotkamo Silver AB.
Mr. Ilkka Tuokko and Mr. Hannu Luhtaniemi from ABB Oy, Process Industry, Finland and the signed agreement.
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regard to human society and environment. Sotkamo Silver owns, through its subsidiary mineral deposits, which contains silver and gold in Finland. The Company’s main development project is the Taivaljärvi Silver Mine.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101-code.
The company applies International Financial Reporting Standards (IFRS) as approved by the European Union. The shares are traded at the Burgundy market place and NGM Equity in Stockholm.
The ticker symbol is SOSI. ISIN-code for Sotkamo Silver shares is SE0001057910.
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507
GTK has so far done 6 separate test-runs. These include crushing and grinding of the ore and 3 separate flotation-processes. Flotation tests include flotation of Ag-Au-Pb-, Zn- and pyrite-concentrate. GTK has also tested heavy mineral-separation by shaking-table.
The pilot plant-test is done in order to achieve optimal parameters for the processing of the Taivaljärvi ore. These parameters include;
This pilot plant-test will significantly shorten the time needed for testing and dry-runs of the processing plant before actual production starts. Final results and reporting will be ready during Q4 2011.
Picture: Pilot plant of Geological Survey of Finland’s Mineral Processing Laboratory
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101-code. The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The shares are traded at the Burgundy market place and NGM Equity in Stockholm.
ISIN-code for Sotkamo Silver shares is SE0001057910.
For further information: Dr. Timo Lindborg, CEO, phone: +46-8-30 49 20
Open image viewerSotkamo-based mining company Terrafame received a temporary environmental permit on Monday
Image: Timo Sihvonen / YleYle News20.6.2022 14:26State-owned mining firm Terrafame received a new temporary environmental permit on Monday allowing it to operate in Sotkamo until 31 March
Terrafame has been operating on the basis of temporary permits in the region of Kainuu
which has been justified by the Regional State Administration Agency (Avi) due to the changing nature of mining operations including technologies and methods subject to uncertainty
Metals at the mine are enriched by dissolving
which is a unique method in the global mining industry and the first of its kind in the Arctic or sub-Arctic region
Emissions from this process are directly related to rainfall in the mining area
Terraframe may have issues in managing its water balance and discharging treated water
The reason for the permit's expiration in 2029 is due to Avi estimating that Terraframe will significantly expand its operations in the near future
which would significantly impact water volumes and emissions resulting from mining operations
Avi pointed out that by the time of the next permit application in 2029
many of these uncertainties in operations could disappear
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The Avi decision allows Terraframe to increase annual extraction of ore and secondary rock as well as expanding the size of the open pit
Expanding production will increase the amount of waste generated and speed up the filling of existing waste facilities
The amount of treated wastewater discharged is also increasing
especially during periods of heavy rainfall
and the Oulu River watershed have measured high amounts of sulphate emissions and the new permit outlines stricter guidelines for sulphate levels
these sulphate emissions can temporarily double according to the permit
environmental and fishing groups have been awarded damage pay due to pollutants from the mine
Terrafame has considerably increased its environmental provision in the balance sheet from 159 million euros two years ago to 324 million euros in the newest permit
Terrafame and its battery chemical plant play a key role in Finland's ambitions to create electric vehicle battery materials in Finland
Talvivaara’s bioheapleach project – the world’s first for nickel – is centred on two polymetalli
About 230 in October 2008; estimated 400 at full production
Hitachi EX 3600 excavator and Komatsu WA1200-3 wheel loader
Talvivaara’s bioheapleach project – the world’s first for nickel – is centred on two polymetallic deposits
They form one of the largest known sulphide nickel resources in Europe and
the open-pit mine is also expected to produce copper
zinc and cobalt as by-products of the process
First metal was produced on schedule at the beginning of October 2008
The mining licenses for this area were originally granted to Finland-based stainless steel company Outokumpu in 1986
and the exploration rights were subsequently transferred to Talvivaara in February 2004
Outokumpu exercised its option to acquire a 20% interest in Talvivaara
The £355m project has been financed through a share offering in 2007 that raised about £230m; the rest has been raised through a term loan
The Talvivaara orebodies sit within the Kainuu Schist Zone
