Talvivaara Mining Company is planning organizational changes to increase efficiency
Talvivaara planning organizational changes to increase efficiency
Talvivaara Mining Company Plc (“Talvivaara” or the “Company”) is planning organizational changes to support the Company’s cost reduction and efficiency programme in circumstances where the price development of the Company’s main product, nickel, has remained weak during the first half of 2013. The Company believes that the planned changes will increase operational efficiency, reduce operating costs and assist in creating an organization better reflecting current market conditions.
The Company expects that the planned changes may result in terminations of employment and/or temporary lay-offs and impact a maximum of 250 employees. The Company has invited representatives of employee groups to co-operation consultations in accordance with applicable law. All three corporate entities, Talvivaara Mining Company Plc, Talvivaara Sotkamo Ltd and Talvivaara Exploration Ltd, are within the scope of the consultations. Talvivaara currently employs approximately 600 people in total.
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 NV. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki. Further information can be found at www.talvivaara.com.
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