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Home BUSINESSGovt to continue funding Talvivaara
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Sat, 12 Nov, 2016 01:10:49 AM
FTimes- STT Report, Nov 12
 
Economic Affairs Minister Olli Rehn spoke at a press conference on Talvivaara on Friday. Photo Lehtikuva.
Terrafame, the company which runs the nickel mine company Talvivaara, has been granted li-cence by the government to continue with financial negotiations.
 
The Ministerial Committee on Economic Policy on Friday decided that 100 million euros will be set aside for additional capitalisation of Terrafame Group. 
 
The sum will be reserved in next year's supplementary budget proposal.
 
According to Economic Affairs Minister Olli Rehn, Talvivaara has a realistic potential for profit-able mining. There has been a significant progress on environmental safety at Talvivaara, said Rehn.
 
The price of nickel and zinc are also rising.
 
The mine incurs approximately ten million euros in losses every month, said chair of the Ter-rafame board Lauri Ratia.
 
According to Ratia, the mine's cash flow is expected to turn positive at the beginning of 2018.
 
According to Prime Minister Juha Sipilä, continuation of Talvivaara is now the preferred choice.
 
“The continuation of the mine is now the primary option while in the summer it was the second-ary option and closure was the primary,” said Sipilä.
 
File Photo Lehtikuva.
Sipilä said that a significant development has happened at the mine.
 
“Environmental issues have progressed. The process is working, and issues there have progressed much faster than was anticipated or expected,” said Sipilä.
 
The aim is to primarily work out a solution to find external funding.
 
“At this stage the state will come up with its own capital allocation. In any case we need addi-tional funding in the company,” said Sipilä.
 
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