Nyrstar receivables assigned to Terrafame Group 7.12.2015
The objective of Terrafame Group Ltd. is to strengthen the financing and to expand the ownership base of its subsidiary Terrafame Ltd., which operates the Terrafame mine in Sotkamo, Finland. As part of the financing preparations and ownership arrangements, Terrafame Group Ltd. has during autumn 2015 discussed agreements concerning the assets related to and necessary for the production of the Sotkamo mine, such as the lime factory, held by Talvivaara Mining Company Plc.
Terrafame Group Ltd. has now entered into an agreement, where the receivables of Nyrstar Sales & Marketing AG from Talvivaara Mining Company Plc have been assigned to Terrafame Group Ltd. The receivables concern debts related to agreements made by the bankrupt Talvivaara Sotkamo Oy. The debts in question have been guaranteed by Talvivaara Mining Company Plc.
The acquisition of receivables from Nyrstar Sales & Marketing AG contributes to the objective of Terrafame Group Ltd. to find a solution, which benefits both parties regarding the assets held by Talvivaara Mining Company Plc and related to the Terrafame mining operations. Finding a solution would ensure the most appropriate and purposeful holding of all assets related to the operation of the Terrafame mine. Furthermore, a solution would advance the corporate reorganisation proceedings of Talvivaara Mining Company Plc.
Terrafame Group Ltd.
CEO Matti Hietanen, Tel. +358 40 823 8806, firstname.lastname@example.org
Chairman of the Board Janne Känkänen, Tel. +358 50 396 4990, email@example.com
Terrafame Group is a special-purpose company wholly owned by the State of Finland. It is responsible for managing the state ownership and exercising the owner's power at Terrafame. Terrafame Group's mission is to secure private supplementary financing and support the stabilisation and development of the mining company's operations. Terrafame Group is also responsible for helping the development of new technological solutions related to mine water purification.
Terrafame Ltd. is a Finnish mining company producing primarily nickel and zinc by bioheapleaching at its mine located in Sotkamo. Terrafame is owned by Terrafame Group Ltd., which is wholly owned by the State of Finland.