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The mine, formerly known as Talvivaara, has been under
government control since 2015 after years of losses and
production problems. It returned to profit last year and
commodities trader Trafigura agreed in February to take a stake
and help to ramp up production.
Terrafame said it plans to build a new chemical plant by 2020,
which would convert nickel into a valuable form of sulfate, a
powder-like substance particularly suited for use in batteries.
Most electric vehicles rely on lithium-ion batteries, with the
main component comprised mostly of nickel
Lithium batteries, which keep a charge over longer distances,
are being installed in electric cars from Tesla’s
top-of-the-line Model X to General Motors' more modestly priced
Chevy Bolt.
"The availability of nickel and cobalt is critical for the
electric vehicles market to continue developing. As a producer
of these metals, Terrafame is aiming to take a leading role in
supplying battery manufacturers," Terrafame CEO Joni Lukkaroinen
said in a statement.
The new plant would have annual capacity of about 150,000 tonnes
of nickel sulphate, which Terrafame said would make it one of
the largest producers globally.
The company said it expects to make a final decision on the
investment in the first half of 2018.
(Reporting by Tuomas Forsell; Editing by David Goodman)
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