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Home BUSINESSFunding, environment issues dominate Talvivaara AGM
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Fri, 13 Jun, 2014 12:06:55 AM
FTimes-STT Report, June 13
 
Photo – Str / Lehtikuva.
Talvivaara stakeholders pondered on the future of the nickel mining company during the annual general meeting held in Sotkamo on Thursday.
 
The company is currently undergoing a restructuring programme until the end of September. Afterwards it will be resolved whether the corporate reorganisation will enable the company to solicit for funding at home and abroad in order to stay afloat. 
 
Pekka Perä, the company’s executive director said in the meeting that the company could return to profitability as everything depended on the availability of funding.
 
“Our team knows how to work, if they are given the opportunity,” said Perä.
 
Perä, however, could not disclose the amount of funding needed, referring to it as “inside information”. But, he did point out that the company’s short-term financial need was in the region of tens of millions of euros
 
Talvivaara AGM on Thursday. Photo – Str / Lehtikuva.
There is, however, a feeling of huge uncertainty that has clouded the company. Many professionals have left it as they are not sure of their job security.
 
The company also made huge losses last year totalling to more than 700 million euros. According to Perä, there is such a little amount of money in the company’s account that last year’s losses can not be repeated.
 
“There is little money in the balance sheet and that kind of loss cannot be incurred,” he said.
 
Environmental issues were also raised during the meeting. “Environmental issues will be best taken care of when the company will continue with its operations,” said Tapani Järvinen, the chairman of the company’s Board of Directors. 
 
Veikko Halonen, an entrepreneur who was attending the general meeting hopes that the company files for bankruptcy as soon as possible so that it can begin with a clean slate.
 
 
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