Production update sees Talvivaara shares leap

Talvivaara Mining saw its share price rocket into the top spot on the FTSE 250 after it announced that it has reached its production target for 2011.

Full year production totalled 16,087 tonnes (t) of nickel and 31,815t of zinc, while fourth quarter production of 4,769t nickel and 10,524t zinc was a new quarterly record.

The availability of the metals recovery plant improved significantly during the quarter and, after both production lines were brought back online in mid-October, was effectively at the level required to meet the 2012 production targets, the firm said. Nickel grade in the solution pumped to the metals recovery plant remained steady at around 2 grams per litre.

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Pekka Per, Chief Executive Officer of Talvivaara, added: "In the months to come, we will remain focused on production ramp-up and on further improving the consistency of all our operational processes."

The share price soared 27.6% to 255.2p by 15:09.

NR