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  • Terrafame Ltd
    Malmitie 66, 88120 Tuhkakylä
    +358 20 7130 800

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    CFO of Terrafame to change – Ilkka Pitkänen appointed as the new CFO

    The Board of Directors of Terrafame has appointed Ilkka Pitkänen, M.Sc. (Econ.) as the company’s new Chief Financial Officer (CFO) and member of the Leadership Team, effective 1 August 2026. Pitkänen succeeds Ville Sirviö, who has served as the company’s CFO since 2016. Pitkänen will join the company on 22 June 2026, and Sirviö will continue with the company as an advisor until 31 August 2026 to ensure a smooth handover of responsibilities to his successor.  Ilkka Pitkänen has around 30 years of versatile experience in financial management leadership positions. During his career,

    Terrafame launches pre-feasibility study for scandium recovery to strengthen Europe’s critical raw materials supply

    Sotkamo, Finland, 19 May 2026 – Terrafame, a leading European producer of critical raw materials, has launched a pre-feasibility study to assess the recovery of scandium from its existing production process. Successful outcome of the study and start of production would make Terrafame the sole producer of scandium in Europe. Scandium is a rare earth element, classified by the European Union as a critical raw material of high economic importance and at high risk of supply disruption. Terrafame already produces battery-grade nickel, copper and cobalt – all of which are EU-designated strategic

    Terrafame invests in primary leaching capacity – sale and leaseback of internal electricity network a significant part of financing

    One of the key elements of Terrafame’s strategy covering the years 2026–2030 is the modernisation of the production logic for metal intermediate products. Terrafame has decided on a significant LEACHMAX investment programme to expand its primary leaching area. This expansion will extend the leaching time of mined ore, which will increase the production of nickel and zinc, and enable more efficient recovery of byproducts such as cobalt and copper. Extending the leaching time will further reduce the carbon footprint of Terrafame’s nickel products. Earthworks for the new primary leaching

    New appointment to the Terrafame Leadership Team

    The Board of Directors of Terrafame Ltd has appointed Mikko Rantaharju, M.Sc. (Tech.), as Vice President, Battery Chemicals and Uranium Operations, and a member of the company’s Leadership Team, effective 12 August 2026. He will report to Terrafame’s CEO Antti Koulumies. Mr Rantaharju has extensive and versatile experience in the international process industry. Most recently, he served at Metso Finland Oy as Vice President responsible for the hydrometallurgy and thermal processing businesses. Previously, Rantaharju has held several senior management and expert positions at Outotec. “

    Terrafame has submitted permit application covering its entire operations and the Kolmisoppi project – the company anticipates swift processing

    Terrafame has submitted a permit application covering its entire operations and the Kolmisoppi project ahead of schedule. The Kolmisoppi project holds strategic project status under the EU’s Critical Raw Materials Act (CRMA), enabling an accelerated permitting process. On Thursday, 30 April, Terrafame has submitted an application under the Environmental Protection Act and the Water Act to the Finnish Supervisory Agency. The application covers the company’s entire operations as well as the Kolmisoppi project. In December 2025, the Regional State Administrative Agency for Northern Finland

    Changes in the Board of Directors of Terrafame Ltd

    The Annual General Meeting (AGM) of Terrafame Ltd was held on 25 March 2026. The AGM confirmed the number of the Board members as seven. Markku Teräsvasara was re-elected as Chair of the Board, and Patrick Burke, Matti Hietanen, Markus Mannström, Peter Schuhmacher and Jyrki Vainionpää were re-elected as members of the Board. Julian Sanchez had previously announced that he was no longer available for election to the Board. He joined the Terrafame’s Board of Directors in 2022. Gregory Belland (born in 1960) was elected as a new member of the Board as of 23 April 2026. At the time of the

    Terrafame concluded its change negotiations

    In February 2026, multi-metal and battery chemicals company Terrafame announced that it would initiate change negotiations on production-related and financial grounds to improve the company’s competitiveness and profitability in the continued unstable operating environment. The change negotiations concerned the entire personnel. At the beginning of the negotiations, Terrafame estimated that the maximum personnel reduction need would be in total 120 person-years. In addition, the negotiations also concerned temporary layoffs and changes to working arrangements. At the end of December 2025,

