Finland Times

 

Minister for international development, Pekka Haavisto. Photo - Lehtikuva.

Nickel mining company Talvivaara was still looking for funding from the private sector investors, said Pekka Haavisto, minister for international development and corporate governance.

 

Speaking at the YLE Saturday morning breakfast programme, the minister said many companies had shown interests about whether the company would continue operation.

 

“The only option for the company will be filing for bankruptcy, if it fails to get funding,” Haavisto said, although he did not want to speculate on the chances of the extreme event. 

 

As Talvivaara did not get the €40m emergency funding, it is engaging in corporate restructuring, the company said on Wednesday.

 

Talvivaara Nickel mining company. Photo - Lehtikuva.

On November 16, Economic Affairs Minister Jan Vapaavuori said Talvivaara's application for reorganisation bore testimony to a situation so critical that the entire future of the mining firm might be hanging in the balance.

 

The Board of Directors of Talvivaara Mining Company Plc said the company was applying for reorganisation. 

 

“Under the circumstances, the company views reorganisation as a way of stabilising its operations. However, opting for this alternative without a clear financial plan is an even starker illustration of the impasse reached in the previous negotiations and the critical situation faced by the company,” Vapaavuori said.

 

Talvivaara's quarterly report issued on November 7 confirmed the gravity of the company's financial worries.