The option under the investment and shareholders agreement is linked to an obligation to provide successive cash financing for investments in the Hautalampi project.
Eurobattery will pay about €8.6-million over 48 months for the VHOy shares and the option premium, as well as the cash financing component.
The Hautalampi project is located at the same site as the Keretti (Outokumpu) copper mine, which operated during 1912 to 1989. The Hautalampi nickel/cobalt/copper orebody is located parallel to, and above, the exploited copper deposit. Existing surface and underground infrastructure provide significant location advantages in what is already a Tier 1 mining jurisdiction.
The mineral deposit contains nickel and cobalt sulphide minerals and copper sulphide minerals with gold and silver by-products. Processing methods have been investigated and high-value concentrates have been produced.
Further process test work by Outotec has demonstrated that a combined nickel/cobalt concentrate can be leached and chemicals suitable for battery industry can be produced.
For the rest of this article: https://m.miningweekly.com/article/eurobattery-to-buy-finland-battery-metals-project-2020-05-13