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

Otanmäki Mine Oy has signed a Memorandum of Understanding (MOU) with Traxys North America LLC. According to the MOU, Traxys has the exclusive right to market and trade metal concentrates produced by Otanmäki Mine’s mining operations. The aim is to conclude the final marketing/off take agreement before the end of 2022. The most significant item of the agreement will be the possible financial component, which may consist of direct capital to the company, various loan solutions, forward payments on the products and working capital for the start-up phase of production. Link to more detailed press release below.


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.

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