Stock Exchange
Release
Talvivaara Mining Company Plc
27 February 2015
Talvivaara Mining
Company report on operational and financial status and development
for the period of January 2014 - February 2015
As announced by Talvivaara Mining
Company Plc ("Talvivaara" or the "Company") on 11 February 2015,
Talvivaara received an exemption from the Financial Supervisory
Authority ("FSA") to defer the publication of its financial
statements release as well as its financial statements and the
Board of Directors' review for the financial year ending 31
December 2014 to no later than 30 April 2015. The FSA granted the
exemption on a condition that the Company publishes, by 28 February
2015, information corresponding to the information to be given in
an Interim Management Statement pursuant to chapter 7, section 14
of the Finnish Securities Market Act, as well as other information
available on the prospects for continuing operations and on the
effects of the bankruptcy of Talvivaara Sotkamo Ltd ("Talvivaara
Sotkamo") on the operations of the Company.
Based on the above, Talvivaara
gives the following report on operational and financial status and
development for the period of 1 January 2014 - 27 February
2015:
Key events
-
Talvivaara's corporate reorganisation
proceedings were commenced on 29 November 2013 and are still
on-going. The Espoo District Court has on 30 January 2015 extended
the deadline for the re-submission of the restructuring programme
until 13 March 2015
-
Talvivaara's operating subsidiary Talvivaara
Sotkamo filed for bankruptcy on 6 November 2014
-
Following the announcement of the bankruptcy of
Talvivaara Sotkamo, trading of Talvivaara's shares on the Helsinki
Stock Exchange was suspended on 6 November 2014. The suspension of
trading continues on the date of this announcement
-
Due to the bankruptcy, the Company has lost
control over Talvivaara Sotkamo, and the Talvivaara Group has
dissolved as regards consolidation of the operating subsidiary into
the Group accounts
-
Talvivaara continues its operations for the time
being with the target of securing sufficient financing to
participate, as a member of a consortium, in the acquisition of the
mining operations from the bankruptcy estate of Talvivaara
Sotkamo
-
Talvivaara finances its operations by providing
administrative and technical services and by leasing certain
critical machinery and equipment to the bankruptcy estate of
Talvivaara Sotkamo under agreements entered into by the Company and
the bankruptcy estate on 19 November 2014
-
Talvivaara announced on 19 December 2014 that it
had made a decision to place its dormant subsidiaries in
liquidation and to convey all the shares of its overseas subsidiary
to a third party. As a result, the Talvivaara group of companies
has ceased to exist
Review of operations
Following the bankruptcy of
Talvivaara Sotkamo on 6 November 2014, the Company no longer has
control over or responsibility for the operations at the Talvivaara
mine and is therefore not in a position to continue reporting on
the status and development of the Sotkamo operations, including
information on production levels and water management.
Prior to the bankruptcy,
Talvivaara Group's activities comprised the operations at the
Talvivaara mine primarily carried out by Talvivaara Sotkamo and a
broad range of support functions and expert services provided by
the Company. Throughout its existence, the Company has employed the
majority of the Group's managerial resources and technical experts
and therefore provided the operating subsidiary with e.g.
administrative, financial, communications, technical, laboratory,
commercial, legal and sustainability services for agreed fees. In
addition, the Company owns a lime and limestone handling plant and
reception station, which are critical for the production and water
treatment processes of the mine, and which it has leased to
Talvivaara Sotkamo since 2009.
In order to minimise any
environmental risks, assist the running of the ongoing operations
and to facilitate the sales process of the mining assets,
Talvivaara and the bankruptcy estate of Talvivaara Sotkamo have
agreed that the provision of services and leasing of equipment by
the Company shall continue. To this effect, the parties entered
into an Administration and Laboratory Services Agreement and an
Agreement of Lease of Lime and Limestone Handling Plant and
Reception Station on 19 November 2014. The agreements detail the
Company's personnel resources and equipment that are available and
critical for the environmentally and occupationally safe operations
at the Talvivaara mine and state the agreed pricing for the
services provided. Invoicing of personnel resources is based on
hourly rates, expenses incurred in the provision of the services
are charged at cost added with an administrative margin, and for
the limestone plant a monthly rent has been agreed. The new
agreements are largely in line with those previously in place
between Talvivaara and Talvivaara Sotkamo with only minor
modifications resulting from the changed circumstances following
Talvivaara Sotkamo's bankruptcy.
