Troubled Finnish nickel miner Talvivaara has subsided another 11% after revealing further financial problems.
Its shares have dropped 0.45p to 3.5p on news it had failed to raise €40m from a group of shareholders to restructure its debt. It repeated it could face bankruptcy unless it finds new sources of finance.
It also revealed it has just enough cash to last until the first quarter of 2014. It said:
Talvivaara...would expect to file for bankruptcy proceedings [without a successful restructuring] unless other alternatives have materialised by that time.
The miner said last week it was seeking a court supervised restructuring. It ran into problems when its production was disrupted by floods, and was also hit by falling nickel prices.
