Eurobattery Minerals announced that it has signed an investment and shareholders agreement that includes an option for a staged acquisition of 100% of the shares in Vulcan Hautalampi Oy, which is the sole owner of the Hautalampi nickel-cobalt-copper project in eastern Finland.
In a press release, Eurobattery said the option under the investment and shareholders agreement is linked to an obligation to provide successive cash financing for investments in Hautalampi. The total amount for the transaction is €8.6 million, payable in the course of 48 months.
Eurobattery Minerals says its goal is to provide ethically produced and traceable battery minerals from Europe
The 280-hectare Hautalampi project is located in the Outokumpu mining camp, the same area as the famous Keretti copper mine, which was active between 1912 and 1989. According to Eurobattery Minerals, the orebody is parallel to and above the exploited copper deposit.
A historical NI 43-101 compliant mineral resource estimate for the project shows 3.2Mt @ 0.43% Ni, 0.35% Cu and 0.12% Co.
“Existing surface and underground infrastructure provide significant location advantages in what is already a tier 1 mining jurisdiction,” Roberto García Martínez, the company’s CEO, said in the media brief. “This acquisition is an important milestone for Eurobattery Minerals as it accelerates our business strategy and shortens the time to us being producers.”