On the date of this announcement,
the negotiations on the sale of the mining operations of the
bankruptcy estate of Talvivaara Sotkamo are still on-going, and no
further clarity has yet been received on the continuance of the
operations or on the entity to take over the operations. Talvivaara
and the Administrator continue their dialogue with the bankruptcy
estate of Talvivaara Sotkamo and the prospective buyers of the
mining operations.
Talvivaara decided to dismantle
the shareholding scheme established in 2010 for the key personnel
of the Company by acquiring all the shares of Talvivaara Management
Ltd from the participants for a nominal purchase price.
Furthermore, the Company decided to place its dormant subsidiaries
Talvivaara Exploration Ltd, Talvivaara Infrastructure Ltd, Bream
Lake Energy Ltd and Talvivaara Management Ltd in liquidation. Prior
to the decision to liquidate these subsidiaries, Talvivaara
converted all its receivables from these companies into equity and
the subsidiaries wrote off all their receivables from the
bankruptcy estate of Talvivaara Sotkamo Ltd.
Talvivaara sold on 30 December
2014 all the shares of its subsidiary incorporated under the laws
of Sweden, Hyena Holding AB, to a third party. The purchase price
was based on the amount of liquid assets of Hyena Holding AB at the
time of transaction.
As a result of the initiated
liquidation proceedings of the Finnish subsidiaries and the sale of
Hyena Holding AB, the Talvivaara group of companies has ceased to
exist and Talvivaara has become a single reporting entity.
Financial status and going
concern
Liquidity development
As at 1 January 2014, the
Talvivaara Group had cash and cash equivalents amounting to EUR 5.9
million. With the existing cash, income generated from nickel and
cobalt sales to Norilsk Nickel Harjavalta Oy and the loan drawn
down from Nyrstar Sales and Marketing AG ("Nyrstar") upon zinc
deliveries, the Group was able to continue operations until 6
November 2014. On that date, following intensive financing
discussions with key stakeholders, potential new investors and the
Republic of Finland, Talvivaara was informed that short term
financing to meet Talvivaara Sotkamo's immediate working capital
needs was not available in the required time frame. As a result,
the Board of Directors of Talvivaara Sotkamo decided to file
Talvivaara Sotkamo for bankruptcy. The filing was done jointly with
the Administrator of Talvivaara Sotkamo's corporate reorganisation
proceedings and later the same day approved by the District Court
of Espoo.
The listed parent company
Talvivaara has continued its operations for the time being with the
target of securing sufficient third party financing to participate,
as a member of a consortium, in the acquisition of the mining
operations from the bankruptcy estate of Talvivaara Sotkamo. While
such financing negotiations continue, the Company finances its
day-to-day operations by providing administrative and technical
services and leasing certain critical machinery and equipment to
the bankruptcy estate of Talvivaara Sotkamo.
Subsequent to Talvivaara Sotkamo's
bankruptcy, the Company has declared EUR 31.5 million, including
EUR 5.6 million in value added tax ("VAT"), of its sales
receivables from Talvivaara Sotkamo as credit losses and received a
refund of the associated VAT.
As at 27 February 2015, the
Company's cash and cash equivalents amount to EUR 4.8 million.
Equity
Following Talvivaara Sotkamo's
bankruptcy, the Company has fully written off its receivables from
and the shares held in Talvivaara Sotkamo. As a result, Talvivaara
has lost its equity, which has been acknowledged by the Company's
Board of Directors and notified to the trade register. Talvivaara
further notes that it has already in November 2013 recognised the
weakening of its financial position and taken measures to mitigate
this by applying for corporate reorganisation. The corporate
reorganisation proceedings of the Company were commenced on 29
November 2013 and their continuation was approved by the Company's
shareholders on 12 June 2014.
Off-balance sheet
and contingent liabilities
Talvivaara Sotkamo has drawn down
EUR 12.8 million, including interest through October 2014, in loans
from Nyrstar under the Loan and Streaming Holiday Agreement of 1
April 2014 between Talvivaara, Talvivaara Sotkamo and Nyrstar. To
Talvivaara's understanding, Nyrstar has not yet made an inquiry
under chapter 3, section 8 of the Finnish Bankruptcy Act whether
the bankruptcy estate will commit to the existing agreement.
