What Finnish Minerals Group does

Finnish Minerals Group Oy is a state-owned special purpose company (erityistehtäväyhtiö) wholly owned by the Finnish State, established in 2015 as Terrafame Group Oy and rebranded under its current name (registered as Suomen Malmijalostus Oy and later as Finnish Minerals Group Oy). Its mandate is to manage the State's mining industry shareholdings and to develop Finland's domestic lithium-ion battery value chain from raw materials to battery cells, contributing to the European Green Deal and EU climate neutrality by 2050. Headquartered in Helsinki with 33 parent-company employees and approximately 943 group-company employees in 2025 (pro forma ~1,900 including IONCOR), the group operates a vertically integrated portfolio across the battery materials stack.

The company's core assets combine majority-controlled operating companies and minority-stake joint ventures. Terrafame Oy (56.2% owned) operates an integrated mine-to-battery-chemicals site at Sotkamo using biolixiviation — a microbially-assisted leaching process — to produce nickel sulfate sufficient for approximately one million EVs and cobalt sulfate sufficient for approximately 300,000 EVs per year. Keliber Oy (20% owned, with Sibanye-Stillwater as 79.82% majority owner) is Europe's first integrated lithium mine-to-refinery project spanning Kaustinen, Kokkola, and Kruunupyy, with a target of ~15,000 tonnes per year of battery-grade lithium hydroxide (~10% of European demand) following its February 2026 production ramp-up. IONCOR Oy (70% owned since September 2025) designs and manufactures battery systems for bus, truck, off-highway machinery, and automotive OEMs from facilities in Salo, Uusikaupunki, and Kirchardt, Germany, with approximately 1,000 employees. Easpring Finland New Materials Oy (28.3% owned, with Beijing Easpring 70% and LG Energy Solution 1.7%) is building a 60,000-tonne cathode active material plant in Kotka, expected to commission in 2027 with a customer commitment to LGES's Wrocław facility. Sokli Oy (100% owned) is developing a multi-commodity deposit in Lapland (rare earth elements, phosphate, iron, niobium), and Adven-FMG Sodium Sulphate Solutions Oy (49% owned) is commercializing bipolar electrodialysis recycling for industrial sodium sulfate by-products.

Revenue flows primarily through portfolio companies rather than the parent entity: group net sales were approximately EUR 556 million in 2025 (driven by Terrafame's EUR 556.1M) with EBITDA of ~EUR 74 million, while IONCOR's gross sales were approximately EUR 1.5 billion in 2024 prior to consolidation into the group. The company sells to European EV battery manufacturers (Terrafame chemicals, Keliber lithium hydroxide, Easpring CAM), commercial-vehicle and off-highway OEMs (IONCOR), and industrial customers (Sokli phosphate, REE, iron; Adven-FMG circular services). Capital structure is funded through a combination of state appropriations (EUR 65M for Sokli, EUR 20M for IONCOR), EU and EIB green loans (EUR 500M Keliber financing, the first EIB-supported critical raw materials mining project in the EU), commercial debt, and JV partner contributions — together supporting cumulative project investments exceeding EUR 783 million in Keliber and approximately EUR 800 million in Easpring Finland. Pricing is set through commodity markets and long-term enterprise supply agreements rather than disclosed list pricing.

Name

Finnish Minerals Group

Legal name

Finnish Minerals Group Oy

Website

https://mineralsgroup.fi

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Finnish Minerals Group is a state-owned holding company, wholly owned by the Finnish State, that develops Finland's lithium-ion battery value chain through portfolio companies spanning nickel and cobalt sulfates (Terrafame), lithium hydroxide (Keliber), cathode active materials (Easpring Finland), battery systems (IONCOR), rare earths and phosphate (Sokli), and sodium sulfate recycling (Adven-FMG JV).

