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Talvivaara soars on loan agreement with Nyrstar

Tue, 01st Apr 2014 10:31

Shares soared in Finnish nickel and zinc miner Talvivaara as it secured a loan, from Belgian zinc giant Nyrstar, that looks to have solved its 'critical' funding issues. Nyrstar, with which Talvivaara has a zinc streaming agreement, has agreed to loan Talvivaara up to a maximum of €20m in several tranches calculated against future deliveries of zinc.On February 24th Talvivaara said it had €5.9m cash but that in the absence of further funding its liquidity situation was "critical". Nyrstar is Talvivaara's main creditor, having paid €232m in advance for zinc.It said the new inter-company loan addressed its current financing needs and reduced the company's overall funding gap before it reached sustainable positive cash flow, and that it was also looking to identify potential investors to participate in a "long-term, overall financial solution" for the group.If Talvivaara finds such a solution, Nyrstar has agreed to offer a "streaming holiday" that would exempt the Finnish miner from delivering up to 80,000 tonnes from its streaming agreement, with Nyrstar still able purchase zinc ore from Talvivaara at market prices and also ending the loan financing.Shares in Talvivaara were up 41.7% to 5.23p at 10:45 on Tuesday, having fallen from more than 20p in the previous 12 months. OH
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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.

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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

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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

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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

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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,

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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

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29 Apr 2014 05:17

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28 Apr 2014 05:30

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