a north-south trending schist belt that extends from Rautavaara in the south via Sotkamo
Paltamo and Puolanka through to Pudasjärvi in the north
The zone consists of a series of metasediments of greenschist to upper amphibolite facies belonging to the Karelia supergroup
which rest unconformably on the Archaean basement gneiss complex
The host rocks of the Talvivaara deposit consist of variably re-crystallised carbon and sulphide-rich black metasediments (black schists) bounded by medium-grained mica schist and Jatulian quartzites
These black schist formations range in thickness from tens of metres to 100m
except in the immediate project area where the unit has been tectonically thickened
The main mineral assemblage in the black schists is quartz
graphite and sulphides with accessory minerals of rutile
indicated and inferred resources of 414Mt (0.15% Ni cut-off) containing 0.26% Ni
Total proved and probable reserves are about 257Mt
The resources are sufficient to keep the mine in production for at least 24 years
with an expected annual nickel output of about 33,000t and the potential to provide nearly 2.5% of the world’s current nickel production by 2010
The Kuusilampi pit will be mined first with the Kolmisoppi pit coming on line in 2019
the mine is also expected to produce about 60,000t/year of zinc
10,000t/year of copper and 1,200t/year of cobalt
The process flow at Talvivaara consists of three main steps – crushing
Crushing will be carried out in three stages
followed by agglomeration with sulphuric acid to consolidate the fines with coarser ore particles
Bioleaching is a process whereby metals are leached from ore as a result of bacterial action
bioleaching is triggered spontaneously by micro-organisms in the presence of air and water
Commercially applied bioleaching technologies use the same phenomenon
The bacteria used in the Talvivaara process grow naturally in the ore
and the company reports recovery rates of up to 98% of metal from ore to solution
The heap leaching will be operated in two stages
a primary heap pad residence time of 1.5 years and a secondary pad residence time of 3.5 years
The process plant design includes two parallel circuits each rated at 600m3/h of pregnant leach solution (PLS)
The copper and zinc recovery units precipitate the metals from their sulphides in the PLS using hydrogen sulphide
The precipitates are then recovered in thickeners and filtered to produce saleable products
The recovery of nickel and cobalt first requires the pH of the solution to be raised to 3.7-4.0
which precipitates most of the aluminium from the solution and also produces a large quantity of gypsum
This precipitate is separated in thickeners and the underflow filtered and stored in the waste rock area
The nickel and cobalt are then recovered by precipitation using hydrogen sulphide
The two metals precipitate at the same time
The precipitate is recovered in thickeners and then filtered to produce a saleable product
The residual solution is then neutralised and the residual metals removed from the solution
The bulk of the iron remaining in solution is removed by aerating the solution to oxidise the iron which precipitates as goethite or as a hydroxide
The slurry is thickened and the thickener underflow is sent to the gypsum pond for storage
The bulk of the remaining solution is sent to the PLS pond
For final precipitation the pH is raised to pH 9-10 using burned lime slurry
The residual metals are precipitated as hydroxides
The slurry is thickened and the thickener underflow disposed of in the gypsum ponds
Talvivaara has a 10-year offtake deal to sell all its output of nickel and cobalt at market prices to the Norilsk Harjavalta refinery
The existing main access to the project area is a regional highway
The site is well connected to the highway network via the local roads in all directions and is close to the main railway network
The main power source for the project is electricity
supplied from the Finnish grid via a new overland powerline from the Fingrid substation at Vuolijoki
The main water supply is from Lake Kolmissoppi but in low flow times it will not be able to support the permitted 4,000m3/h demand
so 20% of the supply would be taken from Lake Nuasjärvi
The project also has emergency storage ponds
which will be run at 50% of capacity to accommodate storm water
During the first couple of years of operation there will be no secondary leaching; this will later take various water streams from the primary leach pond
Drinking water will be supplied from a handful of boreholes
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hot and humid weather to continueThe number of thunderstorms that hit Finland over the weekend was unusually high for this time of year
Open image viewerThunderstorms brought downpours in some parts of Finland Image: Pyry Sarkiola / YleYle News3.6.2024 16:49Unusually violent thunderstorms battered Finland over the weekend
more than 21,000 lightning strikes were recorded
The average for the month of June is typically around 25,000 strikes
The weekend's thunderstorms caused disruptions around the country
