Global mining giant Rio Tinto has entered a joint venture (JV) with British explorer Bluejay Mining, to develop and operate the Enonkoski nickel project in Finland.
Under the agreement, Rio Tinto will acquire a 51pc stake in the mine’s operations, and in turn, profits, by investing $5mn in the JV either by funding the operations or paying the equivalent in cash.
The larger firm could invest up to $20mn in the project for a 75pc stake by the end of the decade, Bluejay said in a media statement.
The nickel mine produced 6.7mn mt of ore at 0.8pc nickel between 1984-1994. According to old intercepts, the mine may also contain 6.12pc nickel and 1.94pc copper at a depth of 33m under the surface. Nickel mining continues to gain traction with its use in the development of electric vehicle batteries.