Finnish nickel miner Talvivaara Mining Company has stepped back from the brink, after court approval for a restructuring.
The company has been hit by falling nickel prices and its own severe production problems, and ran into financial difficulties as a result, to the point where it was threatened with bankruptcy. But a court decision to allow it to reorganise its debt and news that production restarted last week have lifted its shares up 27% to 8.75p. They are still down around 70% over the past two years, however.
Chief executive Pekka Pera said:
With the reorganisation process now beginning, we can also continue our metals production, which re-commenced last week after a one month stoppage of our metals recovery plant.