including flash flooding in the centre of Sotkamo in the Kainuu region
The month of May saw three times more thunderstorms than average. May also saw a new record set for the number of so-called "heatwave" days
when temperatures breach the 25-degree Celsius mark
"The late May humidity and heat were certainly behind the weekend thunderstorms," Yle meteorologist Anne Borgström said
Finland will continue to see temperatures several degrees above average this week
a rain front will move west across Finland
Showers and thunderstorms may occur in northern and central parts of the country
remaining thunderstorms will give way to local showers
The weather will continue to be mostly sunny and warm across the country
Conditions throughout the country are dry as thunderstorms have to date been localised and May saw below average rainfall
relief from the heat should be on the way towards the end of the week
when the weather is expected to become more unstable and the likelihood of more prolonged rainfall is set to increase
The fact that the gypsum sediment pond at Talvivaara's nickel mine in Sotkamo was – contrary to its designated purpose – used as a water reservoir has been determined as the cause of the rupture that saw high quantities waste water leak into the environment
the official at the Safety Investigation Authority in charge of the probe
reveals that personnel in both production and supervision had prepared inadequately for environmental emergencies
“The attempts to manage the risks and changes when changing the use of the pond were ineffective
and the lessons from the previous leaks were not learnt,” Aho says
The rupture was detected in the floor of the gypsum sediment pond in November 2012
after the pond was unable to sustain the weight of the water in it
Water levels in the pond had increased due to heavy rains
while the problems were compounded by the fact that the consistency of the sediment was too soft
the metals in the process water that had ended up in the pond were in the water-soluble form
The situation could have been alleviated by separating rain and melt water from the process water
“The efforts to identify major environmental risks
prepare for them and prevent them were inadequate,” Aho concludes
the supervision of the mine was hampered by a lack of co-operation between authorities
whose efforts concentrated on monitoring the repeated leaks of
sulphates and the odour and dust effects of the mine
the pond contained roughly 5 million cubic metres of water and gypsum sediment with increased concentrations of metals
Of the total leakage of roughly 1.2 million cubic metres
240,000 cubic metres of toxic water and sediment leaked outside the mine area and into the nearby waterways
The Finnish Environment Institute estimates that the leaks have had an immediate detrimental impact on the surrounding environment
The Radiation and Nuclear Safety Authority
has only detected minor aberrations in the concentration of uranium in the environment
Heli Saavalainen – HSAleksi Teivainen – HT© HELSINGIN SANOMATPhoto: Heikki Saukkomaa / Lehtikuva
On Sunday the women's final series continues as Lapua travel to Jyväskylä with the series currently 2-1 to the home team. A win for Jyväskylä would give them the championship.
Open image viewerImage: Miia Roivainen / Yle4.8.2015 15:20•Updated 5.8.2015 15:07The CEO of the company responsible for one of the most serious environmental disasters in Finland’s history has denied criminal responsibility on the first day of a court case in Kainuu, eastern Finland.
Prosecutors told the court that Pekka Perä, head of the Talvivaara mining company, had been at the helm during a string of poisonous leaks from the Sotkamo nickel mine over a period of nine years up to 2013.
Three more company directors are also charged alongside Perä with aggravated environmental damage, for their parts in what the state claims amounted to millions of euros’ worth of damages.
Prosecutors are demanding that the four defendants and the company Talvivaara Sotkamo pay over 13 million euros in fines, and face suspended sentences of up to ten months.
On the first day of a two-month case, the court heard how CEO Pekka Perä admitted under police questioning to having had the final say in the decision to direct dangerous liquids into the mine pit. He denied his actions amounted to criminal activity, claiming that the decision was ”the best of the options available,” and was made after taking all alternatives into close consideration.
Perä also denied that the liquids were directed into the mine in order to save costs. "This was a preventative measure," he insisted, "and safer than having an unmanaged leak".
Documents from the investigation also alleged that the highest decision-making body at Talvivaara was in fact an “informal group of managers” who did not take minutes of their meetings.
This case is exceptional in Finland because relatively few serious environmental crimes are recorded. Around 50 cases reached the courts in the last year, while in neighbouring Sweden the amount is ten times higher.
