News & Features, Nickel, Resource News
Talvivaara Rises Most in 3 Years as Meets 2011 Nickel Target
By Bloomberg · January 3, 2012 · 10:01 am · Leave a Comment
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By Firat Kayakiran and Tony Barrett
Talvivaara Mining Co. (TALV), a Finnish nickel miner, rose the most in more than three years in London trading after meeting its 2011 output target of 16,000 metric tons.
The stock surged as much as 30 percent, the most since Nov. 26, 2008, to 259.20 pence, before trading 28 percent higher at 255.40 pence by 2:49 p.m.
The company last year produced 16,087 tons of nickel and 31,815 tons of zinc, it said in a statement today.
Output last year was curtailed by extended maintenance in April and May at Talvivaara’s plant in Sotkamo, eastern Finland. Talvivaara on Oct. 7 lowered its 2011 annual output target to 16,000 tons from an April estimate of 22,000 to 28,000 tons and Chief Executive Officer Pekka Pera announced that he’ll quit.
Talvivaara reached a production record of 4,769 tons of nickel and 10,524 tons of zinc in the fourth quarter, it said in today’s statement.
“The availability of the metals recovery plant improved significantly during the quarter and after both production lines were brought back online in mid-October, was effectively at the level required to meet the 2012 production targets,” it said.
The company plans to produce 25,000 tons to 30,000 tons of nickel in 2012, the Espoo-based company said on Nov. 17. It’s targeting zinc volumes of 50,000 tons to 60,000 tons.
