Mineweb reported that low nickel prices are forcing Finland’s Talvivaara Mining Company plc (FWB:TM7) to look for more funding to keep its Sotkamo mine, which has faced a variety of problems since last year’s heavy rain, up and running.
As quoted in the market news:
Its quest for funding comes six months after it raised 261 million euros ($352.78 million) in a rights issue, which helped it roll over maturing debt.
Chief Executive Pekka Pera said it now needed more, given prolonged weakness in nickel prices and limited success at boosting production.
‘In order to secure sufficient financial flexibility and liquidity going forward, we are now assessing all available options for additional funding,’ he said in a statement, adding that the company did not expect a material improvement in prices any time soon.