Ownership category

akta.pro rank

Product category

Battery Materials and Chemicals

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Other Nonmetallic Mineral Mining and Quarrying (21239), Nonmetallic Mineral Product Manufacturing (327)

SIC

Metal Mining (1000), Industrial Inorganic Chemicals (2810), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI)

akta.pro secondary industries

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Critical Minerals Recycling & Urban Mining (Li, Ni, Co, Graphite, REE) (IMAKAFAK), Minerals, Mining & Geologic Resources Administration (BPAIAMAJ)

Keywords

• Battery chemicals production
• Lithium mining operations
• Nickel cobalt sulfate
• Battery systems manufacturing
• Critical raw materials

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Investment Returns and Dividend Income: Finnish Minerals Group generates returns through long-term investments in portfolio companies. It holds majority stakes in Terrafame (56.2%) and IONCOR (70%), and minority stakes in Keliber (20%), Easpring Finland New Materials (28.3%), and Adven-FMG Sodium Sulphate Solutions (49%). EBITDA from group companies in 2025 was approximately EUR 74 million.
2. Battery Chemical Sales (via Terrafame): Terrafame produces nickel sulfate (sufficient for approximately 1 million EVs) and cobalt sulfate (approximately 300,000 EVs) for lithium-ion batteries. Net sales from group companies in 2025 were approximately EUR 556 million. Terrafame also produces zinc and copper sulfides and started natural uranium recovery in June 2024.
3. Lithium Hydroxide Sales (via Keliber): Keliber (majority owned by Sibanye-Stillwater, 20% FMG) produces battery-grade lithium hydroxide — Europe's first integrated lithium mine-to-refinery operation. Production target of approximately 15,000 tonnes per year, representing around 10% of European lithium demand. Total investment in the project: approximately EUR 783 million.
4. Battery System Sales (via IONCOR): IONCOR designs and manufactures battery solutions for bus & truck segments, off-highway machinery, and automotive. Gross sales grew significantly in 2024 to approximately EUR 1.5 billion. FMG owns 70% of IONCOR.
5. Cathode Active Material Sales (via Easpring Finland): Easpring Finland New Materials (Kotka) will produce cathode active material (CAM) for lithium-ion batteries at an initial capacity of 60,000 tonnes per year. FMG owns 28.3%, Beijing Easpring 70%, and LG Energy Solution 1.7%. Production expected to start in 2027.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Finnish Minerals Group is a state-owned special purpose company that manages the Finnish State's mining industry shareholdings and develops Finland's domestic lithium-ion battery value chain from mining through battery chemicals to battery systems. Through its subsidiaries and portfolio companies, it produces nickel and cobalt sulfates (Terrafame), battery-grade lithium hydroxide (Keliber), cathode active materials (Easpring Finland), and battery systems (IONCOR) primarily for European electric vehicle and battery manufacturers.

Product overview

Finnish Minerals Group manages a vertically integrated battery value chain in Finland, from raw materials mining to battery cell production. The portfolio includes production companies (Terrafame - nickel/cobalt sulfates; IONCOR - battery systems) and development projects (Keliber - lithium hydroxide; Sokli - rare earths/phosphate; Easpring Finland - cathode materials; Hamina pCAM - precursor materials). The group also includes a circular economy venture for sodium sulfate recycling (Adven-FMG). Terrafame operates an integrated mine-to-battery-chemicals facility using bioleaching technology, while IONCOR designs and manufactures battery packs for electric vehicles. Development projects span the entire value chain from mining operations to advanced materials processing.

Differentiator

Problem solved

Functional benefit

Products and services

• Terrafame Battery Chemicals (Nickel and Cobalt Sulfate) Multi-metal production of nickel sulfate and cobalt sulfate for lithium-ion batteries, using an integrated mine-to-battery-chemicals process with biolixiviation at the Sotkamo site. Full capacity supplies battery chemicals for approximately 1 million EVs (nickel) and 300,000 EVs (cobalt) annually. Target customers are global lithium-ion battery manufacturers requiring traceable, low-carbon European supply chains.
• IONCOR Battery Systems Design, development, and manufacture of battery systems and packs for electrification of bus and truck segments, off-highway machinery (construction, material handling, agriculture, mining, forestry), and the automotive industry. Operates production facilities in Salo and Uusikaupunki (Finland) and Kirchardt (Germany). Gross sales of approximately EUR 1.5 billion in 2024.
• Keliber Lithium Hydroxide Vertically integrated production of battery-grade lithium hydroxide from hard rock deposits in Central Ostrobothnia, Finland. Operations include mining in Kaustinen/Kokkola/Kruunupyy areas, a concentrator in Kaustinen, and a refinery in Kokkola. Production target of approximately 15,000 tonnes per year, representing around 10% of European lithium demand. Customers are European battery cell manufacturers.
• Sodium Sulphate Recycling Solutions (Adven-FMG) Circular economy service for processing and recycling sodium sulfate from industrial wastewater generated in battery material and mining production, based on bipolar electrodialysis (BPED) technology. Aimed at battery material producers and other industries with sodium sulfate by-products requiring cost-effective treatment and circular economy solutions.

