25th Apr 2018 13:52
LONDON (Alliance News) - Beowulf Mining PLC said Wednesday it has joined a "cooperation network" of existing and new entrant raw materials suppliers to the emerging battery manufacturing industry in Finland.
The network includes the cities of Vaasa and Kokkola; Freeport Cobalt, a cobalt refinery and producer of battery chemicals; Nornickel, a nickel metals producer; Terrafame Group, a nickel, zinc, cobalt and copper producer; and Keliber, a lithium producer.
The company also said that its Oy Fennoscandian Resources AB subsidiary has been granted EUR161,000 by Business Finland for a research project titled "Green Minerals - Graphite, Exploration to Products". The project runs from January to the end of 2019, with a total budget of EUR323,750.
Shares in Beowulf were up 10% to 6.90 pence each Wednesday midday.
Chief Executive Kurt Budge said: "As I have mentioned before, there's a growing buzz in Finland regarding battery minerals and metals, which is materialising into new networks, partnerships, projects, and funding opportunities."
"These two developments, the Cooperation Network of raw materials suppliers, and the EUR161,000 of grant funding from Business Finland, put our Finnish graphite business centre stage in Finland as a potential graphite producer, as the country seeks to develop a vertically integrated battery manufacturing industry.
"In the coming weeks, we will be reporting on the assay results of our recent drilling campaign at Aitolampi, as we progress towards defining a maiden resource.
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