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