The biggest case to date is from 2008, when two directors of waste disposal firm Lokapojat were imprisoned for four years, for dumping sewage water into the drainage system.
Open image viewerImage: Julia Sieppi / Yle28.3.2018 18:50Finland’s first silver mine in Sotkamo in eastern Finland will start production next year
The board of Swedish-based Sotkamo Silver AB said on Wednesday that the company has now ensured sufficient financing and will start the construction of the mine
Production is estimated to begin in the first part of 2019
chief executive of Sotkamo Silver's Finnish subsidiary
said the mine would employ about 100 people and produce approximately 45 tonnes of the metal per year
a half of the enriched silver will be sold for industrial purposes and the other half will be used for jewelry
“We may soon see Finnish silver in Finnish jewelry,” he said
Open image viewerFinland may soon be a major supplier of nickel and cobalt for electric motors
Image: YLEYle News26.10.2018 12:16The Terrafame mining company announced on Thursday that it would begin foundation work on a battery chemicals plant
Located in the north-eastern Finland town of Sotkamo
Terrafame says the plant will expand the multi-metal mine's operations and bring increased profitability
The plant will improve the refining capabilities of the mine
as there is a growing market for materials used in the manufacture of electric and hybrid motor batteries (EVBs)
it will further process Terrafame’s current main product of nickel-cobalt sulphide into nickel sulphate and cobalt sulphate
both of which are used in lithium-ion batteries
Terrafame reports that a significant share of their nickel and cobalt sulphate production is already being allocated to manufacturing EVB chemicals
so building their own refining plant would bring them "closer to end users"
The mining company will apply for an environmental permit for the battery chemicals plant early next year
The mine reports that it has already entered into major technology agreements with the key equipment suppliers
has been commissioned to lead the design and build
construction will be completed by the end of 2020
and commercial production would begin in early 2021
"The new plant will increase the mine's turnover by about 200 million euros a year. The construction and launch of battery chemical plants in the region of Kainuu and other areas of Finland will bring significant positive financial results," says Terrafame's CEO Joni Lukkaroinen
Recent calls to impose even stronger measures in the face of global warming will likely mean more legislation in Europe to promote electric and hybrid vehicles
says that there will also be a push to source as many of the materials required for the batteries from European suppliers
"This presents great opportunities for Sotkamo and Terrafame
An electric car utilizing the latest technology has a battery that needs over 50 kilograms of nickel
and 6.5 kilograms of cobalt," he says
Finnish Minerals group (formerly Terrafame Group Ltd) is the state-owned parent company of Terrafame
and it has contributed 30 million euros to the project by allocating un-utilised money from a 2017 commitment to invest 50 million euros in the mining outfit
The investment companies of Trafigura and Galena Fund have also committed equity towards the plant
Hietanen says that Finland is currently the only country in Europe with cobalt mining operations
"Finland will be the first European country with lithium mining production
We are already Europe's largest producer of nickel
so there is enormous potential there," he says
The Terrafame mine has a yearly production capacity of 170,000 tons of nickel sulphide and 7,400 tons of cobalt sulphite
the mine reported an operating profit of 4.7 million euros after having extracted 7,326 tons of nickel and 16,530 tons of zinc from the mine in just three months
The mining company's CEO says operations are now exceeding targets many times over
"Production levels are now at the level that was originally planned for 2015
under the previous operator [Talvivaara]," Lukkaroinen reports
Third-quarter net sales at Terrafame totalled 86 million euros
exceeding the net sales figures for the full year of 2017 in just one quarter
has had a devastating impact on the ecology of nearby lakes
The Environmental Change Research Unit (ECRU) of the University of Helsinki has reported that emissions from the zinc and nickel mine have transformed the lakes completely into stratified pools of salt water with all but lifeless bottoms
ECRU drew its conclusions based on an examination of sediment samples collected from the bottom of Lake Kivijärvi
one of the two lakes used by the mining company to discharge waste water from the mine area
The water column of the lake has been affected by a number of sewage leaks and discharge from the mine since 2008
“The diversity of species has collapsed and the algal populations characteristic of forest lakes have been replaced with species that thrive in brackish water,” says Jan Weckström
