Talvivaara Mining Company Plc.

Espoo, Finland

Talvivaara Mining Company Plc.

Espoo, Finland

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Talvivaara adjusts its business operations due to delays in having its Talvivaara Mining Company Plc ("Talvivaara" or "Company") adjusts its business operations with the aim of securing sufficient cash reserves for initiating its new businesses and for obtaining the funding required in connection therewith. The need for the adjustment stems from the delays in having Talvivaara's debt restructuring programme confirmed due to reasons outside the Company's control. This has materially impeded the Company's ability to acquire, develop or finance its new businesses. As part of the adjustment actions, the Company will temporarily lay off, on economical and production-related grounds, some of its personnel wholly or partly as of the beginning of June. In addition, the Company has agreed with some of the members of the management who will remain outside the scope of the lay-offs on a voluntary arrangement whereby such employees will accept a portion of their compensation from the Company as debt, which shall be repaid to the employees once the new financing required for the Company's new business operations has been obtained. Furthermore, the CEO and the members of the Board of Directors of Talvivaara have notified the Company that they will accept 75 % of the fees payable to them from the Company in the form of debt, which will likewise be repaid once the new financing required for the Company's new business operations has been obtained. Despite the adjustment actions, the Company will continue the development of its new businesses and its projects in the circular economy sector, as well as the energy saving business. With the adjustment actions, the Company targets a monthly saving of some 50% in its monthly personnel costs, which will help to facilitate the securing of sufficient cash reserves to developing the Company's new businesses in accordance with its plans, despite the delays in having the Company's debt restructuring programme confirmed.


