Beowulf Mining plc (AIM:BEM) reports that its 100%-owned subsidiary Oy Fennoscandian Resources AB continues to develop a ‘resource footprint’ of natural flake graphite to provide ‘security of supply’ to Finland’s emerging battery sector.
The company is also aiming to benefit from Business Finland funding, as it seeks to move downstream and develop its knowledge in processing and manufacturing battery grade and value-added graphite products.
Since Fennoscandian was acquired in January 2016, Beowulf has invested approximately Euro1.56 million in graphite exploration, resource development, metallurgical testwork and the assessment of market applications for graphite from its Aitolampi project, including Lithium Ion Battery (LIB) applications.
Recent highlights of Fennoscandian’s activities, include:
- Testwork on a composite sample for Karhunmäki, a new graphite prospect, produced a concentrate grade of 96.4% Total Graphitic Carbon (TGC), with 51.3% large/jumbo flakes (+180 micron). An Exploration Permit application has been submitted.
- After upgrading the Mineral Resource Estimate (MRE) for Aitolampi in 2019, now with an Indicated and Inferred Mineral Resource of 26.7 million tonnes at 4.8% TGC for 1,275,000 tonnes of contained graphite, Fennoscandian will report, in the coming weeks, on the results of spheroidisation testwork and battery tests on Aitolampi graphite.
- Fennoscandian is supporting a study into the supply chain for LIBs in Finland and collaborating with Åbo Akademi in Turku, Finland.
- Fennoscandian has joined, as a consortium member, the Business Finland funded BATTrace project, which aims to improve traceability along the battery raw materials value chain using mineralogical/geochemical fingerprinting, to validate responsible and sustainable sourcing of cobalt, nickel, lithium and graphite.
Beowulf, CEO, Kurt Budge, said that while Finland remains on lockdown, the Fennoscandian team is busy assessing the results of spheroidisation and battery tests on Aitolampi graphite, and contributing to studies on the supply chain for Lithium Ion Batteries in Finland and the traceability of graphite being used to manufacture batteries.
“COVID-19 has brought attention to supply chain risk across many industry sectors, no more so than feeding the growing demand for batteries for electric vehicle and energy storage,” Mr Budge said.
“As Finland develops its battery manufacturing capability, the Country can address its ‘security of supply’ issues for the minerals and metals needed to be self-sufficient.
“With Karhunmäki, another seemingly attractive exploration prospect has been added to the exploration portfolio, and Fennoscandian is continuing with its strategy of developing a ‘resource footprint’ of natural flake graphite in Finland and becoming a future supplier of anode-material and value-added graphite products. I look forward to providing further updates.”
