Talvivaaran Kaivososakeyhtiö Oyj - Company Announcement

Holding(s) in Company - (Flagging notification in accordance with Chapter 2, Section 10 of the Finnish Securities Market Act)

Stock Exchange Release
13 December 2010
Talvivaara Mining Company Plc.

Holdings in Company (Flagging notification in accordance with Chapter 2, Section
10 of the Finnish Securities Market Act)

Talvivaara  Mining Company  Plc ("Talvivaara")  has on 13 December 2010 received
the  attached flagging notification  in accordance with  Chapter 2, Section 9 of
the  Finnish  Securities  Market  Act  from  Ilmarinen  Mutual Pension Insurance
Company ("Ilmarinen") regarding the shares of Talvivaara.

Ilmarinen   has   subscribed  for  Talvivaara's  convertible  bonds  offered  to
institutional investors exchangeable to a maximum of 3,595,613 shares. The total
number  of shares  held by  Ilmarinen (9,939,905)  and the  shares available for
subscription  on the basis of the convertible bonds (3,595,613) has increased to
5.03 %  (over 5%) of the  issued ordinary share  capital and total voting rights
attached  to shares in Talvivaara assuming that all of the convertible bonds are
exchanged  to  shares.  Ilmarinen's  interest  in Talvivaara has been calculated
assuming  that all of  the convertible bonds  are exchanged to  shares and using
following number as the issued ordinary share capital and total number of rights
attached to shares in Talvivaara: 269,287,473.

Interpolation by Talvivaara Mining Company Plc:
The  bonds will become  exchangeable to Talvivaara's  ordinary shares subject to
approval  of the relevant resolution by the Extraordinary General Meeting of the
Talvivaara's shareholders. The Extraordinary General Meeting is expected to take
place  no  later  than  on  18 February  2011. Prior  to  the  approval  of  the
Extraordinary  General Meeting, bondholders will be  entitled to exercise a cash
settlement  right whereby the  bondholders would receive  a cash amount equal to
the  market value of the shares notionally  underlying the bonds, as detailed in
the  terms and conditions. The issue size of the bonds is subject to increase by
a  maximum of EUR 25 million to EUR 225 million pursuant to the greenshoe option
granted  to BofA  Merrill Lynch  and J.P.  Morgan being  exercised prior  to the
settlement date.

Attachment
1. Name of the target company

Talvivaara Mining Company Plc

2. Basis for the flagging obligation

Subscription of the convertible bonds on 9 December 2010.

3. Date when the holdings have changed

9 December 2010

4. Holdings of the target company's voting rights and share capital

Holding  of  Ilmarinen  Mutual  Pension  Insurance  Company in Talvivaara is the
following:

A) Shares and voting rights attached to them

Number of shares % of shares Number of     % of voting rights
                             voting rights

9,939,905        3.69        9,939,905     3.69


B) Agreement or other arrangement

Resulting situation after the triggering transaction

Type of         Expiration     Number of      % of      Number of      % of
agreement /     Date           shares that    shares    voting rights  voting
other                          may be                   that may be    rights
arrangement                    acquired if              acquired if
                               the agreement            the agreement
                               / other                  / other
                               arrangement is           arrangement is
                               exercised                exercised


Convertible     Conversion     3,595,613      1.34      3,595,613      1.34
Bonds           period ending           on 16 December
                2015




TOTAL (A+B) Number of shares % of shares Number of voting      % of voting
                                         rights                rights

            13,535,518       5.03        13,535,518            5.03




5. Name of shareholder and business identification code
Ilmarinen Mutual Pension Insurance Company, Business ID 0107638-1



ENQUIRIES
Talvivaara Mining Company Plc Tel: +358 20 7129 800
Saila Miettinen-Lähde, CFO
Timo Laatio, Investor Relations



[HUG#1471810]

Attachments:

Talvivaara Mining Co Plc - Holding(s) in Company - Flagging notification 13.12.2010.pdf