Talvivaara denies job cuts plan

Finnish zinc and nickel mining company Talvivaara has denied it will be cutting jobs as part of a cost savings plan.

Rumours had been circulating that the low price of nickel would force a reduction in headcount.

In a statement released on Monday, however, the firm says it believes its: "cash reserves remain sufficient regardless of the low nickel price on the basis of current cash position and previously announced near-term production and cost savings measures."

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The group's share price has lept 8.3% in response to the news although it is still down 32% since the start of the year.

BS