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Finland : Talvivaara's liquidity position stable; no personnel reductions being planned.

Talvivaara Mining Company Plc announces that recent publicly reported claims regarding the development of the Company's cash position during the remainder of the year and ongoing or planned personnel reductions are incorrect.

The temporary alteration to the Company's near-term production scheme announced in connection with the 16 August 2012 Interim Report is proceeding as planned, and Talvivaara expects to achieve substantial cost savings without any personnel impact. Talvivaara anticipates the Company's cash reserves to remain sufficient regardless of the low nickel price on the basis of current cash position and previously announced near-term production and cost savings measures.

Talvivaara Mining Company Plc

Talvivaara Mining Company is an internationally significant base metals producer with its primary focus on nickel and zinc using a technology known as bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction of metals from low grade ore economically viable. The Talvivaara deposits comprise one of the largest known sulphide nickel resources in Europe. The ore body is estimated to support anticipated production for several decades. Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main output of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc streaming agreement with Nyrstar NV. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki and is included in the FTSE 250 Index.

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Publication:Mena Report
Article Type:Brief article
Geographic Code:4EUFI
Date:Sep 4, 2012
Words:237
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