Quantifiable outcome

• Terrafame's operations generate EUR 640 million in GDP annually, nearly 20% of Kainuu region's GDP, and provide employment for 4,700–5,000 people.
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Beijing Easpring Material TechnologycoreStrategic or Co-development Partner · 1 January 2024Beijing Easpring Material Technology (listed on Shenzhen Stock Exchange) holds 70% of Easpring Finland New Materials Oy, which is building a cathode active material (CAM) plant in Kotka, Finland. FMG holds 28.3% and LG Energy Solution 1.7%. Beijing Easpring is one of the world's leading cathode material producers with facilities in four Chinese locations serving global markets.
• Adven OycoreStrategic or Co-development Partner · 1 January 2021Adven Oy and Finnish Minerals Group co-founded Adven-FMG Sodium Sulphate Solutions Oy (FMG 49%, Adven 51%) in 2021 to develop circular economy solutions for treating sodium sulfate in industrial wastewater from battery material production. Business Finland has provided up to EUR 15 million in circular economy investment support and EUR 1.23 million for pilot development. The joint venture aims to develop BPED (bipolar electrodialysis) technology for industrial-scale recycling.

Scale indicators17 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Boliden: Swedish mid-cap miner and metals producer (zinc, copper, nickel). Directly comparable as a Nordic/state-influenced diversified base-metals operator with similar geographic concentration, downstream battery relevance (nickel), and exposure to European mining policy and tax dynamics.
• Eramet: French mining and metallurgical group producing nickel, manganese, and lithium precursors from New Caledonia and Argentina. Strongly comparable given battery-grade nickel/cobalt focus, European strategic positioning, and CRMA-aligned production.
• Umicore: Belgian materials technology company producing cathode active materials and recycling battery materials. Closely comparable on Easpring Finland's CAM business, pCAM production, and BPED-style circular-economy solutions at Adven-FMG.
• Sibanye-Stillwater: South African/PGM miner that owns 79.82% of Keliber. Directly comparable as the majority owner of FMG's lithium asset with overlapping battery-circular-minerals strategy (platinum-group metals, nickel, lithium).
• Northvolt: Swedish battery cell manufacturer and one of the largest intended European battery gigafactory operators. Comparable as the downstream buyer of FMG's lithium, nickel sulfate, cobalt sulfate, CAM, and battery systems — and a key Northvolt insolvency confirms the strategic importance of FMG's vertically integrated domestic supply.
• Forsee Power: French designer and manufacturer of battery systems for buses, trucks, and off-highway machinery. Directly comparable to IONCOR in target customer segments, geographic footprint, and product scope.

Emerging players

• Vulcan Energy Resources: German-Australian developer of geothermal lithium extraction in the Upper Rhine Valley. Comparable European lithium project developer at comparable scale/development phase, though using brine rather than hard-rock mining methods.
• European Lithium: Austrian developer of the Wolfsberg lithium hard-rock project. Comparable as a European mid-stage lithium project developer competing for the same CRMA strategic pipeline and OEM offtake agreements.

Broad incumbents

• BASF: German chemical giant operating in battery materials (cathode active materials, recycling) via BASF Catalysts. Comparable as a broad European incumbent with overlap on CAM, pCAM, and recycling capabilities, though covering far more end-markets.
• Glencore: Global mining and trading giant with material nickel, cobalt, and battery materials exposure (Murrin Murrin, Mutanda). Comparable as a vastly larger broad incumbent in the same battery raw materials space, with global trading and offtake capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@FinnishMineralsGroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Finnish Minerals Group