(Kitco News) - Finnish mining and metals group Terrafame announced today that it has decided to start recovering natural uranium by the summer of 2024.
In its press release, the company said it has completed a feasibility study related to uranium recovery and decided to start preparing the operations for the uranium recovery.
Terrafame added that its production process enables the low concentration of natural uranium found in the ore to be recovered as a by-product. A ready-built uranium recovery plant is located in Terrafame's industrial site, and the company is now preparing the plant for operational use.
After the start-up phase, the recovery plant is estimated to operate at full capacity by 2026.
"Uranium recovery enables us to make use of the low concentration of natural uranium found in Terrafame's ore. The uranium recovered by Terrafame will be transported abroad for further processing, after which it will be used in nuclear energy production. As the recovery begins, Terrafame will become a Finnish uranium producer, and thus will also play a role in building Europe's energy self-sufficiency," stated CEO Joni Lukkaroinen.
Once the recovery plant operates at full capacity, the company's uranium output will total about 200 tons per year.
"The plan is to continue uranium production alongside the production of other metals throughout the operating period, which covers at least the next 30 years," the company noted in its press release.
Importantly, Terrafame said it has an environmental permit as well as the chemicals permit for uranium recovery.
Terrafame produces battery chemicals for rapidly increasing EV industry. The company indicated that its key competitive advantages include the world's smallest carbon footprint for nickel, a traceable production chain, Europe's largest nickel reserves, modern laboratory services, and logistics services that ensure purity.
Terrafame uses a unique bioleaching method to produce nickel sulphate. The company's production site includes the whole chain: a mine, a battery chemicals plant and logistics services.
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