Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/commodities/industrial-metals/601401/money-printing-infrastructure-base-metals-copper
Industrial metals

Governments’ money-printing mania bodes well for base metals

Money is being printed like there is no tomorrow. Much of it will be used to pay for infrastructure projects – and that will be good for metals, says …
27 May 2020
Visit/investments/investment-strategy/601389/are-you-a-permabear-three-red-flags-to-watch-out-for
Investment strategy

Are you a permabear? Three red flags to watch out for

Contrarian investors are often seen as bearish because the market tends to go up over time. But if that bearishness goes too deep, you risk seriously …
26 May 2020
Visit/economy/eu-economy/601422/heres-why-investors-should-care-about-the-eus-plan-to-tackle-covid-19
EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020