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New industry has considerable economic impacts

We make investments on commercial grounds and on a long-term basis, seeking a return on investments. We also support the companies in our investment portfolio to make sure that they increase in value and generate economic value added.

Our investments have significant societal impacts. As an example, the operations of the multi-metal company Terrafame, from mine to manufacture of battery chemicals, generate EUR 640 million in GDP and provide employment directly and indirectly for 4,700–5,000 people in Finland.

More GDP and tax revenue from the Kymenlaakso region

In the end of 2022, we updated the regional economic assessment for precursor and cathode active material plant projects. The economic impact was analysed separately for construction and production. The investments required for the construction of both battery material plants total approximately one billion euros.

During construction, the plants are expected to generate EUR 736 million in GDP and EUR 330 million in tax revenue with their initial capacity. During the operation, new GDP of EUR 495 million and new tax revenues of EUR 214 million would be generated annually.

GDP and labour impacts from battery material production development

pCAM plant
capacity 60,000 t/a
expected new GDP

292 MEUR/a

CAM plant
capacity 50,000 t/a
expected new GDP

203 MEUR/a

pCAM plant
capacity 60,000 t/a
direct labour impact

270 p-yrs

CAM plant
capacity 50,000 t/a
direct labour impact

360 p-yrs

We report on our tax footprint annually

Our Group companies have not yet generated taxable income but have accrued a considerable amount of tax liabilities, for example through property, fuel, and value added taxes and employer’s health insurance contributions.

We report on the Group’s tax footprint in our annual report, as directed by the Prime Minister’s Office. Tax footprint reporting is based on financial statements drawn up in accordance with the Finnish Accounting Act.

More about our annual reports.