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

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    Terrafame concluded its change negotiations

    In October 2024, Terrafame announced that it had decided to initiate change negotiations concerning the entire personnel due to a challenging market situation. At the beginning of the negotiations, Terrafame estimated that the maximum personnel reduction need would be in total 75 person-years. The possibility of layoffs was also considered in the negotiations. At the end of September 2024, Terrafame employed a total of 826 people. As a result of the negotiations, Terrafame will make a reduction of a maximum of 30 person-years on production-related and financial grounds as well as due to

    Terrafame initiates change negotiations due to a challenging market situation

    In 2024, Terrafame’s business environment has continued to be difficult, mainly due to the slower than estimated progress of the electrification of mobility, especially in Europe, as well as the clearly lower market prices of metals and battery chemicals compared to the previous year. The company estimates that the battery chemicals market will continue to be challenging in late 2024 and early 2025. In addition, Terrafame expects the Vaasa Administrative Court to make final decisions on two permits in 2024. If said decisions were to be delayed, the previous interim decisions by the Vaasa

    Terrafame’s net sales and EBITDA decreased in 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. July−September 2024 in brief: · Net sales were EUR 104.8 (142.0) million, representing a decrease of 26.2% year-on-year. · Net sales from the battery chemicals business increased to EUR 32.6 (28.0), or 31.1% (19.7) of the company’s total net sales. · Net sales from the metal intermediates business decreased by 36.7% to EUR 72.2 (114.0) million. Net sales were

    Terrafame publishes its January–September 2024 result on 25th October 2024

    The battery chemicals producer Terrafame Ltd publishes its January–September 2024 result on Friday 25th October approximately at 09:00 a.m. Finnish time. The media release will be available on the company’s website at www.terrafame.com after publishing. A webcast in Finnish for the media will be held on the same day at 12:00 p.m. During the event, the Terrafame’s CEO, Seppo Voutilainen, and CFO, Ville Sirviö, will discuss the company’s financial result. You can follow the webcast at https://terrafame.videosync.fi/q3-2024. Questions can be sent via the form located at the bottom of the

    Terrafame applied for a strategic project status for the exploitation of the Kolmisoppi ore deposit under the EU’s Critical Raw Materials Act

    Terrafame has submitted an application to the European Commission seeking a strategic project status for the Kolmisoppi project under the European Union’s Critical Raw Materials Act (CRMA). The CRMA came into effect in May 2024 and aims to sustainably ensure the availability of raw materials that are critical and strategic in terms of Europe’s economy and clean transition. The CRMA covers more than 30 raw materials, defining the battery grade nickel produced by Terrafame as well as cobalt and copper as strategic raw materials. Among other things, the status of a strategic project ensures

    Terrafame's operating result for January–June 2024 improved year-on-year

    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 2024 in brief: · Net sales were EUR 116.0 (91.4) million, representing an increase of 21.2% year-on-year. · Net sales from the battery chemicals business decreased to EUR 29.4 (32.1) million, or 25.3% (35.1) of the company’s total net sales. Net sales were negatively affected by lower production and delivery volumes as well as a decrease in the market

    Terrafame publishes its January–June 2024 result on 26 July

    The battery chemicals producer Terrafame Ltd publishes its January–June 2024 result on Friday 26 July approximately at 09:00 a.m. Finnish time. The media release will be available on the company’s website at www.terrafame.com after publishing. A webcast in Finnish for the media will be held on the same day at 12:00 p.m. During the event, the Terrafame’s CEO, Seppo Voutilainen, and CFO, Ville Sirviö, will discuss the company’s financial result. You can follow the webcast at terrafame.videosync.fi/q2-2024. Questions can be sent via the form located at the bottom of the webcast page.

