Beowulf Mining PLC on Tuesday said its wholly owned Finnish subsidiary, Grafintec Oy, has signed an agreement with the municipality of Korsholm in Finland for a graphite facility.
Beowulf Mining is a London-based mining company with iron ore, graphite, gold and base metal projects in Sweden, Finland and Kosovo.
Beowulf said Grafintec has signed an agreement for Plot 1, Block 3017 in the GigaVaasa area to build a graphite anode materials plant. The reservation is valid for an initial six-month period from signing, with the option to extend.
Grafintec intends to apply for a long-term site reservation for Plot 1 before the end of July 2023. Beowulf noted the site near to a battery production plant planned by Freyr Battery.
‘I am thrilled that Grafintec has secured a new site in the GigaVaasa area, as the company seeks to fulfil its downstream ambitions and build a graphite-based anode materials value chain in Finland,’ said Chief Executive Officer Kurt Budge.
‘The exploration work Grafintec is doing with its upstream assets at Aitolampi and Raapysjarvi and study work on the downstream configuration, should see the company make significant progress by the mid-year, and I am looking forward to building a fruitful partnership with the municipality in Korsholm and other players in the GigaVaasa area.’
Beowulf Mining shares were trading 4.4% higher at 2.61 pence each in London on Tuesday morning.
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