    Terrafame's Financial Review 2025 has been published

    The Financial Review published today by the multi-metal and battery chemicals company Terrafame includes the Board of Directors review, the Financial Statements of the Terrafame Group (IFRS) and the Financial Statements of the parent company Terrafame Ltd (FAS) for the financial period 1 January–31 December 2025. Terrafame has also published its Corporate Governance Statement and Remuneration Report for 2025. In addition, the company has published a separate sustainability report. The sustainability report has been prepared using the EU's Corporate Sustainability Reporting Directive (

    Carbon footprints of Terrafame’s nickel products now even smaller

    The carbon footprints of the nickel products produced by Terrafame have decreased since the 2020 assessment. This positive development has been achieved by improving the chemical and energy efficiency of the production process. Key results: · The carbon footprint of nickel sulphate used as a battery chemical has decreased by approximately 10 per cent compared to the first assessment conducted in 2020. The carbon footprint of the nickel sulphate remains one of the smallest in the industry globally. · The carbon footprint of the nickel intermediate – i.e., nickel-cobalt sulphide –

    Terrafame to initiate change negotiations concerning the entire personnel

    Multi-metal and battery chemicals company Terrafame has decided to initiate change negotiations concerning its entire personnel on production-related and financial grounds, as part of Terrafame’s determined efforts to improve competitiveness and profitability as well as mitigate the negative impact from the increased tax on mined minerals. The change negotiations concern both potential reduction of personnel, temporary layoffs and changing working arrangements. At the end of December 2025, Terrafame employed a total of 887 people. According to the company’s initial estimate, the maximum

    Terrafame 2025: EBITDA increased despite a challenging market

    The financial information presented about Terrafame Ltd in this media release consists of unaudited IFRS figures. The figures in brackets refer to the corresponding period in the previous year unless otherwise stated. October−December 2025 in brief · Net sales were EUR 182.2 (193.7) million, representing a decrease of 5.9% year-on-year. · Net sales from the battery chemicals business decreased to EUR 41.1 (99.1) million, or 22.6% (51.2) of the company’s total net sales. The decrease in net sales was due to lower delivery volumes, as well as lower nickel sulphate prices compared

    Terrafame publishes its January–December 2025 results on 27 February

    Terrafame Ltd will publish its January–December 2025 results on Friday, 27 February at approximately 9:00 a.m. EEST. The media release will be available after publication on the company’s website at www.terrafame.com. A Finnish-language webcast will be held on the same day at 12:00 noon EEST. At the event, Antti Koulumies, CEO of Terrafame, and Ville Sirviö, CFO, will discuss the company’s performance. The webcast can be followed live at terrafame.videosync.fi/q4-2025. Questions can be submitted using the form at the bottom of the page. For further information, please contact:Anu

    Terrafame receives final decisions from the Supreme Administrative Court on its main permit and KL1 waste rock area

    The Supreme Administrative Court of Finland (SAC) has issued its final decisions concerning Terrafame’s environmental and water management permit covering all its operations, i.e. the main permit, as well as the KL1 waste rock area. In its ruling on the main permit, the SAC approved the company’s application for an annual ore extraction volume of 18 million tonnes and an annual waste rock extraction volume of 45 million tonnes, with the volume of waste rock to remain below 35 million tonnes on average. The SAC approved the construction of sections 5 and 6 in the new secondary leaching

    Terrafame strengthens its Leadership Team – appoints Chief Strategy and Investment Officer

    The Board of Directors of Terrafame Ltd has appointed Teemu Lindberg, M.Sc. (Eng.), as Chief Strategy and Investment Officer (CSIO) and a member of the company’s Leadership Team, effective 19 December 2025. In his role, Lindberg will lead the implementation of Terrafame’s revised strategy in areas such as project management, technological capabilities, investments and strategic partnerships. Lindberg will report to Terrafame’s CEO Antti Koulumies. Lindberg has extensive experience in production management, business development and change management from both established companies in the

    Regional State Administrative Agency for Northern Finland rejected Terrafame’s application to start mining the Kolmisoppi land area

    The Regional State Administrative Agency for Northern Finland requires that the permitting for the exploitation of Kolmisoppi be handled as part of Terrafame’s main permit covering all its operations, which the company plans to apply for in the spring of 2026. The decision makes the permitting schedule even more critical in terms of Terrafame’s strategy execution. The Regional State Administrative Agency for Northern Finland (PSAVI) has today, 9 December 2025, issued a decision to Terrafame regarding the environmental and water management permit for exploiting the Kolmisoppi ore deposit

    Terrafame’s strategy for 2026–2030: The company will remodel its operational logic, streamline processes, and pursue growth through new products

