Terrafame will start mining uranium in Finland by mid-2024
Terrafame, was previously known as Talvivaara, plans to refine uranium into yellow cake, which is used as fuel for nuclear power plants. Until now, the commodity has been processing waste from metals mined in Sotkamo. These include nickel and cobalt sulfates from electric vehicle (EV) batteries and other minerals.
“When the recovery begins, Terrafame will become a Finnish uranium producer, and thus it will also be involved in building Europe’s energy self-sufficiency,” CEO Joni Lukkaroinen said in the press release.
“Utilizing Terrafame’s natural uranium in energy production helps in achieving climate goals, because nuclear power does not produce carbon dioxide emissions in the production process. As an energy source, it is stable, Lukkaroinen said.
Europe’s only uranium recovery operation
The company has a pre-built uranium recovery facility on site, which it says is the only uranium recovery operation in Europe. It will grow its revenue by about 25 million euros ($27 million) a year from 378 million euros ($401 million) in 2021, it said.
Terrafame, one of Europe’s largest nickel mining companies, sold around 28,600 tonnes of nickel and 54,400 tonnes of zinc last year. It also began producing battery chemicals from its own minerals at a mine in Northeast Finland.
Finnish government permit for uranium production in 2020but environmental organizations took the decision to court because they were afraid the effects it would have on the environment.
Before uranium recovery in Sotkamo can be put into operation, the Radiation Protection Agency must ensure that the company’s operations comply with the principles of the Nuclear Energy Act.