FINLAND - Finnish investment institutions have invested in nickel and copper projects in North Finland, run by Candandian based firm Scandinavian Minerals.
The Finnish Government owned Finnish Industry Investment and €6.1bn (US$9bn) Etera Mutual Pension Insurance Company were among the investors that purchased five million common shares in the company for gross proceeds of up to C$40m (US$40.5m).
Scandinavian Minerals plans to use the assets to fund advancement of the Kevitsa nickel-copper-PGE (platinum group elements) project in Finland and for additional working capital.
Kevitsa, situated in northern Finland, is one of the world's major undeveloped sulphide nickel deposits and one of the largest mineral discoveries in Finland's history.
Peter Walker, president & CEO of Scandinavian Minerals, said: "It has always been the company's intention to involve Finnish capital in the development of the project and we take particular pleasure in the participation of such respected Finnish institutions and companies in this financing."
Kalevi Hemila, managing director of Etera, added: "This is an important investment opportunity for us. In addition, we are very pleased to be involved in building infrastructure and creating jobs in Northern Finland."
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