Talvivaara looks to the future as it hits its downgraded nickel output targets

Marion Dakers
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.