Revitalisation of the Outokumpu Mining Camp
Aiming to produce Responsible and Traceable
chemicals for the battery industry
FinnCobalt Oy (formerly Vulcan Hautalampi Oy) is a private Finnish company, which owns the ground and all mining rights of the Hautalampi Cobalt-Nickel-Copper Mine. The Hautalampi Mine is located in Outokumpu town and has been previously known as the Cobalt-Nickel parallel of the historic Outokumpu (Keretti) Copper mine. Outokumpu Oyj developed the Hautalampi Mine from 1985 to 1986: 11 kilometres of diamond drilling, a boxcut, 2.1 kilometres of drifting, including the decline and the ventilation rise, was done but the project was ceased due to a sudden collapse of the cobalt price. The project was further developed between 2007 and 2009 by drilling an additional 10 kilometres and preparing a complete Feasibility Study.
The historical NI-43-101 compliant mining reserve is 2.2 Mt @ Ni 0.38%, Co 0.10%, Cu 0.32%. The production plan is based on a 7-year underground mining operation with an average annual mining rate of 350 000 t @ 0.4% Ni, 0.3% Cu, 0.1% Co via an existing underground decline.
The recent development includes core drilling for metallurgical sampling 2017-2018, which was followed by the flotation test work by GTK Mintec laboratories. Commercial grade Cu- and Ni-Co-concentrates were produced. Further Ni-Co-concentrate leaching test work aiming for battery chemicals production was done by Outotec Oyj. All test work succeeded well and confirmed that Hautalampi mineralisation is suitable for battery chemicals production.
The deposit has an Environmental Permit for underground mining in force and Mining Lease appropriation is ongoing. Autumn 2020 the company decided to commence a totally new Environmental Impact Assessment for the project including underground mining and on-site ore processing and battery chemicals production plant.
During summer 2020 the company drilled some 3800 meters core drilling to this target area. A new resource estimate of the former Hautalampi and new Mökkivaara mineralisation will be prepared by AFRY during 2021.
FinnCobalt has been financed by the owners and a loan from TEKES (Finnish technology development fund) until May 2020. In May 2020 FinnCobalt Oy agreed on the farm-in agreement with Eurobattery Minerals AB, where Eurobattery agrees to finance future development of the company and subsequently earns the right to purchase all FinnCobalt Oy shares.