Aiming to Produce Responsible and Traceable
Minerals for the Battery Industry

FinnCobalt Oy, a wholly owned subsidiary of the Swedish-listed Eurobattery Minerals AB, is advancing the responsible development of battery metals. The company owns the ground and mining rights for the Hautalampi Cobalt-Nickel-Copper Mine Project in Outokumpu, Eastern Finland. With a strong historical foundation as the Cobalt-Nickel parallel of the Keretti Copper Mine, the project has undergone extensive exploration and development, positioning it as a key source of responsibly sourced critical minerals essential for the battery industry.

By combining historical expertise with modern technologies, FinnCobalt is revitalizing the Outokumpu Mining Camp, delivering responsible, traceable battery metals while advancing sustainability and supporting the green energy transition.

Historical Context and Development

In the 1980s, Outokumpu Oyj prepared the Hautalampi mine for production, conducting 11 km of diamond drilling and completing substantial underground development, including a decline, ventilation rise, and 2.1 km of drifting. However, the project was halted due to a collapse in cobalt prices in 1989. Between 2007 and 2009, the project was revitalized with 10 km of additional drilling and the completion of a feasibility study.

Recent work (2017-2019) included1,1km core drilling for metallurgical sampling, followed by flotation test work at GTK Mintec laboratories, which successfully produced commercial-grade Cu- and Ni-Co concentrates. Further leaching tests by Outotec Oyj confirmed the Hautalampi mineralization’s suitability for battery chemicals production.

FinnCobalt has conducted 8,300 meters of diamond drilling between 2020-2021, resulting in an updated mineral resource estimate prepared by AFRY Finland Oy.

Followed by pre feasability study 2022-2023 by Afry Finland Oy.

Ownership and Financing

FinnCobalt Oy is fully owned & financed by Eurobattery Minerals AB, a Swedish listed company focused on advancing sustainable battery metals. The project has additionally benefited from funding by TEKES (the Finnish Funding Agency for Technology and Innovation) and the Centre for Economic Development, Transport, and the Environment (ELY), reinforcing its commitment to sustainability, innovation, and regional development in Finland.

Project Development and Permits

The Hautalampi deposit has an Environmental Permit for underground mining in place. In 2020, FinnCobalt initiated a new Environmental Impact Assessment (EIA), which was approved in July 2023. The Mining Concession was finalized in October 2022 and gained full legal force in June 2023.

FinnCobalt is now preparing an environmental permit application for the Hautalampi mine, which will include a concentrator, tailings storage facility, and water treatment plant.

Production Plan and Resources

The Hautalampi project is based on a 12-year underground mining plan, with a mining rate of 500,000 tonnes per annum. Ore will be processed on-site at a newly built concentrator plant.

The project’s LOM (Life of Mine) production of metals is expected to yield:

• 11,400 tonnes of nickel
• 2,900 tonnes of cobalt
• 9,600 tonnes of copper

 

Ore reserves

• Proven and probable: 4,6 Mt
  • Ni 0,30%, Cu 0,24 %, Co 0,08 %

Additional mineral resources

• Resources: 4,7 Mt
  • Ni 0,22 %, Cu 0,11 %, Co 0,05 %

(provides potential for future development and extended mine life)