The board of Ahtium, until late 2017 known as Talvivaara Mining Company, announced Tuesday morning that the company has decided to file for bankruptcy.
A state-owned firm, Terrafame, is now running the mine that previously faced bankruptcy under the Talvivaara name. After extensive environmental problems with the company’s production process, the Finnish state stepped in to take over mining operations through Terrafame in 2015.
Talvivaara Mining underwent debt restructuring and rebranded itself as Ahtium, announcing plans to develop technology for refining biomass and other energy-saving technologies.
According to a press release on Tuesday, the company did not have enough time to turn its projects into positive cash flow or to reach an agreement on the acquisition of new businesses.
Ahtium has over 80,000 shareholders, most of them small investors, with largest holding, a good 7%, by the Finnish state-owned Solidium investment company.
Related stories from around the North:
Canada: Scientists search Arctic waters for microplastics, Radio Canada International
Norway: Russian activist in exile says Norway’s nuclear waste support is irresponsible, The Independent Barents Observer
Russia: Russian General Prosecutor targets polluters in the Arctic, The Independent Barents Observer
Sweden: Swedish mining company in court over toxic waste exported to Chile in the 1980s, Radio Sweden
United States: America’s most toxic site is in the Alaskan Arctic, Blog by Mia Bennett