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2010-02-09 07:02:16 CET 2010-02-09 07:03:32 CET REGULATED INFORMATION Talvivaaran Kaivososakeyhtiö Oyj - Company AnnouncementTalvivaara to investigate the recovery of uranium as a separate product from its ore bodySTOCK EXCHANGE RELEASE Talvivaara Mining Company Plc 9 February 2010 at 8.00a.m Finnish time, 06.00a.m UK time Talvivaara to investigate the recovery of uranium as a separate product from its ore body Talvivaara Mining Company Plc ("Talvivaara" or the "Company") is planning to initiate the recovery and exploitation of uranium, obtained as a by-product of other metals, in the form of a uranium intermediate, yellow cake. Natural uranium is a commonly occurring element which is also present in low concentrations in the Talvivaara ore body. In Talvivaara's bioheapleaching process, small concentrations of uranium leach into the process solution along with the Company's main products. Talvivaara is now investigating the potential to modify its production process so that the uranium contained in the solution can be utilised as yellow cake. In the Company's present production process, extremely small concentrations of uranium are deposited in an engineered gypsum pond intended for process precipitations. The Company plans to recover the uranium from its main leaching process by using a safe and technically simple solvent extraction process which is widely applied to metals recovery. This process modification will not alter discharge levels or other environmental impacts of the operations, as defined in Talvivaara's current Environmental Permit. Talvivaara has drawn up tentative process plans in cooperation with Outotec Oyj and Norilsk Nickel Harjavalta Oy. In the Talvivaara area, the bedrock and nickel ore naturally contain uranium. However, surveys conducted by the Geological Survey of Finland have not revealed any abnormal radiation levels, with all measured values reported by the Finnish Radiation and Nuclear Safety Authority (STUK) within normal background radiation levels. Radiation levels of natural uranium will not change during the solvent extraction process. Talvivaara is currently preparing necessary documentation for permit applications and continuing its investigations relating to the utilisation of uranium. The planned investment in the solvent extraction plant is estimated at approximately EUR 30 million. Annual production costs are estimated at approximately EUR 2 million and the annual production volume is estimated at approximately 350 tonnes. The extraction plant is expected to employ around 20 people directly and some 50 people indirectly. Talvivaara is currently in discussions with leading companies in the industry regarding a potential cooperation for this project, after which its final financing and operating model will be determined. The uranium oxide generated in the solvent extraction process will be packaged in airtight steel containers and transported for further processing, subject to appropriate supervision. The product purchaser will handle the further processing into nuclear fuel abroad, since Finland does not currently have any conversion or enrichment plants for uranium. Production is controlled by strict national and international regulations and continuous monitoring which guarantee safe operation. The volumes produced by Talvivaara would make Finland almost self-sufficient with respect to uranium. CEO Pekka Perä commented: "The current project looks at exploiting valuable metals present in our ore body as by-products, as provided for by the Finnish mining legislation. The development of our solvent extraction method demonstrates the innovative skills of our internal team and of our partner organisations and is a perfect fit with our strategy of carefully recovering precious and useful substances from our ore. The recovery of uranium is a major achievement for both Talvivaara and its home province, Kainuu, further increasing the value, importance and vitality of this project." Enquiries: Talvivaara Mining Company Plc. tel. +358 20 712 9800 Pekka Perä, CEO, Saila Miettinen-Lähde, CFO Lassi Lammassaari, Chief Operations Officer Press conference (in Finnish) Time: Tuesday 9 February 2010 at 2.30 p.m. Location: Scandic Kajanus, Meeting Room 3 Present: Talvivaara representatives Pekka Perä, CEO Eeva Ruokonen, Chief Sustainability Officer Lassi Lammassaari, Chief Operations Officer Local briefing event for citizens of Talvivaara's neighbouring region: Time: Wednesday 10 February 2010 at 7.00 p.m. Location: Sokos Hotel Vuokatti, Auditorium Present: Talvivaara representatives Pekka Perä, CEO Eeva Ruokonen, Chief Sustainability Officer Lassi Lammassaari, Chief Operations Officer Heikki Kovalainen, Environmental Manager Experts Esko Ruokola, Chief Specialist, Radiation and Nuclear Safety Authority (STUK) Dina Solatie, Head of Laboratory, Radiation and Nuclear Safety Authority (STUK), Regional Laboratory of Northern Finland Olli Äikäs, Geologist, Geological Survey of Finland Presentation and backgraound information: www.talvivaara.com<http://www.talvivaara.com> Talvivaara Presentation: http://www.talvivaara.com/files/talvivaara/Uranium/Talvivaara_Uranium_presentati on_09_02_2010_ENG.pdf Talvivaara Mining Company Plc. Talvivaara Mining Company aims to become an internationally significant base metals producer with its primary focus on nickel and zinc using a technology known as bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction of metals from low grade ore economically viable. The Talvivaara deposits comprise one of the largest known sulphide nickel resources in Europe. The ore body is sufficient to support anticipated production for at least 46 years. Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main output of nickel and cobalt to Norilsk Nickel and signed a long-term zinc streaming agreement with Nyrstar NV. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki and is included in the FTSE 250 Index. Further information can be found at www.talvivaara.com. [HUG#1382004] |
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