Talvivaara Mining Company Plc: Co-operation consultations concluded
08.01.2014 | Globenewswire Europe
8 January 2014 - Talvivaara Mining Company Plc ("Talvivaara" or the "Company") has concluded its co-operation consultations. All personnel groups in Talvivaara and its subsidiaries Talvivaara Sotkamo Ltd and Talvivaara Exploration Ltd were within the scope of consultations.Following the consultation process, Talvivaara will gradually lay off 246 employees for an indefinite period. In the beginning of the consultations the Company estimated the possible employee impact to be terminations of employment, lay-offs and/or changes to part-time contracts. Talvivaara currently has approximately 530 employees.
Lay-offs will support the Company and Talvivaara Sotkamo Ltd's corporate reorganization and adjust the number of personnel to the current operating scheme under which ore production is temporarily discontinued. Bioheapleaching and metals recovery activities continue in a normal fashion.
Enquiries:
Talvivaara Mining Company Plc
Pekka Perä, CEO
Saila Miettinen-Lähde, Deputy CEO and CFO
Tel +358 20 7129 800
Talvivaara 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 NV. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki. Further information can be found at www.talvivaara.com
Talvivaara's co-operation consultations concluded 8.1.2014:
http://hugin.info/136227/R/1753341/591393.pdf
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Source: Talvivaaran Kaivososakeyhtiö Oyj via GlobeNewswire
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