Talvivaara Mining reorganization approved; subsidiary loses support

By Caroline Salls

Pittsburgh, Dec. 2 - Talvivaara Mining Co. plc and Talvivaara Sotkamo Ltd. said the district court of Espoo, Finland, decided to begin corporate reorganization proceedings for Talvivaara Mining.

Following the withdrawal of support by Nyrstar Sales & Marketing AG for Talvivaara Sotkamo's application for corporate reorganization, the company said it is possible that necessary creditor support will not be reached.

As a result, Talvivaara Sotkamo has been granted time until Dec. 18 to supplement its application by providing an auditor's statement.

The court appointed Pekka Jaatinen from Castren & Snellman Attorneys to act as the administrator in Talvivaara Mining's case and as the interim administrator of the applied corporate reorganization of Talvivaara Sotkamo.

According to a separate release, non-executive Talvivaara board member Michael Rawlinson is stepping down, effective immediately, to take a new role as co-head of mining at Barclays.

Helsinki-based Talvivaara Mining is a base metals producer with its primary focus on nickel and zinc.

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