Uniquely positioned to become a future supplier of sustainable cobalt.
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SunMirror AG, a Swiss mineral exploration and mining development company and Latitude
Cobalt Ltd have today announced an agreement under which SunMirror will acquire Latitude
66 Cobalt Oy or alternatively, the parent company, Latitude 66 Cobalt Ltd. Latitude 66 Cobalt
will continue to operate as a separate unit as a result of the transaction and the acquisitions
will not affect the position of the company’s personnel.
Latitude 66 Cobalt Oy, which started operations in 2017, is a Finnish-based mineral
exploration company specializing in cobalt and other technological minerals, operating in
Kainuu, Koillismaa and Lapland in a total of 18 municipalities. Measured in the reserve
areas, the company is the largest mineral exploration company in Finland. Latitude 66
Cobalt is developing a cobalt-gold mine in the Juusasuo mining district of Kuusamo and a
cobalt-copper mine in the Haarakumpu area of Posio.
The purchase amount of EUR 45 million will be paid in cash, in addition to which the seller
will receive a 2% turnover-based royalty for future production of Latitude 66 Cobalt. The
acquisition is expected to close in the fourth quarter of 2021. Latitude 66 Cobalt CEO
Thomas Hoyer is pleased with the arrangement.
– The transaction will mean a strong increase in investments and personnel in our mineral
exploration in Finland. After the transaction, our resources for the development of the cobalt
mining projects in Kuusamo Juomasuo and Posio Haarakumpu are even better than at
present, Hoyer states.
As a European player, SunMirror AG aims to secure the availability of critical technological
minerals such as cobalt, nickel and copper for European industry as demand for them grows
strongly. The company has three projects in Western Australia with minerals of lithium,
nickel, tin, tantalum and iron ore.
In connection with the growth in demand for cobalt and other technological minerals, we are
mainly talking about the electrification of transport. According to Hoyer, Finnish decision-
making must understand the entire industrial change that lies ahead.
– Achieving the goals of the Paris Climate Agreement means a resumption of all electricity
generation and distribution. Internal combustion engines (ICE) will be replaced by batteries.
The shipbuilding industry, agricultural and forestry machinery and equipment will also be
electrified. Finland has unique expertise in these and many other areas. Supported by wise
national decisions, every Finnish industrial company can be Tesla in its own field, Hoyer
Finland is the world’s second largest cobalt refiner, and our bedrock deposits make it the
only EU country to produce cobalt as the primary mineral in the mines.
– The future needs not only innovation but also material. We are able to provide European
industry not only with security of supply but also with cobalt of well-known origin and
significantly better CO2 emissions than the material currently produced for the European
gigafactories from Congo via China, says Hoyer.
SunMirror AG website:
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