2012-11-09 18:08:13 -
Stock Exchange Release
Talvivaara Mining Company Plc
9 November 2012
Release by Talvivaara Mining Company's Board of Directors
The Talvivaara Mining Company Plc ("Talvivaara" or the "Company")
Directors is grateful for the ongoing tireless efforts of the Company's
management, personnel and numerous external professionals to stem the
unfortunate gypsum pond leakage which started on 4 November and to minimize its
In its strategy Talvivaara has defined that it aims at becoming a leader in
sustainable mining practices. The development towards this goal
and management has reached many important milestones but a lot of work remains
to be done. The operative management has the full support of the Board of
Directors and the Board aims to take any measures to assist management in
further implementing the Company's strategy.
However, to ensure that neither exceptional weather conditions nor any other
possible occasions will cause similar problems in the future, the Board of
Directors has decided to establish a committee to investigate the circumstances
and reasons, which led to this unfortunate incident. As part of its work, this
committee will also aim at ensuring that the measures taken will under all
circumstances be appropriate and sufficient.
The committee will be chaired by the Company's independent non-executive
director Mr. Tapani Järvinen and other members of the committee will include
another independent non-executive director of the Company Ms. Kirsi Sormunen.
Other leading independent experts from Finland and abroad will be appointed
shortly. The Board of Directors will report on the progress of the committee's
work in due course.
On behalf of the Board of Directors of Talvivaara Mining Company Plc.
Talvivaara Mining Company Plc Tel: +358 20 7129 800
Tapani Järvinen, member of the Board of Directors
Olli-Pekka Nissinen, Communications Manager
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 and is included in the FTSE 250
Index. Further information can be found at www.talvivaara.com.
Release by Talvivaara Mining Company’s Board of Directors 9.11.2012:
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Source: Talvivaaran Kaivososakeyhtiö Oyj via Thomson Reuters ONE