Eurobattery Minerals AB (listed on Nordic Growth Market as “BAT” and Börse Stuttgart as “EBM”) has finalized its acquisition of the remaining 30% stake in FinnCobalt Oy (“FinnCobalt”), the owner of the Hautalampi nickel-cobalt-copper project. The company has issued 28,987,185 new shares and paid €300,000 in cash to complete the acquisition. Eurobattery now holds 100% ownership of FinnCobalt, increasing its total number of shares to 152,232,052.
This acquisition marks a crucial milestone in Eurobattery’s strategy to develop the Hautalampi project, aiming to establish a battery mineral mine with production and sales anticipated within the mid-term. CEO Roberto García Martínez expressed his satisfaction with completing the acquisition, noting the significant progress made since the project’s acquisition in spring 2020. This includes a positive pre-feasibility study and classification in the highest categories of the United Nations Framework Classification for Resources (UNFC). The submission of the Environmental Permit Application in April further supports the company’s timeline for starting mining operations upon approval.
Overview of the Hautalampi project
Located near Outokumpu, Finland, the Hautalampi project is situated in the same region as the historic Keretti mine, which extracted 28.5 million tonnes of rock with 3.8% copper content between 1912 and 1989. The Hautalampi project covers a 227-hectare mining concession and includes nickel, cobalt and copper resources, as well as nearby reservations. The site benefits from well-established infrastructure and local support for mining operations.
Prior to Eurobattery’s acquisition, the project had seen investments of approximately €10–15 million. Eurobattery has since significantly expanded the project’s measured, indicated, and inferred resource tonnage and metal content. The company published a preliminary feasibility study in March 2023, outlining the development opportunities and challenges for the Hautalampi deposit. In April 2024, Eurobattery submitted its environmental permit application and plans to apply for Strategic Project status under the new EU Critical Raw Materials Act.
