01/06/2007 The London Stock Exchange is delighted to welcome Talvivaara Mining Company Ltd to the Main Market.
1 June 2007
The London Stock Exchange is delighted to welcome Talvivaara Mining Company Ltd to the Main Market.
Talvivaara Mining Company Ltd is a Finnish base metal miner with its primary focus on nickel and zinc using a technology known as bioheapleaching to extract metal out of low grade ore. Bioheapleaching harnesses locally occurring, live bacteria for the extraction of the metals from ore and is already widely used for other metals, notably copper and gold.
Talvivaara’s operations are located in Sotkamo, Finland and the Group’s main activity is the development and exploitation of two polymetallic deposits, Kuusilampi and Kolmisoppi, in Sotkamo, Finland using this technology.
The Talvivaara deposits comprise one of the largest known sulphide nickel resources in Europe with 266 million tonnes of ore in measured and indicated resources. The resources are sufficient to support anticipated production for a minimum of 24 years, expected to start in late 2008, with an expected annual nickel output of approximately 33,000 tonnes. The company has the potential to provide approximately 2.3% of the world’s current annual production of nickel by 2010. In addition to the mining of nickel, as by-products of the process, the mine is also expected to produce approximately 60,000 tpa of zinc, approximately 10,000 tpa of copper and approximately 1,200 tpa of cobalt.
Commenting on the listing, Pekka Perä, Talvivaara’s Chief Executive Officer, said:
“We are very pleased with the support investors have given to the IPO of Talvivaara Mining Company. The London Stock Exchange is home to many world class Metals and Mining groups and we are delighted to join them. The IPO signals our ambition to become a major producer in the global nickel market through the application of bioheapleaching technology and we look forward to our future partnership with the Exchange.”
JPMorgan Cazenove Limited is Sponsor, Sole Global Co-ordinator and Bookrunner for the offering, with Nordea acting as Co-lead Manager.