- Arctial will complete the feasibility study by 2026–2027.
- The study will evaluate social, technical, commercial, and environmental impacts.
- Fortum will assist with hedging strategies and electricity sourcing.
- Arctial has an LOI with Fingrid for grid connection.
Project Overview
Arctial, a project company formed by Rio Tinto, Mitsubishi Corporation, Vargas, and Finnish Industry Investment Ltd (Tesi), is conducting a feasibility study for a low-carbon aluminum production plant in Kokkola's Kruunuportti industrial area. The study aims to evaluate the social, technical, commercial, and environmental impacts of the project, adhering to Finnish legislation.
Timeline and Decision
The feasibility study is expected to be completed between 2026 and 2027. A final decision on whether to proceed with building the production plant will be made after the study's completion. Arctial will finance the feasibility study phase.
Partnerships and Support
Fortum will support Arctial in developing hedging strategies and sourcing electricity from its existing and new generation assets. Additionally, Arctial has signed a Letter of Intent (LOI) with Finland's transmission system operator, Fingrid, to secure a main grid connection for the project.
Regional Advantages
The Kokkola region offers several advantages for the project, including established infrastructure and logistics, access to green energy, and a long history of industrial activities. These factors contribute to the project's potential success and align with the City of Kokkola's strategy to attract investments and enhance competitiveness.
