Etera and Finnish Industry Investment participate in the share issue of the Kevitsa mining project

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The Etera Mutual Pension Insurance Company and Finnish Industry Investment Ltd have concluded a preliminary agreement to participate in Scandinavian Minerals Ltd’s directed share issue with a total of some EUR 20 million. The aim of this issue, totalling EUR 27 million, is to finance the Kevitsa mining project. The mining operations are expected to start in 2010.


Kevitsa’s multi-metal ore deposit is located in the municipality of Sodankylä in eastern Lapland. The aim is to produce nickel and copper concentrates. According to estimates, some 5 million tonnes of ore will be mined per year.


“Kevitsa is an excellent long-term investment for Etera. In addition to receiving investment income, we will be able to support a major construction project in the region and create jobs,” says Etera’s Managing Director, Kalevi Hemilä. The mine is expected to employ some 200 people.


“Our investment in Scandinavian Minerals Ltd is part of our mining financing programme and brings a promising new company into our portfolio. This way we can ensure the progress of the Kevitsa mining project together with other Finnish investors,” says Kimmo Viertola, Director, Finnish Industry Investment.


Krister Söderholm, CEO, Kevitsa Mining Oy/Scandinavian Minerals Ltd, says that the Kevitsa mining project is progressing well. Investments in the infrastructure, such as the construction of roads and bridges, are beginning. The executive team of the mine has already been recruited. “Support from and co-operation with the municipality of Sodankylä and the Lapland region has been extremely important. The aim is to open the big and long-term multi-metal mine at Kevitsa in early 2010.”


A group of Finnish investment funds as well as institutional and private investors, mostly United Bankers’ clients, also participated in the private placement financing arrangement. United Bankers is an esteemed Finnish company offering brokerage, custodian and asset management services. United Bankers has invested in Scandinavian Minerals Ltd for several years now, and acted as an adviser for the company in the deal.


Further information


Kalevi Hemilä, Managing Director, Etera Mutual Pension Insurance Company, tel. +358 10 553 3487 or +358 400 412 933, kalevi.hemila (at)

Mika Pesonen, Chief Investment Officer, Etera Mutual Pension Insurance Company, tel. +358 10 553 3218 or +358 50 374 0599, mika.pesonen (at)

Kimmo Viertola, Director, Finnish Industry Investment Ltd, tel. +358 9 6803 6815 or + 358 50 309 2734, kimmo.viertola (at)


Krister Söderholm, CEO, Kevitsa Mining Oy/Scandinavian Minerals Ltd, tel. + 358 9 611 140 or +358 50 5423113, soderholm (at)

Etera Mutual Pension Insurance Company provides insurance for all employees and self-employed persons in all branches. Etera provides pension cover for employees and self-employed persons and promotes well-being at work. The number of people insured with Etera is 250,000, and Etera pays out a total of EUR 800 million to 156,000 pension recipients. Etera has some EUR 6 billion invested to secure pension funds. For more information, see

Finnish Industry Investment Ltd is a government-owned investment company. The company invests the proceeds accrued from the privatisation of state-owned companies in promoting the growth and internationalisation of Finnish businesses. Finnish Industry Investment invests in venture capital funds and directly in growth companies, together with private co-investors. The targets are in all sectors. Capital investments are needed for financing the growth of investee companies, and for spin-offs, major industrial investments, and sector and corporate restructurings. The investments and investment commitments of Finnish Industry Investment amount to some EUR 417 million.