Corporate reorganisation of Talvivaara Mining Company Plc commences
29.11.2013 | Globenewswire Europe
Stock exchange releaseTalvivaara Mining Company Plc
29 November 2013
Corporate reorganisation of Talvivaara Mining Company Plc commences
Talvivaara Sotkamo Ltd granted time until 18 December 2013 to supplement its
application for corporate reorganisation
Talvivaara Mining Company Plc and Talvivaara Sotkamo Ltd applied for a corporate
reorganization on 15 November 2013 by filing related applications with the
district court of Espoo, Finland. Today, the district court has taken the
decision to commence a corporate reorganization process in respect of Talvivaara
Mining Company Plc. Following the withdrawal of its support to the application
for corporate reorganization of Talvivaara Sotkamo Ltd by Nyrstar Sales &
Marketing AG, it seems possible that the requisite support from the creditors
will not be considered reached. Therefore, Talvivaara Sotkamo Ltd has applied
and has been granted time until 18 December 2013 to supplement its application
for corporate reorganisation for the purposes of providing an auditor's
statement.
The district court of Espoo has appointed Mr. Pekka Jaatinen, Attorney-at-Law,
from Castrèn & Snellman Attorneys to act as the administrator in respect of the
corporate reorganisation of Talvivaara Mining Company Plc and as the interim
administrator in respect of the applied corporate reorganisation of Talvivaara
Sotkamo Ltd.
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 commences 29.11.2013:
http://hugin.info/136227/R/1746574/587996.pdf
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Source: Talvivaaran Kaivososakeyhtiö Oyj via GlobeNewswire
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