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Nickel company Talvivaara cuts staff

4 July 2013
Nickel company Talvivaara cuts staff

The representatives of the Finnish mining and metallurgical company

«Talvivaara» recently announced its intention to undertake the substantial reduction

personnel in view of the constant downward trend of Nickel prices in the world markets.

Now in the «Talvivaara» has about 600 employees, more than a third of which

the near future may lose their jobs or be forced to go on indefinite

vacation at your own expense. In addition, staff reductions can also affect the

three subsidiary Nickel Corporation: «Talvivaaran Kaivososakeyhtiö",

«Talvivaara Sotkamo» and «Talvivaara Exploration».

Recall that the company «Talvivaara» deals with production and

production of Nickel and zinc. It is in the «OMX Helsinki 25» (main stock

index of Finland) as a company with the highest stock liquidity. However, after

the recent resignation of the staff, followed by a record collapse in prices

on paper «Talvivaara». Now one share of the company’s Nickel is unprecedented

low — less than 0.13 U.S. dollars per unit.

«In the mines

«Talvivaara» produced mainly Nickel, and prices on all world

markets remain stable and low» describe what is happening in the Finnish company.

«To preserve its position, the organization is obliged to reconsider

efficiency and reduce the cost of production. Offered by us

unpopular is almost the only option

to stay on the market of nonferrous metals» — commented the representatives of the

top management Nickel Corporation.

Mines «Talvivaara» — the largest Nickel assets

Finland. Mine is located 22 kilometers from the community of Sotkamo and 28

km from the town of Kajaani. The annual production capacity of the asset is more than 10

million tons of ore, which contains about 0.22% of Nickel, about 0.13% of

copper, percent zinc, and a few hundredths percent of cobalt. Ore from pits

«Talvivaara» mined open pit and extraction of metals from them

is produced by leaching.

2 July 2013
8 July 2013