Talvivaara Mining Company Plc: Audley Capital Advisors LLP and the State of Finland have entered into a conditional asset purchase agreement on Talvivaara Sotkamo mining operations
Stock Exchange Release
Talvivaara Mining Company Plc
12 March 2015
Audley Capital Advisors LLP and the State of Finland have entered into a conditional asset purchase agreement on Talvivaara Sotkamo mining operations
Talvivaara Mining Company Plc ("Talvivaara" or "Company") has been informed that Audley Capital Advisors LLP ("Audley"), a UK-based investment and capital advisory firm, has entered into a conditional asset purchase agreement to acquire the assets of Talvivaara Sotkamo Ltd from its Bankruptcy Estate. At the same time, the State of Finland, through its wholly-owned special purpose company Terrafame Ltd, has entered into an investment agreement with Audley. The purpose of the asset purchase agreement and the investment agreement is to re-establish the operations and continue the business of the Talvivaara mine within a new mining company that will be established in connection with the transaction. Before the transaction can close and operations at the mine can be ramped up under the direction of the new mining company, a number of steps must still take place including the provision of the necessary regulatory permits and the obtaining of committed financing. Closing is expected to take place during the summer 2015 until which time the business will be maintained and managed by the Bankruptcy Estate.
The process of selling the Sotkamo mining operations has progressed in the expected sequence, and the milestone reached today by the parties to the conditional asset purchase agreement enables the start of the discussions on Talvivaara's potential role in the future of the Sotkamo mining operations in earnest.
The Company will update the market about the outcome of such discussions in due course.
Enquiries
Talvivaara Mining Company Plc Tel +358 20 7129 800
Pekka Perä, CEO
Pekka Erkinheimo, Deputy CEO
