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Mustavaaran Kaivos Oy was established in 2011. The company’s mission is to restart vanadium production in Finland initially by extracting vanadium from by-products of the Finnish and Swedish steel industry (Slag Recycling Project) and subsequently by re-opening the Mustavaara vanadium mine in Taivalkoski, northeastern Finland (Mine Project).

Vanadium is an essential metal in the rapidly expanding production of high strength construction steels with superior quality and lower weight compared to traditional steels.