October 26, 2018 / 9:20 AM / 24 days ago

Mining tech firm Outotec warns on project problems, shares plunge

HELSINKI, Oct 26 (Reuters) - Finnish mining technology company Outotec warned on Friday that it may have to cover costs over problems at one of its projects, sending its shares down 30 percent.

Outotec did not name the project but said in a statement that there had been problems in ramping up a furnace at an ilmenite smelter.

Potentially rebuilding a new furnace will take approximately one year, Outotec added.

“If it transpires that responsibility for this incident rests with Outotec, then the cost for Outotec will be material. In that case, it would have a material impact to Outotec’s 2018 adjusted EBIT,” the company said.

Shares in the company fell 30 percent by 0910 GMT to 3.412 euros.

Outotec builds plants, makes equipment and offers services for the metal and mineral processing industries. (Reporting by Jussi Rosendahl, editing by Terje Solsvik)

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