Talvivaara improves despite tough Q3
November 07, 2013 - 17:20 GMT Location: London
KEYWORDS: Talvivaara , nickel , zinc , production , sales , operating loss , Finland
Finnish nickel miner Talvivaara has reported marked increases in nickel and zinc production quarter on quarter in three months ended September 30, as it continues to deal with the issues caused by a gypsum pond leakage last year.
Talvivaara reported nickel production of 2,595 tonnes in the third quarter, up 46% compared with the second quarter, and zinc production of 5,645 tonnes, up 26%. In the nine-month period, nickel production amounted to 7,103 tonnes and zinc production to 13,239 tonnes. Net sales came to €24.4 million ($32.9 million), compared with €44.8 million in the third quarter of 2012, on depressed...
Talvivaara seeks financing following lower nickel prices, incurred costs
November 07, 2013 - 17:31 GMT Location: London
KEYWORDS: Talvivaara , nickel prices , financing
Talvivaara is has said it is in advanced discussions with various stakeholders on a financing solution that would address its current liquidity needs, following falls in nickel prices and costs incurred following the gypsum pond leakage.
“Although there can be no assurance that such additional financing will be obtained, the relevant parties are working towards a definitive agreement in an expeditious manner,” the company said. “If such additional financing is not obtained, the board of directors of Talvivaara will consider other alternatives available to Talvivaara, including filing for a corporate restructuring or bankruptcy.” The third quarter has been challenging, Pekka Perä, ceo of Talvivaara, said in statement, but added that it was also “operationally very promising”. “Since the restart of mining in mid-May, ore production and materials handling operations have continued at record levels,” he said.
Talvivaara sees nickel price squeeze continuing
November 07, 2013 - 17:43 GMT Location: London
KEYWORDS: Talvivaara , nickel prices
The market price of nickel has been volatile historically, and this is likely to persist, Talvivaara said in its third-quarter results release.
In the third quarter, Talvivaara carried out co-operation consultations, which led to a reduction in the number of personnel by 68 via terminations of employment and retirement, and a further 96 employees by not renewing temporary contracts