13.03.2015

Audley and State of Finland enter into a conditional asset purchase agreement on Talvivaara Sotkamo mining operations

Agreement aims to re-establish operations of the Finnish nickel mine within a new mining company.

Transaction expected to close in summer 2015

The Talvivaara polymetallic deposits comprise one of the largest known sulphide nickel resources in Europe. According to a statement by Talvivaara Mining Company Plc, before the transaction can close and operations at the mine can be ramped up under the direction of the new mining company, a number of steps must still take place including the provision of the necessary regulatory permits and the obtaining of committed financing. Closing is expected to take place during the summer 2015 until which time the business will be maintained and managed by the Bankruptcy Estate.

According to Talvivaara Mining Company Plc, the process of selling the Sotkamo mining operations has progressed in the expected sequence, and the milestone reached by the parties to the conditional asset purchase agreement enables the start of the discussions on Talvivaara’s potential role in the future of the Sotkamo mining operations in earnest.

Source: Talvivaara Mining Company Plc