Therefore, Talvivaara considers the agreement still being in force.
Should Nyrstar terminate the agreement due to bankruptcy estate of
Talvivaara Sotkamo not committing to the agreement, the Company as
the guarantor would be liable for immediate repayment of the loan
and the interest accrued thereon.
Under the Loan and Streaming
Holiday Agreement of April 2014, the Company has also undertaken to
guarantee the termination sum stated in the Zinc Streaming
Agreement of 2010 between Talvivaara Sotkamo and Nyrstar. Nyrstar
has the right to demand the payment of the termination sum from
Talvivaara Sotkamo in a situation where the Zinc Streaming
Agreement has terminated due to a reason attributable to Talvivaara
Sotkamo, as defined in the agreement. The liability of the Company
in its capacity as a guarantor is related to such termination of
the agreement. To the Company's understanding, the Zinc Streaming
Agreement has not been terminated under chapter 3, section 8 of the
Finnish Bankruptcy Act, and the liability to pay the termination
sum has not been triggered. Should the Zinc Streaming Agreement be
terminated the liability of the guarantor in respect of the
termination sum would according to the agreement fall due for
payment on the date falling 12 months after the date on which
Talvivaara Sotkamo was placed in bankruptcy. The termination sum is
calculated with reference to the remaining delivery commitment for
zinc under the Zinc Streaming Agreement, and as at the date of
bankruptcy of Talvivaara Sotkamo, 6 November 2014, amounted to
approximately EUR 206 million.
The Company has given a guarantee
for a EUR 50 million investment and working capital loan drawn by
Talvivaara Sotkamo from Finnvera in 2009. In addition, the Company
has given a floating charge security for the loans drawn from
Finnvera by Talvivaara Sotkamo. The guaranteed liability is part of
the Company's restructuring debt and any payments that fall due
under the guarantee are finally determined in the Company's
restructuring programme and re-paid according to the authorized
payment schedule.
Talvivaara Sotkamo has largely
covered the environmental bond requirement under the current
environmental permit by a guarantee insurance provided by Atradius
Credit Insurance NV ("Atradius"). The coverage currently amounts to
EUR 31.9 million. According to the environmental permit, the
required bond is to be placed to cover the cost of the restoration
of waste areas (gypsum ponds, heap areas), which is anticipated to
take place partly during the life of the mine, as waste areas are
filled to their maximum levels, and partly as part of the eventual
closure of the mine. In the event such restoration activities took
place without Talvivaara Sotkamo carrying the cost, the expenses
would initially be covered by Atradius. However, eventually
Atradius would claim the cost back from Talvivaara, which has given
a counter-indemnity in respect of such costs to Atradius.
Going Concern
In view of the Company's current
cash position and the income anticipated from the service and lease
agreements now in place between Talvivaara and Talvivaara Sotkamo's
bankruptcy estate, the Company anticipates having sufficient
liquidity to continue its currently foreseen day-to-day operations
as a going concern for the foreseeable future. The Board of
Directors and management of Talvivaara or the Administrator do not
contemplate the liquidation or bankruptcy of Talvivaara at the
moment and continue their efforts aimed at securing sufficient
financing for the Company to participate, as a member of a
consortium, in the acquisition of the mining operations from the
bankruptcy estate of Talvivaara Sotkamo. However, there is
substantial uncertainty relating to the Company's ability to access
sufficient funds for the contemplated transaction. Furthermore,
even if the Company were successful in re-gaining partial ownership
of the assets, there is no certainty that the arrangement would be
such that it would provide sufficient liquidity for the Company to
successfully complete its contemplated restructuring programme in
the long term. In the event that Talvivaara cannot re-gain any
ownership of the mining assets, its continuation on a going concern
basis is unlikely to be feasible.
If Nyrstar was to demand immediate
repayment of the EUR 12.8 million loans drawn by Talvivaara Sotkamo
and guaranteed by the Company under the agreement, the Company
might not have sufficient cash reserves or access to additional
liquidity to make the required payment and may therefore not be
able to continue its operations as a going concern.
Progress of
corporate reorganisation
The corporate reorganisation
proceedings of Talvivaara were commenced on 29 November 2013. The
Administrator has subsequently on 30 September 2014 submitted a
preliminary restructuring programme proposal for the Company to the
Espoo District Court.
