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February 7, 2020

Terrafame receives permit from Finland to mine uranium

The Finnish Government has granted a permit to multi-metal producing firm Terrafame to start mining and refining uranium at an existing mine in the country.

The Finnish Government has granted a permit to multi-metal producing firm Terrafame to start mining and refining uranium at an existing mine in the country.

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In October 2017, Terrafame submitted the permit application for the approval of uranium recovery under the Nuclear Energy Act (990/1987) to the government.

The company already received the necessary chemicals and environmental permits.

In a press statement, Terrafame said: “The process of getting the uranium recovery plant ready for use will take approximately one year, during which time the plant’s organisation will also be built.

“However, as the government decision is subject to appeal at the Supreme Administrative Court of Finland, Terrafame estimates it will take approximately two years until the permit has legal force.”

Terrafame is backed by commodities trader Trafigura .

It intends to make uranium at a mine that has been producing nickel for many years and was earlier known as Talvivaara.

The mine is located in the Kainuu region of Finland.

According to Reuters , Terrafame took over the mine in 2015 after environmental barriers led the mine to go bankrupt.

State-owned Finnish Minerals Group holds a 71.8% ownership of Terrafame while Trafigura ’s private investment arm Galena holds 27.6% and Finland-based insurer Sampo holds the remaining 0.6%.

In June 2015, Finland’s Government was reportedly set to invest a further €112m ($126m) in the restructuring of the Talvivaara nickel mine.

Finnish producer Terrafame specialises in the production of nickel, zinc, cobalt and copper at its mine and metals producing plant in Sotkamo, Finland.

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Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

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