New industry has considerable economic impacts
We make investments on commercial grounds and on a long-term basis, seeking a return on investments. We also support the companies in our investment portfolio to make sure that they increase in value and generate economic value added.
Our investments have significant societal impacts. As an example, the operations of the multi-metal company Terrafame, from mine to manufacture of battery chemicals, generate EUR 640 million in GDP and provide employment directly and indirectly for 4,700–5,000 people in Finland.
More GDP and tax revenue from the Kymenlaakso region
In summer 2024, we updated the regional economic assessment for precursor and cathode active material plant projects. The economic impact was analysed separately for construction and production. The investments required for the construction of both battery material plants total approximately one billion euros.
During construction, the plants are expected to generate EUR 771 million in GDP and EUR 358 million in tax revenue with their initial capacity. During the operation, new GDP of EUR 597 million and new tax revenues of EUR 378 million would be generated annually.
GDP and labour impacts from battery material production development
capacity 60,000 t/a
expected new GDP
204 MEUR/a
capacity 60,000 t/a
expected new GDP
394 MEUR/a
capacity 60,000 t/a
direct labour impact
190 p-yrs
capacity 60,000 t/a
direct labour impact
270 p-yrs
We report on our tax footprint annually
Our Group companies have not yet generated taxable income but have accrued a considerable amount of tax liabilities, for example through property, fuel, and value added taxes and employer’s health insurance contributions.
We report on the Group’s tax footprint in our annual report, as directed by the Prime Minister’s Office. Tax footprint reporting is based on financial statements drawn up in accordance with the Finnish Accounting Act.
