Finland: Talvivaara “can’t afford” to invest more in nuclear power station

(Risto Degerman / Yle)
(Risto Degerman / Yle)
The beleagured Finnish mining company says it will not pull out of the project to build the new Fennovoima nuclear plant in the municipality of Pyhäjoki, but that it needs to put its financial resources into mining and restructuring operations.

Crisis-hit Talvivaara says it cannot commit more funding to the proposed Fennovoima nuclear power station in Pyhäjoki, north-west Finland. However, they say they will continue to remain a partner in the project, and will seek new ways of participating in the venture once their own financial position stabilises.

Fennovoima signed a delivery agreement in December with the Russian Rosatom subsidiary Overseas Rusatom to supply the nuclear power plant at Pyhäjoki.

The mining firm Talvivaara own around 4 percent of the nuclear project through two holding companies, Katternö Kärnkraft and Majakka Voima. They and the other shareholders will make a final decision about what each partner’s investment will be at the end of February.

Related Links: 

Canada: Mining slowdown hurts economy in Canada’s North, The Canadian Press

Finland: Talvivaara mine laying off almost half of workforce, Yle News

Greenland: Analysis: Implications of Greenland’s decision to allow uranium mining, by Mia Bennett

Sweden: Six of ten mayors in northeast Sweden support tax on mining companies, Radio Sweden

United States: Is Alaska getting its fair share from mining?, Alaska Dispatch

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