The Administrator has recorded the
Company's reorganisation debt at EUR 482 million in the
restructuring programme proposal, including the EUR 50 million
guarantee for Talvivaara Sotkamo's loans from Finnvera. According
to the Administrator, the amount of reorganisation debt will not
materially change in the forthcoming re-submission of the programme
proposal, save for the inclusion of EUR 8.8 million liability into
the amount of receivables owed to Finnvera on the basis of a
floating charge given by Talvivaara.
The reorganisation debts will be
restructured according to the restructuring programme eventually
authorised by the Espoo District Court. In the preliminary
programme proposal, the Administrator has suggested a 97 per cent
haircut to all unsecured debts of the Company and an
eight-year-payment schedule. The Administrator has also stated that
he is evaluating the possibility of allowing conversion of the
reorganisation debt into the Company's equity.
The Administrator has on 5
February 2015 decided to repay the minor debts of the Company under
the exception rule of section 18 of the Finnish Act on Corporate
Restructuring. Restructuring debts amounting to less than EUR 1,000
(including interest and penalty interest, to the extent claimed by
the creditors, until the start of the reorganization proceedings)
have been considered minor debts. The Company has repaid such minor
debts during February 2015. The total of such payments amounted to
EUR 15,672, comprising of receivables a total of 40 creditors.
The Espoo District Court has on 30
January 2015 granted an extension to the deadline for the
re-submission of the restructuring programme proposal until 13
March 2015.
Financing and commercial
arrangements
Loan and
Streaming Holiday Agreement with Nyrstar
Talvivaara entered, together with Talvivaara Sotkamo, into a Loan
and Streaming Holiday Agreement with Nyrstar on 1 April 2014.
Whilst Talvivaara is not in control of the actions of the
Talvivaara Sotkamo bankruptcy estate towards the agreement, the
Company remains liable for the EUR 12.8 million loans drawn by
Talvivaara Sotkamo under the agreement. The Company has also
guaranteed the termination sum under the Zinc Streaming Agreement
of 2010, which currently amounts to approximately EUR 206 million,
as the guarantor (see also "Off-balance sheet and contingent
liabilities" and "Going Concern" above).
Participation in Fennovoima
nuclear power project
Talvivaara announced on 21 February 2014 its support for the
Fennovoima nuclear power project, but noted that in the prevailing
circumstances the Company focused all its financial resources on
the Sotkamo operations and the corporate reorganisation
proceedings. Therefore, Talvivaara made no commitment to any
additional funding of the Fennovoima project. At present, the
Company is not in a position to make any reassessment of its stance
towards the project.
Risk factors
Talvivaara's near-term risk
factors include particularly such risks that relate to its ongoing
corporate reorganisation proceedings, financing and going concern
status:
If an adequate overall financial solution for the
contemplated participation by Talvivaara in the acquisition of the
mining operations from the Talvivaara Sotkamo bankruptcy estate is
not found, Talvivaara's restructuring programme may not be approved
and authorised and shareholders could lose their entire investment
in the Company
The approval and authorisation of
the proposed restructuring programme of Talvivaara is conditional,
among other things, on an adequate financing solution to allow the
Company's participation in the acquisition of the mining operations
from the Talvivaara Sotkamo bankruptcy estate and to cover the
requirements of the restructuring programme in longer term. If such
financial solution is not found, the restructuring programme may
not be approved and authorised, the Company may have to file for
bankruptcy and, as a result, the shareholders could lose their
entire investment in the Company.
If the corporate reorganisation proceedings of Talvivaara
are not successful, shareholders could lose their entire investment
in the Company
Although the Board of Directors
believes that a corporate reorganisation is a viable option for
Talvivaara, there can be no assurance that the proposed
restructuring programme of the Company will be approved and
authorised or be ultimately successful. The corporate
reorganisation process can fail for a number of reasons, including
due to an insufficiency of funds to implement or complete the
restructuring programme, changes in circumstances affecting the
financial viability of Talvivaara, including, for example,
termination of the service and lease agreements between the Company
and the bankruptcy estate of Talvivaara Sotkamo, or failure to
regain any holding in the Sotkamo mining asset and/or insufficient
income from the services provided to the bankruptcy estate or the
contemplated new entity running the mining operations. If the
corporate reorganisation fails for these or any other reasons, it
could result in the bankruptcy of the Company. As a result,
shareholders could lose their entire investment in the Company.
