(Alliance News) - Anglo American PLC on Tuesday said its Sakatti copper and polymetallic project in Finland has been designed as a "strategic project" by the European Commission.
The London-based miner said the designation falls under the EU's Critical Raw Materials act, under which strategic projects are considered to be in the public interest due to their importance of ensuring security of supply of strategic raw materials in the EU.
Under the status, the project benefits from more efficient processing of permitting applications and more predicable development timelines.
"We are delighted to be awarded strategic project status for Sakatti - an important milestone for this exceptional mineral deposit with a high concentration of future-enabling metals, including a primary product of copper, very much aligned with Finland's and the EU's critical raw materials priorities," said Alison Atkinson, Anglo American's projects & development director.
She added that Sakatti is expected to deliver around 100,000 tonnes of copper equivalent metal production per year from the early 2030s.
For 2024, Anglo American had reported a production of 773,000 tonnes of copper, down 6.4% from 826,000 in 2023.
Anglo American shares rose 2.0% to 2,350.50 pence each on Tuesday morning in London, and were 1.2% higher at ZAR550.86 in Johannesburg.
By Tom Budszus, Alliance News slot editor
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