Terrafame Ltd

Terrafame Ltd

Terrafame Ltd is a multi-metal company producing nickel, zinc, cobalt and copper at its mine and metals production plant located in Sotkamo, Finland. Our aim is to conduct environmentally sustainable, safe and profitable operations.

Strategic roadmap

The company's key strategic goal has been clear from the start of operations: the company aims to be in the most cost-effective 25 per cent of the world’s nickel producers. The ramp-up of production has gone smoothly and the company is now set to continue its dedicated and systematic efforts to improve its operational excellence.

Terrafame’s strategic direction was outlined in autumn 2018. At the time, the decision was made to invest in a battery chemicals plant. Once completed, the plant will use the metal recovery plant’s current main product – nickel cobalt sulphide – as its raw material. When the company starts to refine the intermediates currently sold as a raw material to metal refining companies, it will move forward in the value chain to become a manufacturer of specialty chemicals. The new plant is one of the world's largest production units for nickel sulphate used in electric vehicle batteries.

For Terrafame as a company, moving forward in the refining chain also means repositioning itself in the battery chemicals market. The aim is to turn Terrafame into a brand that displays our company’s deep roots in Kainuu region as well as its operational strengths:

  • The significant nickel resources of the Sotkamo mine
  • Our unique integrated production process from open-pit mine to battery chemicals
  • The low carbon footprint of our production
  • Our sustainable and traceable European supply chain
  • Our skilled personnel


We are committed to good governance in our business operations. In addition to laws and regulations, we are guided by the cornerstones of our operations – safety, efficiency and commitment – as well as our operating principles.

Terrafame's decision-making complies with the Articles of Association, the Finnish Limited Liability Companies Act and other legislation in force. We also comply with the Finnish Corporate Governance Code for listed companies as applicable.


In 2018, we increased our production volumes and strongly developed our operations. Our net sales more than doubled from the previous year to EUR 325.8 euros. Also our EBITDA was positive.

Regardless of the price development of metals, mine operations incur costs that are heavily front-loaded.

You can read more about Terrafame’s operations and financial situation in our interim reports in News section.


Terrafame employs approximately 650 skilled professionals. In addition, approximately 630 employees from partner companies work at the site regularly.

The work community is young and the average age of Terrafame employees is approximately 40 years. Over 80% of our employees and the majority of our contractors live in the Kainuu region.

Terrafame team consists of a variety of experts from different occupational groups. The development of their professional skills is an important part of our business. We provide our employees with new opportunities to develop their skills through both education and career and job rotation.

Occupational safety

The safety of personnel is one of the cornerstones of Terrafame's operations. We aim to reduce both our personnel's and the partner companies' accident frequency.

Our managers hold a key position in developing the safety culture. The Management Team and the department representatives participate in regular safety rounds at our industrial site. An additional monthly safety bonus is paid to our personnel, if there have been no accidents leading to absence.

All our operations are guided by two safety principles:

  • Work will be performed safely, or it will not be performed at all.
  • There is always time to do things safely, carefully and by the book.


Terrafame employees and partners companies operating at the industrial site of Terrafame in Sotkamo, Finland must act in compliance with the sustainable development principles of Terrafame. The practical application of the policy is supported by the company’s management system and specific instructions.

In safety, our goal is to ensure a safe and healthy working environment and safe working methods. Our permanent goal is zero accidents. We are also committed to constantly improving our environmental performance, managing of the risks related to our operations and reducing our environmental impacts.

Our operations must always be conducted in a responsible and transparent manner. We inform our employees, partners, neighbours and stakeholders openly and honestly about our mining and production activities and their impacts.

We also aim at profitability and productivity in our operations. This way we are able to offer long-term industrial employment in Kainuu region, thereby improving the well-being in the area.


Terrafame reports its operations in the Financial Reviews and interim reports. The Annual Reports 2015–2018 include also the financial review, the financial statements, the corporate governance statement and the salary and remuneration report. The Annual Reports for 2015–2017 contains also Finnish Minerals Group's predecessor's, Terrafame Group Ltd's, reports of the Board of Directors and the financial statements.

Sustainability Review 2019

Financial Review 2019, including Board of Directors' Review and Financial Statements (pdf, 4Mb)
Corporate Governance Statement 2019 (pdf, 2Mb)
Remuneration Report 2019 (pdf, 2 Mb)
Remuneration Policy (pdf, 2 Mb)

Annual Report 2018 (pdf, 2,2Mb)

Annual Report 2017 (pdf, 1.6Mb)

Annual Report 2016 (pdf, 3.3Mb)

Annual Report 2015 (pdf, 3.0Mb)