Terrafame’s net sales EUR 325.8 million

Terrafame employs around 650 professionals. In addition, 630 employees from partner companies work at the company site regularly. Terrafames work community is young and the average age of the employees is approximately 40 years. Over 80 per cent of Terrafames employees and the majority of the contractors of the company live in the Kainuu region, in Eastern Finland. Photo: Terrafame
Published by
Markku Björkman - 24 Mar, 2019

Terrafame’s net sales EUR 325.8 million – the company achieved its annualised target for nickel production 21.2.2019. Terrafame Ltd is a multi-metal company producing nickel, zinc, cobalt and copper at its mine and metals production plant located in Sotkamo, Finland. Company's goal "is to conduct environmentally sustainable, safe and profitable operations."

Following 2018 financial data from Terrafame Ltd, presented in this factsheet are unaudited FAS figures. Unless otherwise stated, the figures in parentheses refer to the corresponding period of the previous year.

January−December 2018 in brief

  • Nickel production increased by 31 per cent to 27,377 (20,864) tonnes. Zinc production increased by 31 per cent to 61,608 (47,205) tonnes.
  • Net sales totalled EUR 325.8 (220.0) million.
  • EBITDA totalled EUR 32.8 (13.6) million.
  • The value of work in progress at year-end was EUR 170.7 (138.0) million.
  • Operating profit was EUR 3.0 (-6.2) million.
  • The lost-time injury frequency rate, or the number of lost-time injuries per one million person-hours worked, was 7.4 (3.5).
  • Production ramp-up and stabilisation proceeded as planned.
  • The sulphate load of discharge water for the year was 3,434 tonnes (10,468), which was 21 per cent of the permitted load when the annual quota set in the environmental permit was 16,300 tonnes.

October–December 2018 in brief

  • 7,710 tonnes of nickel (5,840) and 15,974 tonnes of zinc (13,772) were produced.
  • Net sales totalled EUR 77.4 (67,6) million. 
  • EBITDA totalled EUR -1.0 (17.3) million.
  • Operating loss was EUR -7.5 (11.1) million.
  • Metal production levels were good. A new quarterly record was set in nickel production compared to the previous quarter’s record level. Zinc production was almost at the previous quarter's level.
  • The average price of nickel in the fourth quarter of 2018 was 11,516 USD/t which was 13.2 per cent lower than in the third quarter. The average price of zinc increased by 3.7 per cent compared with the third quarter and was 2,631 USD/t.
  • In October, Terrafame’s Board of Directors made the decision to invest EUR 240 million in building a new battery chemicals plant.
  • When the investment decision was made, the company’s owners agreed on a supplementary funding package of approximately EUR 100 million.

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