Talvivaaran Kaivososakeyhtio Oyj Concludes Co-operation Consultations for Temporary Lay-offs
Talvivaaran Kaivososakeyhtio Oyj announced that it has concluded co-operation consultations for temporary lay-offs for all personnel groups. All three corporate entities, Talvivaara Mining Company Plc, Talvivaara Sotkamo Ltd and Talvivaara Exploration Ltd, were within the scope of the consultations. Following the consultations, Talvivaara will temporarily lay off 184 employees between February 18, 2013 and June 30, 2013. The maximum duration of the lay-off period is 90 days per individual employee. At the start of the consultations, the Company estimated the maximum number of employees impacted to be 230. Talvivaara employs approximately 580 people in total. The lay-offs are carried out to support the Company's cost savings initiatives and overall efficiency, and to adjust the level of personnel to the temporarily suspended ore production. Talvivaara's ore production has been suspended since September 2012 due to the prevailing water balance situation. The Company anticipates re-commencing mining of new ore by the end of June 2013 once the main part of the Kuusilampi open pit has been de-watered.
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