News Article | May 18, 2017
Site: globenewswire.com

Notice is given to the shareholders of Talvivaara Mining Company Plc (the "Company") of the annual general meeting to be held on 15 June 2017 at 11:00 a.m. (Finnish time) at Open Innovation House, Seminaarisali, Maarintie 6, Espoo. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 10:00 a.m. (Finnish time). A. MATTERS ON THE AGENDA OF THE ANNUAL GENERAL MEETING At the annual general meeting, the following matters will be considered: 3. Election of persons to scrutinise the minutes and to supervise the counting of votes 4. Recording the legality of the meeting 5. Recording the attendance at the meeting and adoption of the list of votes 6. Presentation of the Financial Statements, the Board of Directors' Review and the Auditor's Report for the year 2016 7. Adoption of the Financial Statements 8. Resolution on measures to be taken owing to the result of the financial period and the payment of dividend The Board of Directors proposes that no dividend is paid for 2016 and that the profit for the financial period is entered into the Company's profit/loss account on the balance sheet. 9. Resolution on the discharge of the members of the Board of Directors and the CEO from liability 10. Resolution on the remuneration of the members of the Board of Directors The Shareholders' Nomination Panel proposes that the annual fee payable to the members of the Board of Directors for the term until the close of the Annual General Meeting in 2018 will be amended as follows: Chairman of the Board of Directors: EUR 75,000/year (previously EUR 84,000/year), Chairman of the Audit Committee: EUR 48,000/year and other Non-Executive Directors: EUR 43,000/year (previously EUR 48,000/year). The remuneration of the Executive Director is included in his base salary, and it is not paid out separately. No additional fees shall be paid for the Board Committee work, except to the Chairman of the Audit Committee and there will be no separate meeting fees payable for the Board and Board Committee meetings. The traveling expenses shall be reimbursed in accordance with the Company's travel policy. 11. Resolution on the number of members of the Board of Directors The Nomination Panel proposes to the annual general meeting that the number of the members of the Board of Directors is confirmed to be four. 12. Election of members of the Board of Directors The Nomination Panel proposes to the annual general meeting that Mr. Tapani Järvinen, Mr. Pekka Perä, Mr. Stuart Murray and Ms. Solveig Törnroos-Huhtamäki be re-elected as members of the Board of Directors. 13. Resolution on the remuneration of the auditor The Audit Committee proposes that the auditor be remunerated according to the auditor's invoice approved by the Company. The Audit Committee proposes that authorised public accountants PricewaterhouseCoopers Oy be elected as auditor. PricewaterhouseCoopers Oy has informed the Company that in the event it is re-elected as auditor, the auditor with principal responsibility will be APA, Mr. Juha Wahlroos. This notice, the proposals of the Board of Directors and the Shareholders' Nomination Panel on the agenda of the annual general meeting as well as the Company's annual accounts, the related review of the Board of Directors and the related auditor's report for the year ended 31 December 2016 are available on the Company's website at www.talvivaara.com/agm-2017. The proposals of the Board of Directors and the Shareholders' Nomination Panel as well as the other above-mentioned documents will also be available at the meeting. Copies of these documents and of this notice will be sent to shareholders upon request. The minutes of the annual general meeting will be available on the above-mentioned website as from 29 June 2017. C. INSTRUCTIONS FOR THE PARTICIPANTS IN THE ANNUAL GENERAL MEETING Each shareholder, who is registered on 5 June 2017 in the shareholders' register of the Company held by Euroclear Finland Ltd, has the right to participate in the annual general meeting. A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholders' register of the Company. A shareholder, who is registered in the shareholders' register of the Company and who wants to participate in the annual general meeting, shall register for the meeting no later than 4:00 p.m. (Finnish time) on 12 June 2017 by giving a prior notice of participation. The notice has to be received by the Company before the end of the registration period. Such notice can be given: (a)                        on the Company's website www.talvivaara.com; (b)                        by e-mail to the address agm@talvivaara.com; (c)                        by telefax to the number +358 20 712 9801; or (d)                        by regular mail to the Company's address, Ahventie 4 B, 5th floor, FI-02170 Espoo, Finland. In connection with the registration, a shareholder shall notify his/her name, personal identification number/business identity code, address, telephone number and the name of a possible assistant or proxy representative and the personal identification number of a proxy representative. The personal data given to the Company is used only in connection with the annual general meeting and with the processing of related registrations. The shareholder, his/her authorised representative or proxy representative shall, where necessary, be able to prove his/her identity and/or right of representation. A holder of nominee registered shares has the right to participate in the annual general meeting by virtue of such shares, based on which he/she on the record date of the annual general meeting, i.e. on 5 June 2017, would be entitled to be registered in the shareholders' register of the Company held by Euroclear Finland Ltd. The right to participate in the annual general meeting requires, in addition, that the shareholder on the basis of such shares has been registered into the temporary shareholders' register held by Euroclear Finland Ltd at the latest on 12 June 2017 by 10:00 a.m. (Finnish time). As regards nominee registered shares this constitutes due registration for the annual general meeting. A holder of nominee registered shares is advised to request without delay necessary instructions regarding the registration in the temporary shareholder's register of the Company, the issuing of proxy documents and the registration for the annual general meeting from his/her custodian bank. The account operator of the custodian bank has to register a holder of nominee registered shares, who wants to participate in the annual general meeting, into the temporary shareholders' register of the Company at the latest by the time stated above. A shareholder may participate in the annual general meeting and exercise his/her rights at the meeting by way of proxy representation. A proxy representative shall produce a dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the annual general meeting. When a shareholder participates in the annual general meeting by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the annual general meeting. Possible proxy documents should be delivered in originals to the Company at the Company's address given above before the last date for registration. Pursuant to Chapter 5, Section 25 of the Finnish Companies Act, a shareholder who is present at the annual general meeting has the right to request information with respect to the matters to be considered at the meeting. On the date of this notice to the annual general meeting, 18  May 2017 the total amount of the shares and votes entitling to participation in the annual general meeting is 4,189,807,162. The annual general meeting will be held in the Finnish language, but questions can also be presented in the English language.


Talvivaara adjusts its business operations due to delays in having its Talvivaara Mining Company Plc ("Talvivaara" or "Company") adjusts its business operations with the aim of securing sufficient cash reserves for initiating its new businesses and for obtaining the funding required in connection therewith. The need for the adjustment stems from the delays in having Talvivaara's debt restructuring programme confirmed due to reasons outside the Company's control. This has materially impeded the Company's ability to acquire, develop or finance its new businesses. As part of the adjustment actions, the Company will temporarily lay off, on economical and production-related grounds, some of its personnel wholly or partly as of the beginning of June. In addition, the Company has agreed with some of the members of the management who will remain outside the scope of the lay-offs on a voluntary arrangement whereby such employees will accept a portion of their compensation from the Company as debt, which shall be repaid to the employees once the new financing required for the Company's new business operations has been obtained. Furthermore, the CEO and the members of the Board of Directors of Talvivaara have notified the Company that they will accept 75 % of the fees payable to them from the Company in the form of debt, which will likewise be repaid once the new financing required for the Company's new business operations has been obtained. Despite the adjustment actions, the Company will continue the development of its new businesses and its projects in the circular economy sector, as well as the energy saving business. With the adjustment actions, the Company targets a monthly saving of some 50% in its monthly personnel costs, which will help to facilitate the securing of sufficient cash reserves to developing the Company's new businesses in accordance with its plans, despite the delays in having the Company's debt restructuring programme confirmed.


