Talvivaara receives European Commission approval for Uranium off-take agreement with Cameco Corporation
(Thomson Reuters ONE) -
Stock Exchange Release
Talvivaara Mining Company Plc
30 November 2011
Uranium Permitting Update
Talvivaara receives European Commission approval for Uranium off-take agreement
with Cameco Corporation
Talvivaara Mining Company Plc ("Talvivaara") announces that its contract with
Cameco Corporation ("Cameco") for the sale of uranium was approved by the
Euratom Supply Agency ("ESA"), following European Commission ("EC")
authorisation. The approval is the first step in the uranium permitting process
and a requirement as part of the Finish government licensing procedure. The
authorisation enables Talvivaara to sell its uranium production to Cameco under
the terms of its off-take agreement. It also includes provisions which guarantee
the security of uranium supply in the European Union.
The start of production is subject to further EC authorization regarding the
Euratom Treaty, Environmental Permit approval and license from the Finnish
Government to extract uranium as a by-product. The Environmental Permit
application for uranium extraction was submitted to the Regional Environmental
Permitting Agency in March 2011 and the decision on the permit is expected
during Q2 2012. In April 2010, Talvivaara applied to the Ministry of Employment
and Economy for a license to extract uranium as a by-product, in accordance with
the Nuclear Energy Act. The application is currently being processed and
approval by the Finnish Government is expected in early 2012. EC's approval
pursuant tothe Euratom Treaty is also expected in early 2012.
Pekka Perä, CEO, commented: "We are delighted by the news that our contract with
Cameco for the off-take of uranium was approved by the ESA. We have successfully
reached the first milestone in the permitting process and we remain confident
that, with final approvals over the coming period, we will soon be able to
deliver further value from our ore at Talvivaara through uranium by-product
extraction."
ENQUIRIES
Talvivaara Mining Company Plc Tel: +358 20 7129 800
Kari Vyhtinen, Chief Investment Officer
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. Further information can be found at www.talvivaara.com.
Talvivaara - Uranium Permitting Update 30.11.2011:
http://hugin.info/136227/R/1567542/487024.pdf
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Source: Talvivaaran Kaivososakeyhtiö Oyj via Thomson Reuters ONE
[HUG#1567542]
Unternehmensinformation / Kurzprofil:
Datum: 30.11.2011 - 08:46 Uhr
Sprache: Deutsch
News-ID 92337
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