Finland's Terraframe Needs $225 Million for Talvivaara Nickel Mine

Reuters reported that Terraframe Mining Oy, a state-owned Finnish company, has said that in order to continue operations at the Talvivaara nickel mine, it will need $225 million by the end of June.

Terrafame was founded last year as the government took control of the mine, aiming to avert a closure and environmental damage at the site in northern Finland.
The founder of the mine, Talvivaara Mining Company , filed for debt restructuring in 2014 following a drop in nickel prices, production disruptions and environmental problems.
Terrafame on Thursday reported an operating loss of €53-million from the first quarter but said a ramp-up in operations was proceeding.
“We exceeded our targets for both nickel and zinc production. In the long term, the mine has full potential to turn to profit,” chairperson Lauri Ratia told reporters. CE Matti Hietanen said the company is in talks with several investors.

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