Finnish Minerals Group invests into Ferrovan Oy
Finnish Minerals Group participates in a EUR 7.5 million financing round of Ferrovan Ltd together with Ferrovan’s biggest shareholders and financiers. Finnish Minerals Group is the majority lender in the arrangement with a total financial commitment of EUR 4.5 million. The financing is given as a convertible loan. In the first tranche that has now been made available Ferrovan draws 30 per cent of the loan.
Ferrovan is targeting to construct a metal production plant for extraction of vanadium from LD-slag, a by-product of steel production. The main use of recovered vanadium includes the production of high quality steel. Vanadium is also used as catalyst in chemical industry. New energy storage solutions drive the increasing demand for vanadium. The production plant will be located in Raahe, Finland. Construction works are estimated to start by the end of 2018 and the plant taken into operation by the end of 2020.
”Ferrovan is an extremely interesting recycling project where vanadium will be produced from industrial slag. Ferrovan is a great example illustrating the possibilities to utilize existing slag material and turn it into a valuable product. It also shows that mining industry evolves to new forms where excavated primary ore is not the only possible feed material to metals production” says Matti Hietanen, CEO of Finnish Minerals Group.
Matti Hietanen, CEO, Finnish Minerals Group +358 40 8238806, matti.hietanen(at)mineralsgroup.fi
Finnish Minerals Group is a special-purpose company developing the Finnish battery and mining ecosystem. We operate as a long-term strategic owner of Terrafame Ltd. and other battery and mining cluster holdings, manage the mining and battery investment programme, develop battery value chain initiatives, and coordinate R&D projects.