Teako will acquire a stake of 50% in the projects by issuing one million of its shares to Capella. Credit: Albert Hyseni on Unsplash.

Teako Minerals has signed an agreement to acquire the Vaddas and Birtavarre projects in northern Norway from Capella Minerals (CMIL), which is an arm’s-length party to Teako.

The Vaddas and Birtavarre copper-cobalt projects form part of the past-producing Vaddas-Birtavarre copper-cobalt and zinc volcanic massive sulphide district of northern Norway.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Under the deal, Teako will acquire a 50% stake in the projects by issuing one million shares to CMIL.

Teako will have the option to acquire a 100% interest by investing C$100,000 ($75,806) in exploration expenditures within the first year into the two projects.

The company will also issue an additional 250,000 shares in both the first and second years to CMIL.

See Also:

Teako said in a statement: “The projects being acquired embark on Teako’s mission to expand their operations into Scandinavia in search of and to secure access to critical metals like copper and cobalt; metals that are imperative for the green and digital transition.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Furthermore, Teako has announced a strategic partnership with CMIL to explore new opportunities and trial new exploration technologies.

Teako Minerals CEO Gollan said: “This acquisition marks a new chapter in our exploration activities in Scandinavia. Our business plan aims to expand to Scandinavia. We look forward to leveraging our combined expertise and resources to explore and develop these exciting projects.”

CMIL CEO Roth said: “Our partnership with Teako presents a unique opportunity to combine our resources and expertise to unlock the potential of these promising projects.”

The Birtavaare project comprises three claims with an area of 30km² while the Vaddas project comprises 13 claims that cover 90.69km².

The Vaddas-Birtavarre district is located in the Finnmark og Troms Province, approximately 60km east of the regional centre of Tromsø.