HPP advised Terrafame Ltd (“Terrafame”) and its state-owned majority shareholder Finnish Minerals Group in a financing arrangement aimed at supporting the further development of Terrafame’s operations. The arrangement includes the restructuring of existing loans, conversion of option rights into shares in the company related to the debt financing arrangement as well as a new equity financing commitment totaling a maximum of approximately EUR 115 million. The arrangements also secure the position of Finnish Minerals Group as the majority shareholder in Terrafame.
Finnish Minerals Group is a special-purpose company wholly owned by the State of Finland that amongst other manages the State’s mining industry shareholdings. The company’s mission is to responsibly maximise the value of Finnish minerals.
Terrafame Ltd is a Finnish multi-metal company with mine and production plants located in Sotkamo, Finland. Terrafame is currently constructing one of the world’s largest battery chemicals production lines, which will move the company ahead in the metal refinery chain from a manufacturer of intermediate metal products to a producer of battery-grade chemicals used in electric vehicle batteries.
