Talvivaara Mining Plc (OMX: TLV1V, LSE:TALV) reported earnings yesterday. As expected, the low nickel production level that the company warned about earlier, led to an operating loss of 11.4 million Euros with net sales at 39 million. Target prices were cut on Thursday and the share retreated a further 6%.
Opponents of the mine have become more vocal. Two members of the European Parliament, Satu Hassi from the Green League and Sirpa Pietikäinen from National Coalition, are asking the EU Commission to check if local officials should have enforced EU’s environmental laws when it became apparent that quantities of harmfull substances released into water had exceeded the allowed levels as stipulated in the environmental permit.
The Annual General Meeting was held on Thursday. It signalled an end of an era of sorts as founder and major owner Pekkä Perä stepped down from operative duties and Harri Natunen was appointed as CEO. It clearly looked as though the difficult times had gotten to Perä. His demeanour was much more subdued than before.
Around 100 people held a demonstration outside the AGM premises in Sotkamo, demanding the mine to be shut down. Many investors feel that since Finnish government has through its investment arm Solidium taken a large interest in the company, including taking part in the recent direct emission, the wheel keeps rolling on no matter what. The company is now stressing environmental investments and future rectifying of the matter in all of its communications.
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