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Long-term supply agreement with Betolar for tailings from the Otanmäki mine area

Otanmäki Mine has entered into a long-term supply agreement with Betolar covering tailings from the Otanmäki mine area. The agreement grants Betolar exclusive rights to procure and further process approximately 10 million tonnes of titanium-bearing tailings from the area over a period of twenty years.

Titanium and vanadium processed from the tailings are key critical raw materials for the defence industry and security of supply. Betolar’s proprietary technology enables efficient recovery of metals and utilization of sidestreams as circular materials. In addition to its previous patent applications related to metal extraction, the company has filed a new patent application concerning the further processing of titanium. 

Under the supply agreement, Betolar will pay EUR 1 million for the exclusivity and commits to purchasing tailings for at least EUR 0.5 million per year, starting from the time when the required permits for commencing operations have been obtained. See the attached press release for more details.

Open the press release (PDF) >

Otanmäki Mine has signed a Memorandum of Understanding with Traxys North America LLC

Passive Seismic Survey in Otanmäki

Otanmäki Mine has carried out a passive seismic survey in Otanmäki in cooperation with the University of Oulu. A total of 500 geophones were installed in two NW-SE direct lines across the Otanmäki gabbro intrusion. In addition, 44 geophones were installed in a circular line around Otanmäki. The aim of passive seismic measurement is to map the dimensions and depth extension of Otanmäki gabbro intrusion and ore bearing horizon. Kari Moisio, PhD, and Nikita Afonin, a geophysicist, were responsible for the practical design and implementation of the survey on behalf of the University of Oulu. The survey started on October 28 and ended on November 26. Results of the passive seismic survey are expected to be available during the 1Q/2022.