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Finnish Minerals Group’s updated strategy focuses on battery value chain development

The battery value chain has potential to create new high-tech industry in Finland.


9. November 2020

FINNISH MINERALS GROUP updated its strategy this autumn. The update takes into account the changes in the operating environment as well as the developments achieved in the company’s business areas in the past two years. As previously, the strategy as a whole is built on three pillars: development of electric vehicle battery value chain, technological development, and active ownership.

“The company’s basic task determined in the strategy still stands, and the mission did not need to be revised. There seems to be a growing consensus in Finland about the importance of responsibly maximising the value of Finnish minerals. One way of achieving this would be to get further down the value chain. This is very much in line with our strategy,” says CEO Matti Hietanen

Hietanen sees the importance of quickly seizing the opportunities provided by the rise of electric cars.

“We are well-positioned to boost economic activity, create new jobs in high technology and build up our competence for the future. The best part is that by doing all this we will promote the electrification of transport, reduce the emissions from vehicle use and contribute to the mitigation of climate change,” says Hietanen.

The battery value chain has untapped opportunities for cooperation

According to the strategy, Finnish Minerals Group aims to create a sustainable electric vehicle battery value chain in Finland. While most progress has been made in the preparations for the pCAM and CAM plants, battery cell production and circular economy projects are also high on the list of priorities. New opportunities for cooperation may emerge in the battery value chain in the future with companies that produce bio-based materials for battery components such as anodes and separators.

“We are set to act as a co-investor and strategic partner for those interested in developing materials or cell production for batteries, bringing local expertise and capital to the cooperation,” says SVP Vesa Koivisto

Pursuing active ownership in the entire value chain

Finnish Minerals Group’s current holdings in the value chain for the mining and battery industry are focused on the upstream end of the chain, in other words on mining operations and promising mining and chemical industry projects. Based on the updated strategy, the company’s ownership role varies depending on the investment. For Terrafame, Finnish Minerals Group is a majority shareholder that helps in developing new business opportunities and provides operational support as needed. As Keliber’s anchor owner, the aim is for the project to be competitive and funding to materialise.

The objective for the future is to become a co-owner in new companies engaged in manufacturing battery materials.

“In short, we want to enable commercially viable development and growth projects, while creating added value to our investments as well as long-term benefits to society,” says Investment Director Timo Kärkkäinen.

Seeking sustainable solutions through technological development

What especially sets Finnish Minerals Group apart is its technological expertise and development work. CTO Jani Kiuru finds that technological expertise is a solid foundation for business development and making strategic investment decisions.

“Together with Finnish and European actors, we are creating sustainable state-of-the-art solutions for the minerals value chain. It is important that R&D work genuinely benefits commercial operations,” says Kiuru.

The long-term technological projects prioritised in the strategy are associated with the mineral traceability and developing the core technologies used by the portfolio companies.

“The mineral traceability is a key to developing the sustainability of the mining and battery sector. At its best, it can bring competitive advantage to raw material producers. In cooperation with our portfolio companies, we can also develop solutions for increasing raw materials recovery and reducing emissions. All this will benefit the entire mining and battery industry,” says Kiuru. 


See also:
Finnish Minerals Group’s strategy in a nutshell

Further information:
CEO Matti Hietanen, Finnish Minerals Group, +358 40 8238806,


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.


9. November 2020