Finnish-based Talvivaara Mining Company has confirmed its plans to downsize the workforce at its nickel mine in Finland, as part of its attempts to avoid bankruptcy.

The London-listed miner operates a nickel mine in eastern Finland and announced that it will lay-off 246 out of a total of 530 employees.

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

Talvivaara Mining stated that it is necessary to adjust the number of personnel to the current operating scheme, as ore production is temporarily discontinued. The downsize will support the company and Talvivaara Sotkamo’s corporate re-organisation.

Bio-heap leaching and metal recovery activities will continue as normal, the company said.

Talvivaara added that waste water leakage issues, the slump in the price of nickel and a fall in global demand has forced the company to seek additional financing and reduce production costs.

Meanwhile, the metal recovery plant and ore production at the comany’s Sotkamo site in Finland has been suspended, as a consequence of its revamp strategy.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

In Q3 of 2013, Talvivaara produced 2,595t of nickel and 5,645t of zinc. It produced 7,103t of nickel and 13,239t of zinc over Q1, Q2 and Q3 of 2013

Last month a Finnish court agreed for the creditor’s decision to include native administrators to undertake the Talvivaara re-structuring programme.

Talvivaara Mining had a net debt of about €460m by the end of Q3, of which more than half is scheduled to mature in 2015.

Energy

Mining Technology Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Mining Technology Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now