Talvivaara Mining puts four non-operating subsidiaries in liquidation

By Kali Hays

New York, Dec. 19 – Talvivaara Mining Co. plc placed its dormant subsidiaries into liquidation on Friday, according to a news release.

Subsidiaries now in liquidation are Talvivaara Exploration Oy, Talvivaara Infrastructure Oy, Bream Lake Energy Oy, and Talvivaara Management Oy.

Talvivaara said it converted all receivables from these subsidiaries into equity prior to placing them into liquidation and the subsidiaries “wrote off all their receivables from the bankruptcy estate of Talvivaara Sotkamo Ltd.,” according to the release.

“Placing the subsidiaries in liquidation is in line with the company's plan to simplify the group structure and leave the company as the single reporting entity.”

The company also announced the termination of its key employee incentive program established in 2010, in which Talvivaara owned company shares on behalf of its executive committee and some other personnel.

Talvivaara acquired all shares of Talvivaara Management Oy from participants in the program “for a nominal purchase price.”

Helsinki-based Talvivaara Mining is a base metals producer with its primary focus on nickel and zinc.

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