Proposals of Talvivaara's Shareholders' Nomination Panel on the remuneration and the composition of the Board of Directors The Shareholders' Nomination Panel of Talvivaara Mining Company Plc ("Talvivaara" or the "Company") makes the following proposals to the Annual General Meeting. Talvivaara's Board of Directors will include the proposals into the notice of the Annual General Meeting to be published separately. Proposal on the remuneration of members of the Board of Directors The Shareholders' Nomination Panel proposes that the annual fee payable to the members of the Board of Directors for the term until the close of the Annual General Meeting in 2018 will be amended as follows: Chairman of the Board of Directors: EUR 75,000/year (previously EUR 84,000/year), Chairman of the Audit Committee: EUR 48,000/year and other Non-Executive Directors: EUR 43,000/year (previously EUR 48,000/year). The remuneration of the Executive Director is included in his base salary, and it is not paid out separately. No additional fees shall be paid for the Board Committee work, except to the Chairman of the Audit Committee and there will be no separate meeting fees payable for the Board and Board Committee meetings. The traveling expenses shall be reimbursed in accordance with the Company's travel policy. The Nomination Panel proposed to the 2015 AGM that the removal of the meeting fees would be a temporary measure and the remuneration of the Board of Directors shall be revisited as a whole by the Nomination Panel once more clarity is reached on the Company's future operations. The Nomination Panel considers that, at the time of making this proposal, the situation has not changed to the extent so as to merit such revisit. However, as the Nomination Panel is proposing reduction of the annual fees for the Board of Directors, the overall cost for the Board remuneration will decrease. Proposal on the number and the election of the members of the Board of Directors The Nomination Panel considers that there is no reason to change the number of members of the Company's Board of Directors in the current situation. Also, no changes in the composition of the Company's Board of Directors are being proposed. Based on the above, the Shareholders' Nomination Panel proposes at the Annual General Meeting of Shareholders that the number of Board members be four and that Mr. Tapani Järvinen, Mr. Stuart Murray, Mr. Pekka Perä and Ms. Solveig Törnroos-Huhtamäki be re-elected as members of the Board of Directors. While preparing these proposals the composition of the Nomination Panel has been the following: · Mr. Pauli Anttila, Investment Manager, nominated by Solidium Oy · Mr. Tommi Mäkelä, Investment Manager, nominated by Pharmacies Mutual Pension Fund · Mr. Pekka Perä, CEO of Talvivaara, a shareholder of the Company · Mr. Tapani Järvinen, Chairman of the Board of Directors and · Ms. Solveig Törnroos-Huhtamäki, a member of the Board of Directors The Chairman of the Panel has been Mr. Pauli Anttila.


Halinen A.-K.,Tampere University of Technology | Beecroft N.J.,Tampere University of Technology | Beecroft N.J.,University of Surrey | Maatta K.,Tampere University of Technology | And 6 more authors.
Hydrometallurgy | Year: 2012

In the present work the microbial community of a low grade nickel ore demonstration-scale bioheap was examined under varying weather (outside air temperature between + 30 and - 39 °C) and operational conditions over a period of three years in Talvivaara, Finland. After the start-up of heap irrigation, oxidation of pyrrhotite and pyrite increased the heap temperature up to 90 °C. Leach liquor temperatures varied between 60 and 15 °C over the operation period, affecting the progress of sulfide ore oxidation. The microbial communities were profiled by polymerase chain reaction (PCR) - denaturing gradient gel electrophoresis (DGGE) followed by partial sequencing of 16S rRNA gene. Large temperature gradients prevailed resulting in the simultaneous presence of active mesophilic and thermophilic iron- and/or sulfur-oxidisers in the heap. As mineral oxidation progressed microbial diversity decreased and Acidithiobacillus ferrooxidans became increasingly dominant. The number of bacteria in the leach liquors was in the range of 10 5-10 7 cells mL - 1. After one year of bioheap operation several ore samples were drilled from the heap and A. ferrooxidans, Acidithiobacillus caldus, an uncultured bacterium clone H70 related organism, Ferrimicrobium acidiphilum and a bacterium related to Sulfobacillus thermosulfidooxidans were found. Cell counts from the ore samples varied between 10 5 and 10 7 cells g - 1 ore sample. The archaeal species present in leach liquors were novel and related to uncultivated species. During the secondary leaching phase the leaching community remained steady. A. ferrooxidans dominated, and an uncultured bacterium clone H70-related organism and Leptospirillum ferrooxidans were present. © 2012 Elsevier B.V. All rights reserved.


