CNGR Advanced Material Ltd has decided to withdraw from the planned precursor cathode active material (pCAM) plant project in Hamina, Finland. As a result, Finnish Minerals Group  has acquired the entire share capital of CNGR Finland. Finnish Minerals Group previously held a 40 % minority stake in the company.

The decision stems from the globally challenging market situation for precursor materials used in lithium-ion battery production. The general market situation for lithium-ion batteries is reflected in planned investment projects in Europe, forcing companies to adapt.

Finnish Minerals Group is now taking time to review the preconditions for continuing the project on a different basis.

In February 2024, CNGR Finland received an environmental permit for the plant that is planned for the Hamina deep-sea port. Appeals against the permit are still pending in the Vaasa Administrative Court, with a decision expected during spring 2025.

For further information, please contact Finnish Minerals Group.