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http://svenska.yle.fi/artikel/2015/08/18/terrafame-far-tva-ar-att-fixa-talvivaara Terra Fame will have two years to fix Talvivaara. Although confidence in the mining project in Sotkamo is scant among investors, think both the Minister and the newly appointed chairman of the state company Terra Fame strongly in the potential of Talvivaara. - We are completely dependent on metal prices. Met the World Bank's forecasts, we are able to achieve a positive cash flow at the end of 2017, says Lauri Ratio, which is stryrelseordförande in Terra Fame. Tomorrow resume ore mining in Sotkamo, and plan for next year is to break the 15,000 tonnes of nickel, while the amount can be doubled year 2018th Water problems can be remedied Although environmental problems that have long slowed activity in the area is under the Ratio to be solved and the next month they drive on the test running the drain pipe to reduce the large water reserves which caused flooding in the area. Now is also ongoing search for a chief executive of state-owned Terra Fame and during the fall hopes to find a suitable person to shoulder the mission. "Prove it!" The government has now invested 209 million euros in the restoration of mining operations and the Minister, the Centre Olli Rehn said today that he is willing to give Terra Fame two years time to prove that business can be conducted profitably. - But I think that the state does not permanently engage in mining. So manage to get stable operations of the company, I also believe that private investors should be interested in. And then the state should no longer inject capital into the company, said Rehn.
http://yle.fi/uutiset/terrafame_vahvistaa_kaivostoiminta_talvivaarassa_jatkuu/8228059 Talvivaara Sotkamo business acquired Terrafame Mining Oy changed its name to the same Terrafame Oy. The company is owned by the state special company, whose former name, Terrafame Ltd changed today in the same debunked Terrafame Group Oy. Functioning of the mine and other arrangements TEM will hold a press conference on Tuesday, 18 August. - Terrafame has inherited many ways a challenging situation and the actions that involve a number of uncertainties. The state-owned and Terrafame now working determinedly to ensure that compliance is restored on a sustainable path. I am pleased that the mine will now get to start again. From an environmental point of view it is important that extraction at the mine can begin as soon as possible. At the same time starts a planned mine in business reorganization, says Minister of Economic Affairs, Olli Rehn, the Ministry of release. Tuesday might be the day...
Terrafame Ltd has completed the arrangement in which it will buy Talvivaara Sotkamo Oy's business operations and assets in Talvivaara Sotkamo bankruptcy estate. Terrafame now a responsible operator of mining activities in Sotkamo. "Action at the mine will start at the beginning of next week with the production plan. We focus on the early stages of the treatment of environmental issues, the mine ramp-up and start the business restructuring measures, "says Chairman of the Board of Directors Terrafamen Lauri Ratia . Ratia, the order of priority at the top of the mining area to the water situation management, occupational safety, as well as economically sustainable business. "Our goal is to achieve over the next few years to about 18 million tonnes of ore production level. On the basis of the production plan as well as the World Bank, price forecasts, it is expected that the successful ramp-up of mine would turn cash-flow positive at the turn of the years 2017 and 2018, "Ratia says .. The mine operations acquired Terrafame Mining has changed its name to the arrangement becomes Terrafame Oy. It is owned by the Finnish state specific company Terrafame Ltd, whose name has been changed today Terrafame Group Oy.
Not sure Wimble. Nothing we can do about it eh. They've got us by the short ones.
Nope, not heard anything as yet
Update on Acquisition The board of directors of Xplorer (the "Board") is pleased to announce it has today signed a memorandum of understanding (the "MoU") for the acquisition of a significant working interest in five shallow offshore exploration permits off the coast of Morocco (the "Proposed Acquisition"). Xplorer has negotiated the acquisition from Teredo International Limited ("Teredo") of Teredo Morocco Limited, which holds a 36.75% working interest in the Boujdour permit ("Boujdour") in return for Teredo being issued 56% of the post-Proposed Acquisition but pre-fundraising enlarged share capital of the Company. Boujdour consists of five shallow offshore exploration permits off the coast of Morocco. Boujdour is prospective for both oil and gas, and is estimated to have mean net un-risked prospective resources of 463.4 MMBOE (millions of barrels of oil equivalent), of which 31.07 MMBOE are categorised P90 and 182.65 MMBOE are categorised P50 (Source: independent resource report produced by Sproule, a Canadian based oil and gas consultancy, dated 31 March 2014). The Proposed Acquisition is conditional, inter alia, on Xplorer raising additional equity finance for which there is no certainty that the Company will be able to conclude successfully. The Proposed Acquisition, if exchanged and completed, would constitute a reverse takeover ("RTO") under the Listing Rules. The Company continues to be unable to provide a full disclosure under Rule 5.6.15 of the Listing Rules at this time, and thus the Company's shares will remain suspended. Appointment of Joint Broker The Company also announces the appointment of Smaller Company Capital Limited ("SCC") as joint broker to the Company. Through SCC and its own efforts, the Company is intending to raise pre-RTO funding of up to £300,000 through the issue of convertible loan notes to assist in progressing the Proposed Acquisition. Full details of this capital raise will be provided shortly once it is finalised. It is anticipated under the MoU that a further fundraising will be undertaken concurrent with the Proposed Acquisition, further details of which will be provided at the appropriate time.
