Watch Live

Tweet TWEET

Talvivaaran Kaivososakeyhtiö Oyj : Talvivaara's co-operation consultations for temporary lay-offs concluded

Talvivaaran Kaivososakeyhtiö Oyj : Talvivaara's co-operation consultations for
                         temporary lay-offs concluded

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 ONE
HUG#1674477
 
Press spacebar to pause and continue. Press esc to stop.