Wakeman K.D.,Tampere University of Technology | Erving L.,Tampere University of Technology | Riekkola-Vanhanen M.L.,Talvivaara Mining Company Plc. | Puhakka J.A.,Tampere University of Technology
Water Research | Year: 2010

Silage was used as source of carbon and electrons for enrichment of silage-degrading and sulfate reducing bacteria (SRB) from boreal, acidic, metals-containing peat-bog samples and to support their use in batch and semi-batch systems in treatment of synthetic waste water. Sulfidogenic silage utilization resulted in a rapid decrease in lactate concentrations; concentrations of acetate, butyrate and propionate increased concomitantly. Synthetic waste water consisting of Mn, Mg and Fe (II) ions inhibited sulfate reduction at concentrations of 6 g/l, 8 g/l and 1 g/l respectively. During treatment, Mn and Mg ions remained in solution while Fe ions partially precipitated. Up to 87 mg sulfate was reduced per gram of silage. Sulfate reduction rates of 34, 22 and 6 mg/l/day were obtained at temperatures of 30, 20 and 9 °C respectively. In semi-batch reactors operated at low pH, the iron precipitation capacity was controlled by sulfate reduction rates and by partial loss of hydrogen sulfide to the gas phase. Passive reactor systems should, therefore, be operated at neutral pH. Metals tolerant, silage-fermenting (predominantly species belonging to genus Clostridium) and sulfate reducing bacteria (including a species similar to the psychrotolerant Desulfovibrio arcticus) were obtained from the peat bog samples. This work demonstrates that silage supports sulfate reduction and can be used as a low cost carbon and electron source for SRB in treatment of metals-containing waste water. © 2010 Elsevier Ltd.


Riekkola-Vanhanen M.,Talvivaara Mining Company Plc | Palmu L.,Talvivaara Mining Company Plc
TMS Annual Meeting | Year: 2013

The first commercial application of bioleaching in Europe is the Talvivaara Sotkamo Mine in Finland. The ore contains low grade sulphide minerals. Utilization of the deposit has been extensively studied for over 20 years. Bioheapleaching technology was chosen for the extraction of nickel from the ore based on its favorable capital, operational costs and good performance data obtained in a large on-site pilot trial. Building of the industrial scale plant was started in 2007 and metals recovery started in 2008. In full production the annual nickel production will be approximately 50,000tpa. In addition, the mine will also produce zinc, copper and cobalt. Talvivaara will start to recover uranium from the PLS solution. A novel solvent extraction process will be used to extract uranium for the yellowcake production. An update of the existing operation, uranium extraction and the plans for the production expansion and upgrading beyond the 50,000tpa will be discussed.


Riekkola-Vanhanen M.,Talvivaara Mining Company Plc.
Minerals Engineering | Year: 2013

