Talvivaara Mining sees €180,000 operating loss for year ended Dec. 31

By Caroline Salls

Pittsburgh, March 7 – Talvivaara Mining Co. plc reported a €180,000 operating loss for 2015 on €6.7 million in “other operating income,” according to a news release.

In comparison, the company posted a €702.65 million operating loss for 2014 on €12.34 million in other operating income.

Talvivaara had €4.66 million in cash and cash equivalents at Dec. 31, down from €5.35 million at Dec. 31, 2014.

According to the release, the operating loss for 2014 resulted from substantial impairment charges and write-offs resulting from the bankruptcy of Talvivaara Sotkamo and from the application of the non-going concern principle. In addition, Talvivaara said a provision for the potential €203.4 million termination sum guarantee liability toward Nyrstar as well as the write-off of the company's €24.9 million unsecured receivable from Talvivaara Sotkamo were booked in other operating expenses for 2014.

Talvivaara said in the release that the confirmation and effectiveness of its final draft restructuring program is still subject to a number of conditions related to the business and financing arrangements of the company.

Following the bankruptcy of operating subsidiary Talvivaara Sotkamo Ltd. in November 2014, trading of Talvivaara’s shares on the Helsinki Stock Exchange was suspended. The company said the trading suspension continued as of Monday.

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

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