Latitude 66 Cobalt Oy, which started operations in 2017, conducts mineral exploration related to technology minerals and gold and develops two well-known ore deposits in Kuusamo and Posio towards mining.
We conduct mineral exploration in 15 municipalities in Kainuu, Koillismaa and Lapland regions in Finland to locate minerals needed by the Finnish and European battery industry and the defence industry, especially cobalt.
Utilization of renewable forms of energy and energy storage are possible with battery technology. The aviation and defence industries use cobalt in special steels, but also increasingly in various batteries in surveillance and communication technology and in drones, for example.
With the pandemic and Russia´s war against Ukraine, the importance of industrial security of supply chains have grown all over the world. From the point of view of the national and European security of supply of cobalt and other minerals, it is important that China does not dominate material flows in the current way.
European Union aims to strengthen the self-sufficiency of critical and strategic minerals. The goal of the Critical Raw Materials Act is ten percent of these minerals to be mined in the EU region in 2030. In 2023, cobalt production in the EU region was about 1 percent of the total production.
The implementation of the national battery strategy and the creation of investments related to battery technology in Finland require systematic mineral exploration of large areas.
We are an active participant in the social discussion on mineral exploration and the entire mineral cluster. As a company, we have been the first in Finland to introduce mineral exploration buffer and no-go zones (more in the section ‘Information about ore exploration’).
Our office is located in Oulu, the geological research station and drill core storage in Posio and the geological station in Kuusamo Käylä.
In 2023, the share of Finnish ownership of Latitude 66 Cobalt Ltd, the Australian parent company of Latitude 66 Cobalt Oy, was approximately 19 percent.
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| Community Relationships | Environment | Safety |
Since 2017, we have studied the geological structure and mineral potential of the Kuusamo Schist Belt. We apply information about the Kuusamo Shist Belt (KSB) to other similar geological areas.
In the years 2020-2022, we carried out “Operation Akkumalmi – Operation Battery Ore” research project in ten municipalities in a total area of 5,700 square kilometres. By analysing soil samples, collecting rock samples and with the help of maps, we delineate targets for the actual ore search.
In 2023, we continued extensive ore prospecting surveys in Northeast Finland, Lapland and Kainuu. In Kuusamo, in addition to terrain mapping, we also carried out ground surface geophysics measurements. Mapping and terrain measurements were supplemented by acquiring and reprocessing material collected by previous exploration operators of those areas.
In prospecting areas, we work by examining soil samples, electromagnetic surveys from the ground and air, and drilling. The stone slurry (soya) produced during drilling is taken away from the drilling site. During drilling, protective materials are also used so that oil does not end up in nature in the event of a possible equipment failure.
Latitude 66 Cobalt does not make reservations or exploration licence applications on nature conservation areas or Natura 2000 areas, and the company leaves a protection zone of at least 500 meters in its applications.
The same buffer zones also apply to large lakes and rivers and urban areas.
In addition, in its applications, the company has left 10 kilometre buffer zones around Ounasvaara, Pyhätunturi, Posio Riisitunturi, Rukatunturi and Sallatunturi and similar sites. These buffer zones have a radius of 10 kilometres and is measured from the top of each object.
The company also does not make reservation announcements or mineral exploration permit applications for the area defined as the home region of the Sámi people.
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| Location in a nature reserve* | ||
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| Environmental risk assessment carried out |
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| Occupational safety card for everyone working in the area |
We prefer local companies in Kuusamo and Posio to develop the conditions of the geological station and the research station. During the drilling periods, a significant part of the monthly expenses of around 250,000 euros remains in the economic regions of Northeast Finland (Koillismaa) and Lapland. The company has a designated contact person for reindeer hurdling co-operatives (paliskunta).
Drilling and surveys carried out with drones cause short-term noise disturbance, and during the survey period, the areas are moved by motor vehicles. The traces of the drilling work will be restored in a manner agreed upon with the landowners.
The company’s exploration activities do not have impact on landscape values.
The company has been restoring the area of the Kuusamo Juomasuo mining district since 2017. In the area of the mining district there are test quarries made by the previous operator in the 1990s. The surroundings of the test quarries have been cleaned and reindeer fences were built in the area in 2019.
We work actively with the media so that the discussion about geology and ore exploration is based on scientific facts. Local politicians and civil servants of the municipalities in our operating area are key persons in terms of provide information for the residents, landowners and entrepreneurs of the areas. We meet municipal boards regularly and keep them up-to-date also by delivering material.
The company’s stakeholder co-operation is based on an extensive series of confidential meetings held in 2017 and a telephone interview survey conducted by Taloustutkimus Oy to 1,400 residents of Kuusamo and Posio municipalities.
We inform the companies and residents of our operating areas about our activities through home delivered publications, bulletins aimed at local media and municipal councillors, and our website.
In 2023, the company organized four events in Kuusamo. Two of the events were open for landowners in ore exploration areas and two of the events were open for all residents, landowners and other stakeholders in the area. A total of 140 visitors participated in these events. The presentations of the open public events were published as a video on the company’s website. People who did not have the opportunity to attend the events were offered the opportunity for discussions via a remote connection.
The company had its own stand at the local events in Kittilä, Posio, Salla. A total of 520 visitors visited the company’s booth at these events.
The company also organized an event for media and ore exploration professionals from the AGEMERA project, which received EU Horizon funding. The topic of the event was the use of drones in ore exploration and product development related to its use. The event was organized together with Radai Oy from Oulu, and 18 people participated in the event.
The company organized online meetings for the decision-makers of the municipalities in its operating area. During the meetings, the company’s operations and ore prospecting research methods were presented. About 140 people participated in these online events.
The company’s representatives visited the meetings of the management, municipal/city governments or councils of the municipalities in the company’s operating area 11 times. In addition to this, four remote meetings were organized with the municipality borads. The company’s representative was present at the Kuntamarkkinat event in Helsinki and at the Municipal Management event in Lahti (organized by Suomen Yrittäjät) and met representatives of the municipalities in the operating area.
Latitude 66 Cobalt participates in research projects developing the national battery cluster (BATCircle and BATTRACE) and co-operates with industry companies, GTK (Geological Survey of Finland) and universities to collect and analyse international data related to ore exploration in large geological areas and the demand for battery minerals.
Latitude 66 Cobalt is also involved in the AGEMERA project funded by the European Commission’s Horizon Europe program, which started in August 2022. AGEMERA aims to increase the availability of European critical raw materials by raising awareness of their possibilities, role and effects in the transition to a low-carbon economy. AGEMERA creates innovative technology that guides the more environmentally friendly search for critical minerals.
As a result of our activities, several theses have been completed.
We see that the traceability of the origin of battery minerals is one of the key competitiveness factors of the Finnish battery cluster in the future. We work to put together extensive research projects for the continuous development of, for example, mineral processing and water safety.
