Your recollection is correct. In the recent H1 report, the company reiterated that the goal is to commence operations “after obtaining the necessary regulatory permits”, and the clock for the tailings purchase obligation (min. 0.5 MEUR per year) also starts only upon receiving the permits. The company has not announced a more detailed schedule, the permits being applied for, or an estimate of how long the permit process will take. In the webcast, Krohn mentioned that there is now a 5–6 month stretch ahead with Scalewolf: finalizing the SPV structure, validating the metal concentrations of the tailings, and, in Krohn’s words, building an “investment-ready” case. The goal is to sign binding agreements with Scalewolf by the end of the year, meaning the contract structure and the case must be validated before the permit phase.
The company has not disclosed the investment amount required to start the processing operations. At the 2025 capital markets day, the company threw out a price tag of tens of millions for the investment required for the industrial ramp-up of the metal separation technology. I would assume the Otanmäki project to be smaller than this, at least in the initial phase. The company is not commenting on these specifically at this stage, and more information will likely be available at the capital markets day planned for the autumn.