If Talvivaara is not able to continue as a going concern,
it may be unable to realise its assets and discharge its
liabilities in the normal course of business, which could lead to
shareholders losing their entire investment in the
Company
Risks related to Talvivaara's
going concern status are further described in the "Going Concern"
section of this announcement.
The right of conversion of debt into equity potentially
included in the restructuring programme of Talvivaara and/or the
issuance of new equity instruments may lead to a significant
dilution of the existing shareholding of the Company
The right of conversion of debt
into equity potentially included in the restructuring programme of
Talvivaara and/or the issuance of new equity instruments may lead
to a significant dilution of the existing shareholding of the
Company. The extent of dilution will eventually be determined by
the applied conversion rate as well as the subscription price of
the newly issued shares offered in the equity financing.
Even if
Talvivaara were able to
obtain sufficient financing in order to participate in the
acquisition of Talvivaara Sotkamo's mining operations and the
restructuring programme for Talvivaara would be approved and
authorized, Talvivaara Sotkamo may not be able to successfully
address various operational, environmental and other difficulties
facing the Talvivaara mine and shareholders could ultimately lose
their entire investment in the Company
The Talvivaara mine has faced
various difficulties since the commissioning of the mine in 2008
and 2009. These difficulties include, among others, operational
difficulties concerning the mine's production and performance,
environmental issues as well as legal and administrative
proceedings involving Talvivaara Sotkamo and certain members of
Talvivaara's management. Further, there can be no certainty that
the financing potentially available to Talvivaara would be
sufficient to ramp-up production at the Talvivaara mine or that it
would ever achieve profitability. Accordingly, even if Talvivaara
were able to obtain sufficient financing in order to participate in
the acquisition of Talvivaara Sotkamo's mining operations and the
restructuring programme for Talvivaara would be approved and
authorized, shareholders could ultimately lose their entire
investment in the Company.
Governance
Financial Reporting
Talvivaara's Board of Directors
resolved on 31 December 2014 that the Company will release an
Interim Management Statement in accordance with chapter 7, section
14 of the Finnish Securities Markets Act for the first three and
nine months of the accounting year 2015 instead of interim reports
for the respective periods. The reason for the change in the
reporting practice is that the market value of the Company's issued
shares and other comparable securities is less than EUR 150 million
and, therefore, the pre-requisites for publishing an Interim
Management Statement, as set in the Ministry of Finance decree
(1020/2012), are met.
Talvivaara received on 11 February
2015 an exemption from the Financial Supervisory Authority to defer
the publication of the financial statements release as well as the
financial statements and the Board of Directors' review for its
financial year ending 31 December 2014 to no later than 30 April
2015. The exemption was granted on a condition that the Company
publishes, by 28 February 2015, information corresponding to the
information to be given in an Interim Management Statement pursuant
to chapter 7, section 14 of the Finnish Securities Market Act, as
well as other information available on the prospects for continuing
operations and on the effects of the bankruptcy of Talvivaara
Sotkamo Ltd on the operations of the Company.
Composition of Talvivaara's
Shareholders' Nomination Panel
The Shareholders' Nomination Panel
was established in 2013 by the Annual General Meeting. Its duty is
to prepare proposals for the election and remuneration of the
members of the Board of Directors to the General Meeting. Following
the annual organizational meeting of the Panel held on 26 November
2014, the composition of the Nomination Panel is the following:
- Kari Järvinen, CEO, nominated by
Solidium Oy
- Joni Hautojärvi, managing
director of Norilsk Nickel Harjavalta Oy, nominated by Norilsk
Nickel Holdings (Cyprus) Ltd
- Pekka Perä, CEO of Talvivaara, as
a shareholder of the Company
- Olli Salo, nominated by Seppo
Aho, a shareholder of the Company
- Tapani Järvinen, Chairman of the
Board of Directors of the Company
- Graham Titcombe, deputy Chairman
of the Board of Directors of the Company
According to the charter of the
Panel, the Panel shall submit its proposals to the Board of
Directors at the latest on 15 March preceding the Annual General
Meeting ("AGM") taking, however, into account the meeting and
announcement schedules notified by the Company. As the AGM has been
postponed and has currently been provisionally scheduled for 12
June 2015, the Panel shall submit its proposals by the time the AGM
notice is published, but not by 15 March 2015.
