Terrafame to restart operations of the Talvivaara mine – mine’s business transaction finalised 14.8.2015 16:15
“Operations at the mine will begin immediately in the beginning of next week, in accordance with the production plan. During the initial phase, we will focus on attending to the environmental matters, starting up the mine and the systematic restoring of the mine’s business to a sound basis. I am convinced that together with the mine’s committed personnel we will build the new future of Terrafame’s mine,” says Industrial Counsellor Lauri Ratia, Chairman of the Board of Directors of Terrafame Ltd.
“Although the operations are marked by several challenges, our clear goal is to build environmentally sustainable, safe and profitable mining operations. We are facing a considerable amount of work. In order to start environmentally sustainable, safe and profitable mining operations, we have prepared a programme which we are developing further and whose implementation we will monitor systematically. Controlling the water balance of the mine area, work safety and financially sustainable business are at the top our list of priorities,” Ratia states.
“Our goal is to reach a production level of approximately 18 million tonnes of ore in the following few years. On the basis of the production plan and the World Bank’s price forecasts, we can expect that the mine’s cash flow could turn positive between late 2017 and early 2018, if the start-up is successful,” Ratia continues.
Terrafame Mining Oy is now called Terrafame Ltd.
Terrafame Mining Oy, which acquired the mine’s business, has changed its name to Terrafame Ltd. as the transaction was finalised. It is owned by the State of Finland’s special purpose company Terrafame Oy whose name has today been changed to Terrafame Group Ltd.
“Terrafame is a concise name and, for the sake of simplicity, we felt the name ‘Terrafame’ as such was the best choice,” concludes Ratia.
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