The Finnish mining company Mustavaaran Kaivos Oy has raised EUR 15 million to complete the feasibility study on its Mustavaara vanadium-iron project. The company is aiming to bring the Mustavaara mine, located in north-eastern Finland, into production in 2017. The financing was obtained by issuing new shares to Tamares Mining Group B.V., Ilmarinen Mutual Pension Insurance Company, and Tapani Järvinen, member of the board.
According to the company, the ongoing feasibility study involves development and testing of a state-of-the-art smelting process for Mustavaara. Final products will be ferrovanadium and iron metal (pig iron), produced at competitive costs, low energy consumption and minimal environmental impact.
Support from Tekes and Regional Centre
Tekes, the Finnish Funding Agency for Technology and Innovation, has recently provided a grant for pilot-scale smelting tests conducted by Swerea MEFOS, in addition to an earlier grant for concentrating test work at the pilot plant of the Geological Survey of Finland in 2012.
The regional Centre for Economic Development, Transport and the Environment is also providing
financial support to Mustavaaran Kaivos in business development activities aimed at bringing the Mustavaara mine back into production.
Source: Mustavaaran Kaivos Oy