    Terrafame has started uranium recovery

    Terrafame has on 18 June 2024 started recovering natural uranium on its industrial site in Sotkamo, Finland. Before the recovery was commissioned, the Finnish Radiation and Nuclear Safety Authority (STUK) conducted a commissioning inspection at the uranium recovery plant and found that the plant can be commissioned safely.  The company’s production process enables the low concentration of natural uranium found in the ore to be used as a by-product. The uranium recovered by Terrafame will be transported abroad for further processing, after which it will be used in nuclear energy

    Terrafame published its Sustainability Review

    Published today, Terrafame’s Sustainability Review describes the main points of the battery chemicals company’s sustainability work and the progress of the sustainability programme in 2023.Sustainability is at the heart of Terrafame’s operations, and the company believes that systematic sustainability development creates a competitive advantage in the global battery chemicals market. The carbon footprint of the nickel sulphate produced by the company is already the smallest in the industry. Additionally, the company’s unique operating model ensures a fully traceable production process, as

    Appointments to Terrafame Ltd's Leadership Team

    As of 1 June 2024, the battery chemicals company Terrafame Ltd has appointed Mr David Garcia-Balbuena, M.Sc., as the Chief Production Officer and a member of the Leadership Team, as well as Mr Kristian Granit, M.Sc. (Process technology), as the Chief Services Officer and a member of the Leadership Team. They will report to Seppo Voutilainen, the CEO of Terrafame Ltd. David Garcia-Balbuena has moved to the Leadership Team from his position as the Head of Production, Bioleaching and Water management. Before his appointment, Garcia-Balbuena has held various managerial roles in the

    Terrafame’s operating result was at a good level in 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. January−March 2024 in brief: · Net sales were EUR 130.0 (172.7) million, representing a decrease of 24.7% year-on-year. · Net sales from the battery chemicals business decreased to EUR 35.6 (66.2) million, or 27.4% (38.3) of the company’s total net sales. Net sales were negatively affected by a decrease in the market price of nickel sulphate as well as lower

    Terrafame publishes its January–March 2024 result on 26 April

    The battery chemicals producer Terrafame Ltd publishes its January–March 2024 result on Friday 26 April approximately at 09:00 a.m. Finnish time. The media release will be available on the company’s website at www.terrafame.com after publishing. A webcast in Finnish for the media will be held on the same day at 1:00 p.m. During the event, the company’s CEO, Seppo Voutilainen, and CFO, Ville Sirviö, will discuss the company’s financial result. You can follow the webcast at terrafame.videosync.fi/q1-2024. Questions can be sent via the form located at the bottom of the webcast page.

    Terrafame to bring its battery chemicals plant to a halt due to the national strikes in Finland

    Terrafame has decided to bring the company’s battery chemicals plant to a halt for approximately four weeks. The shutdown is a result of the industrial actions in Finland that have continued for several weeks and are affecting the logistics chain. Due to the strikes, Terrafame has not been able to execute the export deliveries of the products of its battery chemicals plant, which has forced Terrafame to store the products in its industrial area. The possibilities for storing said products in the industrial area are limited due to, for example, restricted storage capacity and challenges in

    Terrafame concluded its change negotiations

    In February 2024, Terrafame announced that it had decided to initiate a profitability programme, aiming to generate EUR 10 million in annual savings and to improve the company’s international competitiveness and profitability. As part of the profitability programme, Terrafame issued on 21 February 2024 an invitation to change negotiations concerning all personnel groups on production-related and financial grounds in accordance with the Finnish Co-operation Act. The negotiations affected Terrafame’s entire personnel, which is comprised of over 800 permanent employees. The aim of the

    Seppo Voutilainen appointed as Terrafame’s CEO

    Terrafame Ltd’s Board of Directors has appointed M.Sc. (Eng.) Seppo Voutilainen (52) as Terrafame Ltd’s CEO. Voutilainen has acted as Terrafame’s interim CEO since January 2024. Voutilainen has more than 30 years of experience in the chemical and mining industries, both in Finland and internationally. He has been a member of Terrafame’s Management Team and the company’s Chief Production Officer since 2020. Voutilainen has previously served as Development Director of European Operations and Assistant General Manager at Agnico Eagle Mines Ltd in 2012–2020, General Manager of Agnico Eagle’s

    Change in Board of Directors of Terrafame Ltd

    Terrafame Ltd’s Annual General Meeting on 20 March 2024 decided to elect Peter Schuhmacher, 58, PhD in Chemistry, as a new member of the Board of Directors. Peter has been the president of BASF’s Battery Materials and Recycling and Catalysts Division until the end of December 2023. He is independent of the company and its major shareholders. The General Meeting confirmed the number of the Board members as seven persons. Tuomo Mäkelä, who has been a member of the Board of Directors from 2015, had announced, that he will no longer be available as a member of the Board. Lauri Ratia (Chair

