SHARES in Talvivaara Mining shot up more than 27 per cent yesterday after the Finnish nickel miner said it has met its downgraded production targets.
The FTSE 250-listed firm’s stock was caught in a downward spiral last year as it repeatedly slashed its output targets in the wake of longer-than-expected maintenance stoppages.
But the firm said it had surpassed its latest nickel target of 16,000 metric tons during 2011, as well as hitting a quarterly record for zinc production of 10,525 metric tons.
It added that since the production facilities were brought back online in mid-October, the firm has been on track to meet its 2012 production targets.
A goal of 25,000 to 30,000 tons of nickel for the year was set in November.
Pekka Perä, Talvivaara’s chief executive, said: “In the months to come, we will remain focused on production ramp-up and on further improving the consistency of all our operational processes.”
The company is due to report its full year results on 16 February.
Talvivaara’s London-listed shares closed at 255.4p, valuing the company at £540m. Its Helsinki-listed shares rose 16 percent.