RNS Number : 3937B
Beowulf Mining PLC
10 June 2021
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10 June 2021
Beowulf Mining plc
("Beowulf" or the "Company")
Fennoscandian Resources receives EUR791,000 additional funding
from Business Finland
Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, is pleased to announce that Beowulf`s
wholly-owned Finnish subsidiary Oy Fennoscandian Resources Ab
("Fennoscandian") has been granted EUR791,000 by Business
The grant funding is equivalent to 50 per cent of the 3-year
EUR1.6 million budget for Fennoscandian's 'Spheronisation and
Purification of Natural Graphite for the European Lithium-Ion
Battery Market' project.
This work is part of the BATCircle2.0 (Finland-based Circular
Ecosystem of Battery Metals) consortium which has been granted
EUR10.8 million by Business Finland as part of a total funding
budget of EUR19.3 million. BATCircle2.0 is a key project in
Business Finland`s Smart Mobility and Batteries from Finland
Finland has high-quality natural flake graphite resources and
the opportunity exists to create a sustainable value chain for
anode material markets in Finland and Europe. Currently, China is
the dominant producer of spheronised graphite, utilising chemical
purification and using hazardous hydrofluoric acid.
The objectives of the project are to develop a chemical free
technological solution, utilising renewable energy, to spheronise
and purify graphite within a Finnish industrial ecosystem, for use
in the manufacture of lithium-ion battery anodes.
The project has three main objectives, which are to:
-- Validate a process to support progress to a Bankable
Feasibility Study for construction of a commercial scale unit
within three to five years.
-- Secure and protect any arising intellectual property.
-- Deliver a detailed strategic marketing and commercialisation plan.
Kurt Budge, CEO commented:
"Beowulf is extremely pleased that Business Finland continues to
support Fennoscandian's ambitions of becoming a producer of anode
material for lithium-ion batteries.
"We are proud to be part of the Finnish battery ecosystem and
collaborating with Finnish universities, research institutions and
companies, all wanting to play their part in addressing the Climate
"The Scoping Study for our Aitolampi graphite project is due to
be completed in the coming weeks and we continue to work with
Epsilon Advance Materials on the establishment of a Strategic
Processing Hub for producing pre-cursor anode material.
"The Company will provide further updates in due course."
Background to BATCircle2.0
The BATCircle2.0 consortium continues to build on the first
phase of BATCircle which was successfully completed in April 2021.
The aim of the project consortium is to create a competitive and
sustainable European battery industry through collaboration and
joint research between companies and research organisations. The
BATCircle2.0 consortium led by Aalto University consists of the
following universities, research institutions and companies:
Universities: Aalto University, University of Eastern Finland,
LUT University, University of Oulu Research Institutions:
Geological Survey of Finland (GTK), VTT Technical Research Centre
Companies: Boliden Harjavalta Oy, Finnish Minerals Group Oy,
Fortum Waste Solutions Oy, Metso Outotec Oyj, Norilsk Nickel
Harjavalta Oy, Terrafame Oy, Umicore Finland Oy, AkkuSer Oy,
BroadBit Batteries Oy, Oy Fennoscandian Resources Ab, FinnCobalt
Oy, Keliber Technology Oy, Latitude 66 Cobalt Oy, Mawson Oy, X-Ray
Minerals Services Finland Oy
Targeted carbon emission reduction can only be achieved through
a rapid rollout of renewable energy generation, combined with the
electrification of major transport networks. Achieving either or
both outcomes is fully dependent on the adoption of energy storage
technologies at an unprecedented rate.
In less than a decade, Europe's lithium-ion battery cell demand
is expected to grow to approximately 603 GWh, with global demand
exceeding 3,792 GWh (Benchmark Mineral Intelligence 2021). European
demand for graphite anodes is expected to exceed 723,492 tonnes per
annum over the same period.
Aalto University Official Announcement
Fennoscandian is pursuing a strategy to develop a resource and
production base of graphite that can provide security of supply and
contribute to Finland's ambitions of achieving battery
manufacturing self-sufficiency, focusing on both natural flake
graphite production and a Circular Economy/recycling strategy to
produce high-value graphite products. The Company is developing its
knowledge in processing and manufacturing value-added graphite
products, including anode material for lithium-ion batteries.
Fennoscandian's Aitolampi graphite project has an Indicated and
Inferred Mineral Resource of 26.7 Million tonnes at 4.8 per cent
Total Graphitic Content for 1,275,000 t of contained graphite.
Fennoscandian has this year signed a Memorandum of Understanding
("MoU") with Epsilon Advance Materials Limited ("EAMPL"). The MoU
enables Fennoscandian to build its downstream capability,
collaborating with a strong and innovative technology/processing
partner, and for EAMPL to firmly establish itself in Finland, as a
market-entry point for supplying pre-cursor anode material for
Finland and into Europe. The MoU addresses the development of a
strategic processing hub for both natural flake and recycled
graphite to be located in Finland.
Fennoscandian is focused on the sustainability of its upstream
and downstream activities in the production and upgrading of a
critical raw material for manufacturing lithium-ion batteries.
Beowulf Mining plc
Kurt Budge, Chief Executive Tel: +44 (0) 20 7583
(Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill Tel: +44 (0) 20 3470
/ Adam Cowl 0470
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138
Statements and assumptions made in this document with respect to
the Company's current plans, estimates, strategies and beliefs, and
other statements that are not historical facts, are forward-looking
statements about the future performance of Beowulf. Forward-looking
statements include, but are not limited to, those using words such
as "may", "might", "seeks", "expects", "anticipates", "estimates",
"believes", "projects", "plans", strategy", "forecast" and similar
expressions. These statements reflect management's expectations and
assumptions in light of currently available information. They are
subject to a number of risks and uncertainties, including, but not
limited to , (i) changes in the economic, regulatory and political
environments in the countries where Beowulf operates; (ii) changes
relating to the geological information available in respect of the
various projects undertaken; (iii) Beowulf's continued ability to
secure enough financing to carry on its operations as a going
concern; (iv) the success of its potential joint ventures and
alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding
any mineral project at an early stage of its development, the
actual results could differ materially from those presented and
forecast in this document. Beowulf assumes no unconditional
obligation to immediately update any such statements and/or
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(END) Dow Jones Newswires
June 10, 2021 02:00 ET (06:00 GMT)
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