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2008-03-04 08:02:00 CET 2009-03-04 09:54:10 CET REGULATED INFORMATION Talvivaaran Kaivososakeyhtiö Oyj - Financial Statement ReleaseTalvivaara Mining Company annual accounts review for year ended 31 December 2008Transforming a project into a mine Highlights of 2008 • Commercial scale mining commenced with a first blast on 1 April 2008 • Talvivaara placed an offering of EUR 84.9 million of convertible bonds on 14 May 2008 • Production scale materials handling processes, including crushing, stacking and bioheapleaching of ore, commenced during the month of July 2008 • USD 320 million project finance facility was drawn down starting 3 September 2008 • First metal sulphides from the Talvivaara mine were precipitated on 1 October 2008 • A 42% increase in measured and indicated mineral resources to 642 million tonnes was announced on 4 December 2008 • Operating loss for the year was EUR (4.3) million (2007: profit of EUR 2.3 million) • Capital expenditure for the year was EUR 429 million (2007: EUR 134 million) • Cash at year end EUR 82.7 million (2007: EUR 153.5 million) Highlights since the end of the review period • First lot of 100 tonnes of nickel sulphide to off-take partner Norilsk Nickel Harjavalta Oy was shipped on 19 February 2009 • Finnvera Plc has granted an up to EUR 50 million investment and working capital facility to Talvivaara Project Ltd. to be utilised during 2009 • Planning for a secondary listing on the main list of NASDAQ OMX Helsinki stock exchange ongoing CEO Pekka Perä: “2008 was a very difficult year for the financial markets and much of the world economy, but, despite the decline in the nickel price it was generally a good one for Talvivaara. We achieved all our planned milestones, from the start of mining in April to the first metal production, on time, in October. On top of that, we further strengthened our financial position through a successful EUR 85 million convertible bonds offering in May. Like any new project, we have however had teething problems. The ramp-up process, including mining, bioheapleaching and metals recovery, has generally progressed very well, but we have faced challenges in ramping up our crushing circuit. Corrective actions with the crushing equipment have been taken, but some further de-bottlenecking still remains to be done. While achieving the planned level of production remains our main focus in 2009, we are, given the present unpredictability of base metals prices, also focusing on conserving our cash resources. Accordingly, we have deferred all capital expenditure which is not necessary for achieving the budgeted production, until 2010. I am, however, very happy to confirm that we are continuing our recruitment efforts according to plan to strengthen our already skilled team of professionals. All in all, I look forward to continued delivery on our plans and making great progress in the year ahead.” Enquiries: Talvivaara Mining Company Plc. Pekka Perä, CEO Tel. +358 20 712 9800 Saila Miettinen-Lähde, CFO Merlin Tel. +44 207 653 6620 David Simonson Tom Randell Anca Spiridon Cocomms Anna-Mari Tiilikainen Tel. +358 9 6689 6925 Presentation and live webcast on 4 March 2009 at 13:00 GMT/15:00 EET A combined presentation, conference call and live webcast on the Annual Results will be held on 4 March 2009 at 13:00 GMT/15:00 EET at Hotel Scandic Simonkenttä, Simonkatu 9, Helsinki, Finland. The presentation will be held in English. Link: http://qsb.webcast.fi/c/customers/customers_2009_0304_talvivaara_results_2008/ A conference call facility will be available for a Q&A with senior management following the presentation. Europe & U.K Participants: +44 (0)20 7162 0025 US Participants: +1 334 323 6201 Conference ID: 827977 Further details on the event can be found on the Talvivaara website, www.talvivaara.com. The webcast will also be available for viewing on the Talvivaara website shortly after the event until December 2009. |
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