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Talvivaara shares slide after 2013 nickel guidance ditched

Fri, 19th Jul 2013 14:08

Shares in Talvivaara Mining, the Finnish miner which has been rocked by a series of waste water leaks, slid after it withdrew its nickel production guidance for this year.It had hoped to produce 18,000 tonnes of nickel in 2013 but has ditched this target after producing just 4,508 tonnes in the first half. Production has been impacted by excess water.The miner, once lauded for its pioneering metals extraction process known as bioheapleaching, has seen its shares plummet over the past year after being hit by a series of problems, including a 11-day leak last November at its Sotkamo mine. Chief executive Pekka Pera said: "Revival of the leaching performance has been somewhat slower than we had hoped for and some uncertainties relating to the short-term leaching rate still remain. This has forced us to withdraw our production guidance for the current year until we get more clarity into the near term leaching recoveries." Talvivaara had to tap investors for €261m in April and earlier this month said it may axe up to 250 staff because of the weak nickel prices.Investec analysts said: "It clearly remains an uphill battle to get operations on track, and the weak nickel price will exacerbate the situation reinforcing the company's need to focus on costs and performance ahead of a refinancing requirement of over $225m in 2015 that will be increasingly challenging if operation continue to under perform." Shares in Talvivaara were down 8.5% to 9.61p by 14.32 on Friday.TB

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4 Jul 2014 15:48

Sector movers: Evraz lifts industrial metals higher

A surge in the share price of steel group Evraz helped the industrial metal and mining sector to the top of the pile on an otherwise quiet trading session in London. While markets were subdued on the whole, with analysts citing low volumes due to a public holiday in the States, Evraz shares were 5.

13 Jun 2014 14:54

Talvivaara To Delist In London, Remain On Helsinki Exchange

LONDON (Alliance News) - Talvivaara Mining Company PLC Friday said it plans to cease trading on the Main Market of the London Stock Exchange as it seeks to reduce the costs associated with the listing. Talviaara said there is no significant benefit in maintaining its London listing, given t

28 May 2014 07:13

Talvivaara Mining Pretax Loss Narrows

LONDON (Alliance News) - Talvivaara Mining Company PLC Wednesday reported that its first-quarter loss before income tax narrowed to 17.12 million euros from 31.73 million euros in the prior year quarter. Loss attributable to owners of the parent narrowed to 14.57 million euros from 21.01 m

21 May 2014 13:04

Talvivaara Mining Granted Deadline Extension For Reorganisation

LONDON (Alliance News) - Talvivaara Mining PLC Wednesday said it has been granted a deadline extension for submitting its proposals for its reorganisation programme. In a statement, the base metal producer with operations in Finland said it has been granted a deadline extension by the Dist

14 May 2014 08:09

UPDATE 1-Talvivaara plans to delist from London bourse

(Adds comment, background) HELSINKI, May 14 (Reuters) - Troubled Finnish nickel miner Talvivaara plans to delist its shares from the London Stock Exchange, leaving its only listing in Helsinki, in a bid to cut costs. Hurt by falling nickel prices and repeated production disruptions,

14 May 2014 06:10

Talvivaara plans to delist from London bourse

HELSINKI, May 14 (Reuters) - Troubled Finnish nickel miner Talvivaara plans to delist its shares from the London Stock Exchange, leaving its only listing in Helsinki, in a bid to cut costs. The firm said the London delisting, if approved at its shareholder meeting next month, would take ef

29 Apr 2014 05:17