Finnish Minerals Group announces precursor materials plant negotiations with CNGR Advanced Material
The parties are now working on a definitive feasibility study.
25. February 2021
Finnish Minerals Group’s efforts to develop the Finnish battery value chain are taking a concrete next step. Finnish Minerals Group and CNGR are actively negotiating a precursor cathode active materials plant to be established in Finland and are carrying out a definitive feasibility study (DFS) in cooperation.
CNGR is a Chinese technology company listed on the Shenzhen stock exchange, operating in the materials and energy sectors. Currently, the company has two production bases in China, in Guizhou and Hunan provinces, where it produces precursor cathode active materials for customers globally. Furthermore, the company has just announced an investment plan regarding a new production site to be established in Guangxi province.
“Finnish Minerals Group has been systematically identifying strategic partners to develop the battery value chain in Finland. As part of this work, we have been evaluating the opportunity to establish a partnership with CNGR and are happy to announce that we are carrying out the DFS concerning a possible precursor materials plant to be built in Hamina, Finland. CNGR would bring to the cooperation its strong technological and industrial expertise on developing and producing precursor materials whereas we would offer our expertise on working in the European business environment,” says Matti Hietanen, CEO of Finnish Minerals Group.
It is estimated that the DFS will be completed in the first half of 2021, in the same timeline with the on-going environmental impact assessment (EIA) procedure. If Finnish Minerals Group and CNGR will decide to setup a joint venture to build and operate the precursor materials plant, it is realistic to expect that the construction of the plant could start in 2022.
Finnish Minerals Group continues pursuing further investments
Finnish Minerals Group is pursuing also other investments in the Finnish battery value chain. In addition to precursor materials production, a cathode active materials plant is under active negotiations and included in the ongoing EIA process. Furthermore, battery cell production and circular economy projects are high on the list of priorities.
“We continue to actively advance negotiations with other possible strategic partners and work on concrete project planning,” Hietanen says.
CEO Matti Hietanen, Finnish Minerals Group, matti.hietanen(at)mineralsgroup.fi, +358 40 8238806
SVP Vesa Koivisto, Finnish Minerals Group, vesa.koivisto(at)mineralsgroup.fi, +358 50 4536 322
Terms used in the text:
Precursor cathode active material: Preliminary stage of the cathode active material used in lithium-ion batteries. Abbreviated as pCAM.
The mission of Finnish Minerals Group is to responsibly maximise the value of Finnish minerals. We manage the State’s mining industry shareholdings and strive to develop the Finnish value chain of lithium-ion batteries. In addition, we are engaged in long-term technology development of the mining and battery industry. Through our work, we contribute to Europe moving towards electric transport and a more sustainable future. www.mineralsgroup.fi
CNGR Advanced Material Co. Ltd., a subsidiary of CNGR Holding Group Co. Ltd., was established in 2014. The company is a national enterprise technology center for intelligent and green manufacturing and a comprehensive professional service provider of lithium battery materials. CNGR Advanced Material Co., Ltd. (cngrgf.com.cn)