Talvivaara May Cut 250 Staff Members

Reuters reported that Finland’s Talvivaara Mining Company plc (LSE:TALV) plans to begin talks regarding temporarily or permanently cutting 250 members of its staff. The company needs to reduce its operating costs due to weak nickel prices.

As quoted in the market news:

Production glitches and weak nickel prices have raised doubts over the future of [Talvivaara’s] Sotkamo mine, which was initially hailed for pioneering a cost-efficient extraction process called bioheapleaching and has since been plagued with a major waste water leak and halts to production.

“Cost cutting measures will be welcomed by the market, however the biggest driver to shares remains Talvivaara’s ability to get back to a 30,000 annual production run-rate in H2 following dewatering,” Liberum Capital wrote in its daily mining review.

Click here to read the full Reuters report.