Troubled Finnish mine to seek 260 million euros after poor 2012 results

Image: Heikki Rönty / Yle  The Finnish mining firm Talvivaara is to ask investors to put in some 260 million euros in a rights issue after disappointing 2012 results.

The company had a difficult year, with toxic leaks from a waste pond causing a production shutdown during the fourth quarter.

The firm lost some 84 million euros during the year, with turnover dropping from 231 million euros in 2011 to 143 million euros last year. Nickel production was just under 13,000 tonnes, with zinc at 26,000 tonnes.

That compares with a permit to produce 18,000 tonnes of nickel and 39,000 tonnes of zinc.

The firm’s managing director and founder, Pekka Perä, said that the annual results and especially the fourth quarter were a disappointment. He added that the November leak cost the firm some 23 million euros.

The company will now ask shareholders to provide some 260 million euros in new funding via a rights issue.

Related Link:

Talvivaara mine in east Finland to resume operations, Yle News

For more storie from Yle News, click here

Yle News

For more news from Finland visit Yle News.

Do you want to report an error or a typo? Click here!

Leave a Reply

Note: By submitting your comments, you acknowledge that Radio Canada International has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Radio Canada International does not endorse any of the views posted. Your comments will be pre-moderated and published if they meet netiquette guidelines.
Netiquette »

Your email address will not be published. Required fields are marked *