Terrafame to build Electric vehicle Battery Factory funded in part by Trafigura

SMM10, 29 Feb: Finnish nickel and cobalt miner Terrafame said on Friday that it had decided to invest in battery manufacturing for electric vehicles to build a chemical plant, part of which would be funded by commodities trader Trafigura (Trafigura). The plant will produce chemicals used in electric car batteries at the Sotkamo plant in Finland. Most electric vehicles rely on lithium-ion batteries, the main components of which are mainly made up of nickel. Cobalt is also a key ingredient. Lithium-ion batteries power electric vehicles such as Tesla (Tesla) 's top Model X and GM (General Motors) 's Chevy Bolt. "our goal is to complete the construction of the plant by the end of 2020 and commercial production will begin in early 2021," Joni Lukkaroinen, chief executive of Terrafame, said in a statement. " Last year, Terrafame extended its exclusive acquisition agreement with Trafigura after the Swiss-based commodities trader offered the miner $200m in financing. Trafigura said it would sell all of Terrafame's nickel and cobalt products by 2027.