    Terrafame has outlined its strategy for 2026–2030. In the initial phase of the strategy period, the company seeks to adapt to changes in the operating environment, followed by generating new growth. The revised strategy outlines the path to secure positive cash flow, reduce dependence of nickel demand and price fluctuations by introducing new products, and ensure a solidified position as a key player in the European critical materials value chain.  “Since 2015, Terrafame has operated in a turbulent market environment, driven by evolving market dynamics and Finland’s national

    Terrafame’s net sales increased in July−September 2025, EBITDA weakened by low prices and exchange rate fluctuations

    The financial information presented about Terrafame Ltd in this media release consists of unaudited IFRS figures. The figures in brackets refer to the corresponding period in the previous year unless otherwise stated. July−September 2025 in brief · Net sales were EUR 140.3 (104.8) million, representing an increase of 33.9% year-on-year. · Net sales from the battery chemicals business totalled EUR 48.4 (32.6) million, or 34.5% (31.1) of the company’s net sales. Net sales growth was supported by an increase in delivery volumes, despite a longer maintenance shutdown at the battery

    Terrafame publishes its January–September 2025 results on 23 October

    The battery chemicals producer Terrafame Ltd will publish its January–September 2025 results on Thursday, 23 October at approximately 9:00 a.m. EEST. The media release will be available after publication on the company’s website at www.terrafame.com. A Finnish-language webcast will be held on the same day at 12:00 p.m. EEST. At the event, Antti Koulumies, CEO of Terrafame, and Ville Sirviö, CFO, will discuss the company’s performance. The webcast can be followed live at terrafame.videosync.fi/q3-2025. Questions can be submitted using the form at the bottom of the page. For further

    Terrafame reorganises its management structure

    In the future, Terrafame will have a company Leadership Team, which will focus on leading the company’s business and implementing its strategy, and a new Operations Leadership Team, which will focus on the management of mining operations as well as metals and chemicals production. The changes are related to Terrafame’s ongoing strategy update process. The aim of the reorganisation is to clarify the division of responsibilities following the company’s appointment of a new CEO and a new Chief Operating Officer from the beginning of September, and to support the effective planning and

    Terrafame to initiate change negotiations on possible temporary layoffs in the battery chemicals business

    In 2025, Terrafame has continued to operate in a challenging business environment. The company’s business has been unfavourably affected by the slower than estimated progress of the electrification of mobility, especially in Europe, combined with a low market price of nickel used in battery chemicals, as well as a weak US dollar exchange rate. The company estimates that the market situation will continue to be challenging for the remainder of 2025. Due, above all, Terrafame has decided to initiate change negotiations concerning the personnel of the battery chemicals plant and other

    Terrafame’s CEO to change on 1 September 2025 – Antti Koulumies appointed as new CEO

    Terrafame has initiated an update of its strategy, and as part of this, the Board of Directors has decided to strengthen the company’s management system. Consequently, the Board has appointed M.Sc. (Eng.) Antti Koulumies (38) as the new CEO of Terrafame, effective 1 September 2025. The company’s current CEO, Seppo Voutilainen, will move to the new role of Chief Operating Officer as of 1 September. Voutilainen will continue as a member of Terrafame’s Leadership Team, reporting to Koulumies. “Terrafame has, in a short time, achieved a significant position in Europe’s value chain for

    Terrafame’s EBITDA positive – net sales decreased due to lower prices in January–June 2025

    The financial information presented about Terrafame Ltd in this media release consists of unaudited IFRS figures. The figures in brackets refer to the corresponding period in the previous year unless otherwise stated. April−June 2025 in brief: · Net sales were EUR 110.7 (116.0) million, representing a decrease of 4.6% year-on-year. · Net sales from the battery chemicals business increased to EUR 79.2 (29.4) million, or 71.5% (25.3) of the company’s total net sales. Net sales growth was supported by the increased production and delivery volumes of battery chemicals. Net sales were

    Terrafame publishes its January–June 2025 results on 18 July

    The battery chemicals producer Terrafame Ltd will publish its January–June 2025 results on Friday, 18 July at approximately 09:00 a.m. Finnish time. The media release will be available after publication on the company’s website at www.terrafame.com. A Finnish-language webcast for the media will be held on the same day at 12:00 p.m. During the event, Terrafame’s CEO Seppo Voutilainen and CFO Ville Sirviö will present the company’s results. The webcast can be followed at terrafame.videosync.fi/q2-2025. During the event, questions can be submitted via the form at the bottom of the

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