Talvivaara's co-operation consultations for temporary lay-offs concluded
January 31 2013 - 3:27AM
Stock
Exchange Release
Talvivaara Mining Company
Plc
31 January 2013
Talvivaara's
co-operation consultations for temporary lay-offs
concluded
Talvivaara Mining Company Plc
("Talvivaara" or the "Company") has concluded co-operation
consultations for temporary lay-offs for all personnel groups. All
three corporate entities, Talvivaara Mining Company Plc, Talvivaara
Sotkamo Ltd and Talvivaara Exploration Ltd, were within the scope
of the consultations.
Following the consultations,
Talvivaara will temporarily lay off 184 employees between 18
February and 30 June 2013. The maximum duration of the lay-off
period is 90 days per individual employee. At the start of the
consultations, the Company estimated the maximum number of
employees impacted to be 230. Talvivaara currently employs
approximately 580 people in total.
The lay-offs are carried out to
support the Company's cost savings initiatives and overall
efficiency, and to adjust the level of personnel to the temporarily
suspended ore production. Talvivaara's ore production has been
suspended since September 2012 due to the prevailing water balance
situation. The Company anticipates re-commencing mining of new ore
by the end of June 2013 once the main part of the Kuusilampi open
pit has been de-watered.
Enquiries
Talvivaara Mining Company Plc Tel
+358 20 7129 800
Pekka Perä, CEO
Maija Kaski, Chief HR Officer
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.
Talvivaara's co-operation
consultations for lay-offs concluded
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via Thomson Reuters
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