15/05/2020

Seven questions for the new Chair of the Board

Antti Kummu’s expertise in working with growth companies and carrying out restructuring is now at Finnish Minerals Group’s disposal.

You started as the Chair of the Board of Finnish Minerals Group at the end of March. Please, introduce yourself.

My main job is working with growth companies in a private investment company. All through my professional career, I have been building new growth and carrying out the related arrangements for companies. I have experience in financing growth companies at Finnvera, and at Tesi where I was involved in major arrangements concerning companies such as Meyer Turku, Valmet Automotive, and Aker Arctic.

What made you take on the position of Chair of the Board of Finnish Minerals Group?

The company is currently making the change from being an owner of Terrafame to being a special-purpose company that focuses on creating a battery cluster. My background in working with growth companies, and especially my previous experience with other state-owned special-purpose companies, will be helpful in seeing through this change at the company.

Finnish Minerals Group plays an important role in creating a battery technology and mining cluster in Finland. Being part of building a new and important line of business is always inspiring and motivating.

What kind of a role will you be taking as the Chair of the Board?

My main role will be to act as an influencer in the background, supporting the company’s executive management in achieving goals. I aim to bring out the best of the strong, industry-specific expertise of the company’s management and Board of Directors, and ask questions that will steer the focus on the essentials.

How is responsibility reflected in the Board’s work?

Responsibility is a precondition for conducting business. All actions and decisions are based on acting responsibly. For example, due to the mining and battery industry not being in the business of producing virtual products or services, the impact of operations on the environment must be minimised.

How do you perceive Finnish Minerals Group and its personnel?

The company possesses exceptionally strong, sector-specific expertise. With Terrafame, the company has gained core competence in the practical implementation of projects and owning an industrial company. This sets the company apart from traditional investment companies in a positive way.

What are your expectations for the company in the coming years?

The company’s outlook is very promising. The need for batteries and battery-grade materials is growing as a result of the rise of electric cars. The status of Finland in Europe is unique: our bedrock contains raw materials which are central for building a strong industrial cluster. Whether or not the company can participate in building such a cluster will totally depend on the State’s decisions to allocate equity to the company; it will define the company’s future.

In your opinion, how will Covid-19 affect the operating environment in the long run?

This is a difficult question, and the answer depends on how far into the future we are looking. It is never easy to see the effects of major upheavals from the midst of the crisis that is causing them. At the moment, it would appear that globalisation will be taking a step back, and the emphasis will be on the role of regional production and the role of states in the economy. For Finnish Minerals Group, this means improving its strategic position on a European scale, as the rest of Europe does not have similar raw material reserves to respond to the expectations of battery industry.

Antti Kummu

Chairman of the Board