ECRU also reports that the crustacean species found in the lake have also changed dramatically due the sewage leaks and discharges
The heavy metals and other pollutants contained in the sewage water have affected the diet of the species
Talvivaara released unprocessed waste waters into the surrounding waterways several times – both on purpose and out of necessity – since 2008
when roughly 1.2 million cubic metres of water with high salt and metal concentrations was released from a pond used to store water at the mine
Roughly 240,000 cubit metres of the water ended up outside the mine area
ECRU believes its findings to be important because they suggest salinisation may be the single greatest threat to waterways surrounding metal mines
“Acid mine drainage has traditionally been considered one of the most serious unsolved environmental problems associated with mines
but one should also pay close attention to the ecological problems of salinisation,” states Atte Korhola
the professor in charge of the research group
The Finnish government established a special-purpose company to take over the mining operation from Talvivaara in 2015
is currently discharging its processed waste water into Lake Nuasjärvi
Terrafame has estimated that the environmental risks associated with the mining operation have decreased and asked that its annual sulfate discharge quota be raised to 20,000 tonnes
Veli-Matti Hilla, the head of sustainable development at Terrafame, told Helsingin Sanomat that the stratification and the consequent lack of oxygen in the basins of the lake has been caused by the operations of Talvivaara
He also estimated that the stratification is unlikely to occur in Lake Nuasjärvi
Aleksi Teivainen – HTPhoto: Kimmo Rauatmaa – Lehtikuva
Previous funds transferred to keep the Kainuu mine ticking over while new owners are sought are now running low
which filed for bankruptcy last year after financial and environmental problems
was granted 60 million euros in state aid last November in order to keep the site viable while new owners are sought
Those funds are now running low after several surprise outlays
according to Mika Lautanala of the Economic Affairs Ministry’s Talvivaara office
“There have been a few maintenance and repair expenses
“The last one was a 1.7 million euro environmental insurance bill
which they had to pay to the local Economic Development
When there are enough of these kind of small outlays
The ministry reckons that a new proposal for funding will come before parliament this spring—before parliamentary elections scheduled for 19 April
Lautanala declined to put a precise figure on the mine’s funding needs
but said it would be around the same as the amount received in November—60 million euros
Lautanala said he expected the money to be granted
because without it the site will not be maintained
Waste water in and around the mine will not be treated and dealt with
and could leak out into watercourses for which the mine does not have permission
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The District Court of Espoo approved the restructuring of Talvivaara Sotkamo on Tuesday
a day after a major creditor reinstated its support for the procedure
STRUGGLING nickel miner Talvivaara and its subsidiary Talvivaara Sotkamo will undergo debt restructuring
after the District Court of Espoo ascertained on Tuesday that the procedure has the requisite support of creditors
Belgian zinc producer Nyrstar reinstated its support for the overhaul
thus ensuring that the prerequisites pursuant to the Restructuring of Enterprises Act are fulfilled
“The decision by the District Court of Espoo to commence the reorganisation process of Talvivaara Sotkamo was expected
and it clarifies the situation and improves our operational preconditions going forward,” Pekka Perä
“With the reorganisation process now beginning
we can also continue our metals production
which re-commenced last week after a one-month stoppage of our metals recovery plant.”
“The leaching of new ore is also proceeding as anticipated.”
Lawyer Pekka Jaatinen of the law firm Castrén & Snellman was appointed as the administrator for Talvivaara Sotkamo
Jaatinen has also been appointed as the administrator for the overhaul of its listed parent company
The objective of Jaatinen is therefore to assess whether it is possible to rehabilitate Talvivaara's business
to seek measures to address its problems and to draw up a restructuring programme
Jaatinen must present its proposal for the restructuring of Talvivaara Sotkamo by 25 April 2014
Talvivaara will be prohibited from conducting any significant business transactions
such as take on new debt for irregular activities without the administrator's approval
The objective of the restructuring process is to rehabilitate the business of a temporarily distressed company
the rehabilitation measures entail adjustments in the company's operations and
Matti Tyynysniemi – HSAleksi Teivainen – HT© Helsingin SanomatPhoto: Kimmo Rauatmaa / Lehtikuva
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