The latest commercial application of bioleaching, and the first in Europe, is the Talvivaara Sotkamo Mine in North-Eastern Finland. The ore is low grade black schist, and contains pentlandite, pyrrhotite, chalcopyrite, sphalerite and pyrite as the main sulphide minerals. The ore and the possible utilization of the deposits have been extensively studied for over 20 years. Bioheapleaching technology was chosen for the extraction of nickel from the ore based on its favourable capital and operational costs and the good performance data obtained in a large on-site pilot trial. Mining was started in Sotkamo in April 2008 and building of the industrial scale bioheap in August 2008. The first shipment of nickel sulphide product was delivered to the customer in February 2009. The mining method at Talvivaara is open pit mining, after which the ore is crushed and screened, agglomerated and finally stacked on the primary heap pad. Air is supplied to the stacked ore with low pressure fans through aeration piping inside the heap. The heap is irrigated from the top with acidic leaching solution, and the solution is collected from the bottom of the heap. A 10% side flow is taken for metals recovery and the rest of the solution is recycled back to the irrigation of the heap. After approximately 13-14 months of bioleaching on the primary pad, anticipated recoveries are about 70% for nickel and 60% for zinc. The leached ore is then reclaimed and re-stacked onto the secondary heap pad. In secondary leaching the rest of nickel and zinc and part of cobalt and copper will be leached. The anticipated total recoveries after both primary and secondary leaching are 85% for nickel, 80% for zinc, and 50% for both copper and cobalt. In the metals recovery process, the metals are precipitated from the pregnant leaching solution using gaseous hydrogen sulphide. The resulting products are intermediates which are transported for further processing in refineries operated by the company's customers. © 2013 Elsevier Ltd. All rights reserved.


Nurmi P.,Tampere University of Technology | Ozkaya B.,Tampere University of Technology | Sasaki K.,Kyushu University | Kaksonen A.H.,Tampere University of Technology | And 4 more authors.
Hydrometallurgy | Year: 2010

Effluents from bioleaching processes cause severe problems if dispersed in the environment since they typically have very low pH values and high sulfate and ferric iron concentrations. Dissolved iron may also interfere with the metal recovery. In the bioleaching circuit, partial removal of dissolved iron and sulfate is needed to alleviate process disturbances. In this study, an integrated, bench-scale process comprising a fluidized-bed reactor (FBR) and a gravity settler was developed for controlled biological oxidation of ferrous iron and precipitative removal of ferric iron and sulfate for use in waste management of heap bioleaching processes. The FBR for iron oxidation by an enrichment culture dominated by Leptospirillum ferriphilum was operated at 37 ± 2 °C. The FBR recycle liquor was partially neutralized with 10 M KOH or 50 g/L CaCO3 slurry to promote ferric iron and sulfate precipitation. With 6 ± 1.5 g Fe2+/L in the feed and KOH-adjusted pH 3.5, the oxidation rate of Fe2+ was 3.7 g/L h and 99% precipitation of ferric iron was achieved in the process. Adjustment with CaCO3 to pH 3.2 slightly decreased the oxidation rate to 3.3 g/L h and 98% of ferric iron precipitated. With 15 g Fe2+/L in the feed, the oxidation rate was 7.0 g Fe2+/L h coupled with 96% precipitation of ferric iron. A solid solution of jarosite was the main product of ferric iron precipitation with KOH adjustment and with minor amounts of goethite at the higher pH range. Adjustment of the pH with CaCO3 precipitated ferric iron also as a solid solution of jarosite, and sulfate precipitated also in the form of gypsum (CaSO4·2H2O) especially at the higher pH values. © 2009 Elsevier B.V. All rights reserved.


Bhatti T.M.,Ohio State University | Bhatti T.M.,Tampere University of Technology | Bigham J.M.,Ohio State University | Riekkola-Vanhanen M.,Talvivaara Mining Company Plc | And 2 more authors.
Hydrometallurgy | Year: 2010

The purpose of this work was to investigate changes in mineralogical composition resulting from the bioleaching of a black schist ore that contained pyrrhotite, pyrite, sphalerite, pentlandite, and chalcopyrite as the main sulfide minerals. The ore also contained quartz, mica (phlogopite), and feldspars as matrix minerals and graphite as an accessory phase. Ground black schist samples were leached with a mixed culture of iron- and sulfur-oxidizing bacteria in stirred tank reactors at pH 1.5, 2.0, 2.5, and 3.0 for 18 days at 30 °C. Leach residues from these experiments were characterized for mineralogical composition by X-ray diffraction (XRD). At pH 1.5, ferric iron precipitation was minimal based on XRD analysis. Jarosite precipitates were most abundant in solids from bioleaching at pH 2. Phlogopite, the main mica mineral, was completely transformed to an expandable phase, vermiculite, at pH 2. Phlogopite weathering released K from the mica interlayer positions and provided K for K-jarosite precipitation, thus shifting the reactions toward mica weathering and K-jarosite formation. XRD patterns also showed the presence of elemental sulfur and gypsum and changes in sulfide mineral phases depending on the pH of the leach solution. © 2009 Elsevier B.V. All rights reserved.

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