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HELSINKI May 14 Troubled Finnish nickel miner
Talvivaara plans to delist its shares from
the London Stock Exchange, leaving its only listing in Helsinki,
in a bid to cut costs.
Hurt by falling nickel prices and repeated production
disruptions, Talvivaara last year had to suspend its mining
operations and started a court-led debt restructuring process to
Markets hailed the company as a new Finnish star when it
listed in London with nickel at peak prices in 2007, but the
stock now trades mainly in Helsinki.
"In the future we will need to execute certain capital
market transactions to secure our way forward, and that is when
the dual listing could cause a lot of costs," Chief Financial
Officer Saila Miettinen-Lahde told Reuters.
She said London shareholders would be largely unaffected by
the delisting but noted that some index investors might drop
Talvivaara shares traded at 0.09 euros in Helsinki and 7.53
pence in London, compared to 172 pence in 2011 before the
miner's problems started.
The delisting, if approved at the company's shareholder
meeting next month, would take effect around July 14.
Meanwhile, Talvivaara is seeking funds to help it restart
mining operations in the next few months.
The company's court administrator is expected to present a
debt restructuring plan on May 28.
(Reporting by Jussi Rosendahl; Editing by Mark Potter and Jason