AndhraNews.net
Home » Business News » 2013 » December » December 17, 2013

Talvivaara Mining Company Plc: Corporate reorganisation of Talvivaara Sotkamo Ltd commences


December 17, 2013 - London

Stock exchange release
Talvivaara Mining Company Plc
17 December 2013

Corporate reorganisation of Talvivaara Sotkamo Ltd commences

Talvivaara Mining Company Plc announces that, as the requisite support from the creditors was reached, the district court of Espoo has today taken the decision to commence the corporate reorganisation process in respect of its operational subsidiary, TalvivaaraSotkamo Ltd. The corporate reorganisation process of Talvivaara Mining Company Plc commenced on 29 November 2013.

The district court of Espoo has appointed Mr. Pekka Jaatinen, Attorney-at-Law, from Castrèn & Snellman Attorneys as the administrator in respect of the corporate reorganisation of Talvivaara Sotkamo Ltd. Mr. Jaatinen also acts as the administrator of Talvivaara Mining Company Plc.

CEO Pekka Perä comments: "The decision by the district court of Espoo to commence the reorganisation process of Talvivaara Sotkamo was as expected and it clarifies the situation and improves our operational preconditions going forward. With the reorganization process now beginning, we can also continue our metals production, which re-commenced last week after a one month stoppage of our metals recovery plant. Re-start of the plant went according to plan and the leaching of new ore is also proceeding as anticipated."

 

 

 

Enquiries

Talvivaara Mining Company Plc Tel +358 20 7129 800
Pekka Perä, CEO
Saila Miettinen-Lähde, Deputy CEO and CFO

Pekka Jaatinen, Attorney-at-Law Tel. +358 20 7765 765
Castrén & Snellman Attorneys Ltd

Talvivaara Mining Company Plc
Talvivaara Mining Company is an internationally significant base metals producer with its primary focus on nickel and zinc using a technology known as bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction of metals from low grade ore economically viable. The Talvivaara deposits comprise one of the largest known sulphide nickel resources in Europe. The ore body is estimated to support anticipated production for several decades. Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main output of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc streaming agreement with Nyrstar. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki. Further information can be found at www.talvivaara.com.

Corporate reorganisation of Talvivaara Sotkamo Ltd commences 17.12.13



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via Globenewswire

HUG#1750373

GlobeNewswire

Comment on this story

Share