Terrafame decided to begin uranium recovery by the summer of 2024, after a feasibility study had been completed.
Uranium recovery
Terrafame wants to get into uranium recovery. Thus, the company conducted a feasibility study beforehand. A ready-to-use uranium recovery plant is already located at the Terrafame industrial site in Finland.
The company is currently preparing the plant for operational use. These preparations require an investment of about €20 million. In addition, the Terrafame recovery plant will be ready to operate at full capacity in 2026.
The operating period will be at least 30 years. Once the plant is at full capacity, the company will produce about 200 tons of uranium per year. Based on the current market price of uranium, this will increase the company’s sales by approximately €25 million per year.
The administrative procedure
In addition, the uranium recovery plant is expected to employ about 40 people. Terrafame has a recovery permit from the government in 2020 authorizing this activity at the Sotkamo mine. The Supreme Administrative Court of Finland in 2021 validated this decision.
Terrafame will exploit the low concentration of uranium in its ore for recovery. The recovered uranium will be sent abroad for further processing. After that, it will be used in the production of nuclear energy.
Terrafame will thus become a Finnish uranium producer. In addition, the company will contribute to the achievement of Europe’s climate objectives. The Finnish Radiation and Nuclear SafetyAuthority will verify Terrafame’s compliance with the Nuclear Energy Act.
