Sotkamo Silver lists on the Helsinki Stock Exchange
Sotkamo Silver’s listing on the Helsinki Stock Exchange provides Finnish investors with better opportunities to have holdings in the domestic mining industry.
Sotkamo Silver has a number of projects in Finland, of which the silver mine project located in Taivaljärvi, Sotkamo, has progressed the furthest. The operations are run by a subsidiary with headquarters in Oulu and a field office in Sotkamo.
The main owners of Sotkamo Silver are Finnish Industry Investment, Teknoventure, Ilmarinen and the three founders of the company. Timo Lindborg, the President and CEO, owns 10 per cent of the company.
“We want to keep the company Finnish, so we listed on the Helsinki Stock Exchange. We want to obtain Finnish capital in future share issues, where we collect capital for the opening of the mine,” says Lindborg.
The opening of the mine will be confirmed by the end of the year. About 40 million euros will be raised for the opening: part of it from the stock exchange and the remainder through a financing package from private and public investors and banks. There will be about 100 jobs.
Finnish Industry Investment considers the listing of Sotkamo Silver to be significant: it boosts the stock exchange and improves investor awareness of the mining industry. Kimmo Viertola, Director at Finnish Industry Investment, believes that mining companies’ listings in Helsinki will increase in the long term. In the future as well, Finnish Industry Investment will invest in projects that, when supported at their development phases, will generate sales and create jobs in sparsely populated areas for decades.