References/13 Feb 2024

Borenius Advised Anglo American on a MoU with Finnish Minerals Group to Explore Battery Value Chain Opportunities

Our Environment and Natural Resources team advised Anglo American, one of the leading major mining companies, in negotiating a MoU with Finnish Minerals Group on pursuing to maximise the value of Finnish minerals and to explore potential prospects within the Finnish battery value chain.

Both parties have projects that are significant for the further development of the battery value chain in Finland and Europe.

Sakatti, discovered by Anglo American in 2009, is one of Finland’s most abundant multi-metal deposits and one of Europe’s most notable new discoveries in recent decades. The deposit comprises seven metals, including copper, nickel, platinum, palladium, cobalt, gold, and silver, all of which are crucial for our contemporary societies and the shift towards carbon neutrality.

Finnish Minerals Group is a state-owned company with a mandate to foster the Finnish mining and battery industry. The company’s main assets are: Terrafame, a nickel and cobalt sulphates producer; project Sokli, a phosphate and rare earths deposit; and a 20% interest in Keliber, a battery-grade lithium project aiming to start production in 2025. Additionally, Finnish Minerals Group is advancing several greenfield investments further downstream in the battery value chain.

Anglo American, with a market cap of approximately 23.5 billion GBP, is among the world’s largest mining companies. It employs roughly 105,000 people and is headquartered in London.

Read more here.

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Casper Herler

Managing Partner


Niklas Vartiainen