Greenland-focused explorer and developer Bluejay Mining has announced the proposed sale of two projects in Finland to a dedicated battery metals group in which it will become a significant shareholder.
Bluejay has signed a binding term-sheet and entered into a conditional agreement for the sale of its Paltamo and Rautavaara nickel/zinc/copper/cobalt projects in Finland to Metals One for a combination of cash and shares totalling £4-million.
Metals One reportedly intends to seek a listing on the Aim market of the LSE in 2021.
"The Paltamo and Rautavaara projects have the potential to replicate the giant adjacent Talvivaara nickel/zinc/copper/cobalt mine and we look forward to assisting the new team at Metals One to achieve this outcome,” said Bluejay CEO Bo Møller Stensgaard.
The two-billion-tonne Talvivaara project is adjacent to the Paltamo and Raatavaara projects.
Bluejay COO Thomas Levin would join the board of Metals One, bringing in local expertise and experience that would support and fast-track the activities of Metals One.
Metals One nonexecutive director Jonathan Owen commented that the company was created specifically to target battery metals – a sector it believed would be the fastest growing in the mining industry in the years to come.
“These are the metals that are and will continue to underpin the global technology industry, the energy transition and ultimately the pathway to decarbonisation,” he stated.
The proposed transaction was subject to formal agreement and completion of the outstanding conditions.