HPP advised Finnish Minerals Group (previously Terrafame Group Ltd) and Terrafame Ltd (“Terrafame”) in a financing round related to the construction of the battery chemicals plant in Sotkamo, Finland. The total value of the new funding package is approximately EUR 100 million. This funding from the current shareholders of Terrafame is comprised of a loan facility in the amount of approximately EUR 42 million (USD 50 million) from Trafigura and equity investment commitments from Galena fund and Finnish Minerals Group totaling to EUR 60 million. Finnish Minerals Group’s share of the funding will be carried out by reallocating EUR 30 million to the plant project from the EUR 50 million investment commitment granted to Terrafame in February 2017. The investment in the battery chemicals plant amount to approximately EUR 240 million.
Finnish Minerals Group is a special-purpose company wholly owned by the State of Finland. It is responsible for the State’s holdings and development in the mining and battery sector as well as for promoting the development of a battery cluster in Finland. Terrafame is a multi-metal company producing nickel, zinc, cobalt and copper at its mine and metals production plant located in Sotkamo, Finland.