Legal
affairs
Consideration of charges relating
to the gypsum pond leakages and discharges into water ways
The consideration of charges,
which related to Talvivaara Sotkamo's gypsum pond leakages and the
sodium, sulphate and manganese discharges that exceeded the
anticipated amounts stated in the original environmental permit
application of the mine, was completed on 22 September 2014.
The prosecutor decided to bring
charges against four members of Talvivaara's management, including
CEO Pekka Perä and former CEO Harri Natunen. The charges concern
aggravated impairment of the environment.
Based on the pre-trial
investigation relating to the discharge of raffinate from the
metals recovery plant of Talvivaara Sotkamo and dilute secondary
heap solutions into the open pit during the period of 19 December
2013 - 31 January 2014, the prosecutor has decided on 11 February
2015 to bring charges against CEO Pekka Perä. During the pre-trial
investigation, the police moderated the type of the suspected crime
to an environmental infraction (petty crime), while the prosecutor
has changed the type of the suspected crime back to impairment of
the environment in his application for a summons. The prosecutor
has requested the District Court to handle the case together with
the case concerning the gypsum pond leakages and the discharges
into water ways.
The Company does not share the
prosecutor's view of the threshold for charges having been met. The
Company welcomes, however, the opportunity to have the facts
relating to the above mentioned matters as well as the then-current
operating conditions of the Company discussed in an open court.
Personnel
Talvivaara's headcount decreased
from 61 at the beginning of 2014 to 51 on the day of this
announcement.
Talvivaara's personnel comprises
an expert organisation, the core competences of which include, for
example, high-quality analytical laboratory services,
bioheapleaching and other production processes, procurement,
environmental safety, risk management and communications. The
organisation has in the past provided critical services to
Talvivaara Sotkamo and it continues to provide the same services to
the bankruptcy estate of Talvivaara Sotkamo as agreed between the
Company and the bankruptcy estate.
Changes in Talvivaara Management
Talvivaara announced on 30 October 2014 that Saila Miettinen-Lähde,
who had been CFO of the Company since 2005, had decided to leave
the Company. The employment of Saila Miettinen-Lähde terminated on
31 January 2015.
In preparation of her departure,
the Company appointed Chief Commercial Officer Pekka Erkinheimo as
the Deputy CEO with immediate effect. Since 1 February 2015, the
finance function has reported to Mr. Erkinheimo.
Market environment
Following the bankruptcy of
Talvivaara Sotkamo and its exit from the Talvivaara Group, the
Company has no exposure to nickel and other commodities markets or
to foreign exchange rates. Talvivaara's income is for the time
being based on the service and lease agreements between the Company
and the bankruptcy estate of Talvivaara Sotkamo as described
elsewhere in this announcement.
Short-term outlook
Talvivaara continues, together
with the Administrator, negotiations targeted at finding a solution
whereby the Company could secure participation in a consortium that
would acquire the Sotkamo mining operations from the Talvivaara
Sotkamo bankruptcy estate. Financing for Talvivaara's potential
participation in such an arrangement could come, for example,
through a share and/or a bond issue involving amongst others
current shareholders and bondholders. The Company can give no
assurance of the success or the completion of the ongoing
negotiations or of the possible launch of any financing
transactions related to such contemplated arrangements.
Trading in the Talvivaara share at
the Helsinki stock exchange has been suspended since 6 November
2014. As stated by the Finnish Financial Supervisory Authority in
its exemption decision relating to Talvivaara's January-September
2014 interim report, reliable pricing of the share, which is a
pre-requisite for the trading to resume, cannot occur until the
uncertainties relating to Talvivaara's ability to continue its
operations have been solved and sufficient information on going
concern and the Company's financial status has been announced. In
Talvivaara's view, these conditions can only be met upon the
Company having gained sufficient knowledge of its ability to regain
partial holding in the Sotkamo mining asset.
27 February 2015
Talvivaara Mining Company
Plc
Board of Directors
Enquiries:
Talvivaara Mining Company Plc
Tel. +358 20 712 9800
Pekka Perä, CEO
Pekka Erkinheimo, Deputy CEO
Talvivaara operational and
financial status report Jan 2014 -Feb 2015
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via
Globenewswire
HUG#1897924
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