Ahtium
| File:Talvivaaralogo.PNG | |
| Company type | Public (LSE: TALV, Nasdaq Helsinki: TLV1V) |
|---|---|
| Industry | Mining |
| Founded | 2004 |
| Headquarters | Espoo, Finland |
Key people | Edward Haslam, Chairman Pekka Perä, CEO |
| Revenue | €5.0 million (2009)[1] |
| €(31.6) million (2009)[1] | |
| €(33.0) million (2009)[1] | |
| Website | www.talvivaara.com |
Talvivaara Mining Company plc (Finnish: Talvivaaran Kaivososakeyhtiö Oyj, LSE: TALV, Nasdaq Helsinki: TLV1V) is a Finnish-based nickel mining business operating in Finland. Listed on the London and Helsinki Stock Exchanges, the company is a constituent of the FTSE 250 and a former member of the OMXH25 index.
History
The deposits, Kuusilampi and Kolmisoppi, were originally discovered in 1977, by the Geological Survey of Finland (GTK) and Kajaani Corporation (later merged to UPM). Although the deposit was large, it was considered too poor for existing technology. Only bioheap leaching could concentrate the nickel enough, but the technology was still untested. The mining rights were eventually obtained by Outokumpu Corporation, which sold them at a nominal price of one euro to a former employee, Pekka Perä. The Talvivaara Mining Company was established in 2004 when it acquired the rights to mine sites at Sotkamo in Eastern Finland from Outokumpu. In 2006 a metals recovery trial was completed and the necessary financing was secured.[2] Perä proceeded to list the company in London Stock Exchange in 2007 and later to Helsinki Stock Exchange in 2009.
The appropriate permits to commence mining were obtained in 2007 and metals production started late in 2008.[3] The construction of the mine cost 560 million euros in 2007–2008, and an additional 22 million from HEX in 2009 enabled investments that increased production by 45%.[4]
In 2010 the company announced the commencement of uranium production as a by-product from its normal mining operations in Sotkamo. The uranium produced will be in the form of yellowcake with an estimated annual production of approximately 350 tons. At a yellowcake price of $40/lb the uranium production could result in an additional €20m annual revenue. The capital investment costs were €30m and estimated annual production costs are €2m.[5] The resulting uranium production is estimated to meet 80% of Finland's annual uranium demand, although reprocessing and enrichment would be required to be conducted abroad, and would effectively double the production of uranium in the EU.[6] Currently, the uranium is deposited into the gypsum pond.
Sales
Norilsk Nickel, the world's leading producer of nickel, has made a 10-year contract with Talvivaara Mining Company to purchase the latter's entire output of the nickel and cobalt production at market prices.[7]
Operations
| Location | |
|---|---|
| Location | Sotkamo |
| Country | Finland |
| Production | |
| Products | Nickel, Copper, Zinc, Cobalt |
| Owner | |
| Company | Talvivaara Mining Company |
The Talvivaara mine is one of the largest nickel mines in Finland.[8] The mine is located in Sotkamo in Eastern Finland.[9] It is an open-pit mine, 22 km from Sotkamo and 28 km from Kajaani. The mine consists of two deposits 3 km apart, Kuusilampi and Kolmisoppi,[10] and has an annual production capacity of over 10 million tonnes of ore. The mine has reserves amounting to 1 billion tonnes of ore grading 0.22% nickel, 0.13% copper, 0.5% zinc and 0.02% cobalt thus resulting 2.2 million tonnes of nickel, 1.3 million tonnes of copper, 5 million tonnes of zinc and 0.2 million tonnes of cobalt.[8] 90% of the nickel is deposited in black schist rock, which contains 31% sulfides, most of which consist of iron sulfide minerals. Nickel-bearing sulfide minerals pentlandite, altered pentlandite and pyrrhotite are present in low concentrations, but are accessible by bioheap leaching.[11]
The metals are extracted by bioheap leaching, a method where natural bacteria living in the rock accelerate metal leaching by oxidation. The ground ore is built into heaps 1.2 km long and 400 m wide, and a recycling irrigation system is used to keep the grains wet. The heat produced by the bacterial oxidation keeps the heap warm throughout the year. Extraction is done twice in primary and secondary heaps.[11] The resulting green-colored solution is then refined to the metals.[12][13] Treatment with hydrogen sulfide precipitates copper sulfide, then zinc sulfide and finally nickel-cobalt sulfide.[11]
A railway track was built in order to transport the nickel-cobalt concentrate to a Norilsk Nickel smeltery in Harjavalta, Finland. The mine employs 400 people.
References
- ^ a b c Preliminary Results 2009
- ^ Talvivaara Mining Company Ltd. announces successful completion of a €33 million private placement financing round
- ^ Metso to supply automation system to Talvivaara Mining Company in Finland
- ^ Manninen, Kari: Kaivosyhtiöt hakevat lisärahaa kestääkseen nousukauteen. Savon Sanomat, 8.5.2009, s. 17.
- ^ Talvivaara Mining Company plc announces recovery of uranium as a by-product
- ^ Helsingin Sanomat Kuukausiliite 3/2010 page 41
- ^ "About Talvivaara". Talvivaara Mining Company. Retrieved 2009-08-06.
- ^ a b "Geology". Talvivaara Mining Company. 2010. Retrieved 2010-08-30.
- ^ "Operations". Talvivaara Mining Company. 2010. Retrieved 2010-12-27.
- ^ http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn1348
- ^ a b c http://fem.lappi.fi/c/document_library/get_file?folderId=48927&name=DLFE-2780.pdf
- ^ YLE: Prisma Studio 29.1.2011
- ^ http://www.scientific.net/AMR.20-21.30