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 Castrčn & 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.
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.
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