Talvivaara Mining Company Plc: Co-operation consultations concluded
(Thomson Reuters ONE) -
Stock Exchange Release
Talvivaara Mining Company Plc
21 August 2013
Talvivaara's co-operation consultations concluded
Talvivaara Mining Company Plc ("Talvivaara" or the "Company") has concluded the
co-operation consultations started in July regarding the organizational changes
to support the Company's cost reduction and efficiency programme. All three
corporate entities, Talvivaara Mining Company Plc, Talvivaara Sotkamo Ltd and
Talvivaara Exploration Ltd, and all personnel groups were within the scope of
consultations.
In the beginning of the consultations the Company estimated the possible
employee impact to be the maximum of 250 terminations of employment and/or
temporary lay-offs. Following the consultations the reduction of personnel will
amount to a total of 68 employees through terminations of employment and
retirement. 29 of the total will be production workers and 39 salaried and
senior salaried employees. Also some lay-offs will be implemented. In addition,
the employment of 96 employees with temporary contracts shall terminate at the
end of the agreed contract period without renewal. The employees with temporary
contracts include summer trainees currently working for the Company. The
Talvivaara Group currently has approximately 670 employees.
The efficiency measures now agreed are part of Talvivaara's efficiency and cost
reduction programme started in June. The cost savings from personnel measures
are estimated to amount to approximately EUR 5 million on annual basis and to be
realized within the next six months.
To the employees made redundant Talvivaara provides services to support their
re-employment.
Enquiries
Talvivaara Mining Company Plc Tel +358 20 7129 800
Pekka Perä, CEO
Saila Miettinen-Lähde, Deputy CEO and CFO
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. Further information can be found
at www.talvivaara.com
Talvivaara's co-operation consultations concluded:
http://hugin.info/136227/R/1724193/574699.pdf
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Source: Talvivaaran Kaivososakeyhtiö Oyj via Thomson Reuters ONE
[HUG#1724193]
Unternehmensinformation / Kurzprofil:
Datum: 21.08.2013 - 15:36 Uhr
Sprache: Deutsch
News-ID 289773
Anzahl Zeichen: 3719
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Kategorie:
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"Talvivaara Mining Company Plc: Co-operation consultations concluded"
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