Finnish Minerals Group to invest in Vaasa cathode mat’ls plant

Finnish Minerals Group (Suomen Malmijalostus Oy) on Monday announced that it plans to invest in a cathode materials plant planned for Vaasa, said the Ministry of Economic Affairs and Employment in a press release.

Johnson Matthey, a UK-listed chemicals company, will collaborate with Finnish Minerals Group and lead the investment in the plant.

“Good news on Finland’s battery cluster continues, with the planned large investment in Vaasa and the earlier news about Finnish Minerals Group’s plan to construct a precursor materials plant. Finnish expertise and a stable investment environment support development based on the National Battery Strategy and investments to Finland,” said Employment Minister Tuula Haatainen.

“The planned investment shows that Finland is an encouraging environment for projects in the battery sector. The investment is partly a result of long-term efforts to support the Finnish battery industry and to attract investments. At the same time, the recent developments underline the importance of the new Battery Strategy in clarifying future prospects. The strategy focuses on the availability and processing of raw materials, resourced responsibly, and the production and research activities related to battery materials and recycling. These investments, which are also important for regional economies, will undoubtedly fuel other new investments to Finland,” said Economic Affairs Minister Mika Lintilä.

The budget for 2021 include an additional funding of EUR 300 million for Finnish Minerals Group to promote investments for the production of precursor and cathode-active materials used in lithium batteries in Finland.

“The purpose of the capitalisation is specifically to find partners for future investments. This news on the investment shows that the decision was right,” added Haatainen.