Talvivaara to temporarily lay off a third of employees

Base metals producer Talvivaara Mining has concluded co-operation consultations for temporary lay-offs for all personnel groups, an update issued by the company on Thursday morning reported.

Base metals producer Talvivaara Mining has concluded co-operation consultations for temporary lay-offs for all personnel groups, an update issued by the company on Thursday morning reported.

Following the consultations, the company stated that it would temporarily lay off 184 employees - representing approximately 32% of its workforce- between February 18th and June 30th 2013.

It stated that the maximum duration of the lay-off period would be 90 days per individual employee.

The company said that the lay-offs were being carried out to support the company's cost savings initiatives and overall efficiency.

Talvivaara's ore production has been suspended since September 2012 due to a water balance situation. The company said it anticipated re-commencing mining of new ore by the end of June 2013 once the main part of the Kuusilampi open pit has been de-watered.

Talvivaara currently employs approximately 580 people in total and its primary focus is on nickel and zinc. It uses a technology known as bioheapleaching to extract metals out of ore.

MF

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