    Terrafame’s Financial Review 2023 is published

    Terrafame Ltd’s Financial Review 2023 has been published today. The Financial Review includes the Board of Directors' Review and the Financial Statements (FAS) for the period 1 January–31 December 2023. In addition, Terrafame has published its Corporate Governance Statement and Remuneration Report for 2023 as well as the updated Remuneration Policy for governing bodies. All documents are attached to this news release in pdf format and they are also available at www.terrafame.com > Company > Reports and publications .

    Terrafame 2023: The operating result decreased in a challenging market, but basic production continued close to a record level

    The financial information presented about Terrafame Ltd in this media release consists of unaudited FAS figures. The figures in brackets refer to the corresponding period in the previous year unless otherwise stated. October–December 2023 in brief: · Net sales from the battery chemicals business decreased to EUR 41.2 (70.6) million, or 26.6% (38.0) of the company’s total net sales. Net sales were affected by a decrease in the market price of nickel sulphate and limited production volumes. · Net sales from the metal intermediates business totalled EUR 113.6 (115.1) million. A

    Terrafame pursues annual savings of EUR 10 million and initiates change negotiations

    Terrafame follows a model of continuous improvement, actively seeking ways to enhance its profitability. The challenges seen in the electric vehicle market in 2023, especially in the Chinese market, have also affected Terrafame’s battery chemicals business. Terrafame has decided to initiate a profitability programme, aiming for EUR 10 million in annual savings. The goal is to improve the company’s international competitiveness and profitability. The company is currently implementing significant investment programmes, which are necessary for the continuation of its operations and

    Terrafame publishes its January–December 2023 result on 1 March

    Battery chemicals producer Terrafame Ltd publishes its January–December 2023 result on Friday 1 March 2024 approximately at 09:00 a.m. Finnish time. The report will be available on the company’s website at www.terrafame.com after publishing. A webcast in Finnish for the media will be held on the same day at 12:00 p.m. During the event, the company’s interim CEO, Seppo Voutilainen, and CFO, Ville Sirviö, will discuss the company’s financial result. Terrafame Ltd’s Chairman of the Board, Lauri Ratia, will also be present at the event. You can follow the webcast at terrafame.videosync.fi/

    Terrafame has strengthened its financing position

    Terrafame’s financing arrangements consist of a repayment of EUR 142 million in shareholder loans to Galena and Mandatum through stock option exercises and entering into a EUR 250 million loan agreement from a Nordic bank club. As part of strengthening Terrafame Ltd’s (“Terrafame”) financing position, funds under the management of Galena Asset Management (“Galena”) and Mandatum Holding Ltd (“Mandatum”) have exercised stock options previously granted to them. The funds received from the stock options have been used to repay the EUR 142 million long-term term loans from Trafigura and

    Terrafame’s CEO Joni Lukkaroinen to step down

    Terrafame Ltd’s Board of Directors and CEO Joni Lukkaroinen have agreed that Lukkaroinen will step down from his current position. Mr Lukkaroinen has served as Terrafame’s CEO since 2016. The Board of Directors has appointed Seppo Voutilainen as the interim CEO of Terrafame, effective immediately. Mr Voutilainen has served as a member of the Leadership Team and as Chief Production Officer at Terrafame since September 2020, and will continue in the latter role in addition to assuming his duties as the interim CEO. “Joni Lukkaroinen has served as Terrafame’s CEO for nearly eight years.

    Terrafame’s operating profit EUR 23.5 million in the third quarter

    The financial information presented about Terrafame Ltd in this bulletin consists of unaudited FAS figures. The figures in brackets refer to the corresponding period in the previous year unless otherwise stated. July–September 2023 in brief: · Net sales from the battery chemicals business decreased to EUR 28.0 (39.1) million, or around 20% of the company’s total net sales. The decrease resulted from a decrease in the market price of nickel sulphate. A shutdown at the battery chemicals plant until the beginning of August decreased production volume and net sales. · Net sales from

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