I was just about to post this jcb! Only just seen it
Latest info... http://www.ibtimes.com.au/finnish-government-invest-233m-restructuring-debt-laden-nickel-mine-1454820
No idea, just wait for news regarding re-listing I guess...
Seems like good news all round in the grand scheme of things. All we need now is for Talv to re-list
Hi Wimble, said in previous meetings that we will be diluted upto 70%, hopefully less
Resolutions to authorise the Board of Directors to resolve on the share issue in deviation from the pre-emptive subscription rights of the shareholders to conduct the conversion of the unsecured restructuring debts into shares in the Company The Annual General Meeting, with a majority of two thirds, resolved to authorise the Board of Directors to resolve on the share issue of up to 4,500,000,000 new shares in aggregate in deviation from the pre-emptive subscription rights of the shareholders through one or several share issues to conduct the conversion of the unsecured restructuring debts into new shares in the Company. The subscription price of the shares would be EUR 0.1144 per share and the subscription price shall be paid by setting off the subscriber`s unsecured restructuring debt claim including any possible interest and costs relating thereto from the Company. The share issue authorisation is valid until 31 December 2017. Source: https://uk.finance.yahoo.com/news/resolutions-talvivaara-mining-company-plc-115201021.html
Talvivaara Mining Company Plc ("Talvivaara" or the "Company") is pleased to announce that, at the Annual General Meeting of the Company held at 10:00 am (Finnish time) today on 25 June 2015, all the resolutions proposed, as set out in the notice of the meeting to shareholders dated 3 June 2015, were duly passed with the exception of the proposals of the Shareholders` Nomination Panel regarding the number of Board members and the composition of the Board which were amended as indicated below. Talvivaara`s Annual General Meeting approved the financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial year 2014. Annual General Meeting resolved that no dividend is paid for 2014 and that the loss of the financial period is entered into the Company`s profit/loss account on the balance sheet. The Board of Directors and the Auditor As proposed by the Shareholders` Nomination Panel, the Annual General Meeting approved the annual fee payable to the members of the Board of Directors for the term until the close of the Annual General Meeting in 2016 to be as follows: Chairman of the Board of Directors: EUR 84,000/year (previously EUR 84,000/year) and other Non-executive Directors: EUR 48,000/year (previously the Deputy Chairman of the Board of Directors and the Chairmen of the Board Committees EUR 48,000/year and other Non-Executive Directors EUR 33,500/year). In addition, the Annual General Meeting approved the proposal of the Nomination Panel, according to which no separate meeting fees are paid for the Board or the Committee work. The remuneration of the Executive Directors is included in their base salary, and it is not paid out separately. The traveling expenses shall be reimbursed in accordance with the Company`s travel policy. The Annual General Meeting decided that the number of Board members be five (5) while the Nomination Panel proposed the number to be four (4). Mr. Tapani Järvinen, Mr. Pekka Perä, Mr. Stuart Murray and Ms. Solveig Törnroos-Huhtamäki were re-elected to the Board in accordance with the proposal of the Nomination Panel. In addition, Mr. Kari Järvinen was elected as a new member to the Board. It was resolved that the auditor will be reimbursed according to the auditor`s approved invoice. The authorised public accountants PricewaterhouseCoopers Oy was elected as the auditor of the Company. PricewaterhouseCoopers Oy has confirmed that the auditor with principal responsibility will be APA Mr. Juha Wahlroos.
Hi Wimbledon. We already know that there will be an issue of 4.5 billion shares... Sadly, our holding will be diluted somewhat, but something is better than nothing eh
Looks like all debts to be converted into shares confirmed: http://yle.fi/uutiset/talvivaarasta_osakeanti_solidiumin_jarvinen_hallitukseen/8104012
Indeed! The AGM started at 8am this morning. Not sure how long they typically take though...
tomorrow chaps. Hoping for good news!! http://www.stockhouse.com/news/press-releases/2015/06/24/solidium-oy-will-make-a-supplementary-proposal-to-the-annual-general-meeting-on