Australian-Finnish Mining Company discovers Cobalt Mine in Finland

Australian-Finnish mining company Latitude 66 Cobalt announced on Wednesday that it had discovered the fourth largest cobalt mine in Europe in eastern Lapland, Finland, making it the country with the highest cobalt density in the European Union.

This new discovery solidifies Scandinavia's position as a producer of raw materials. Of the 20 largest cobalt deposits in Europe, 14 are in Finland, five in Sweden and one in Spain. Finland is the largest producer of battery metals and chemicals in Europe.

Cobalt is an important ingredient in mobile phones and computers, and is even used in guitar strings. Demand has increased exponentially, especially because the batteries used in electric vehicles contain 36 kilograms of nickel, 7 kilograms of lithium and 12 kilograms of cobalt. According to the estimates of the European Commission, the value of the European battery market will be about 250 billion euros this decade.

At present, most batteries are produced in Asia. The committee encourages battery production in Europe and there are already many ongoing projects. Similarly, the EU emphasizes the use of sustainably produced raw materials, which is a strategy for Latitude 66 Cobalt to promote itself.