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If there is one thing that can be said about Talvivaara, it is that the Finnish nickel and zinc producer is extremely resilient.
The company has seen its fair share of setbacks over the past year – delays to production ramp-ups, cutbacks in output forecasts, problems with its hydrogen sulphide generators, and major losses in the third quarter.
Its Sotkamo mine has also been investigated by the police over alleged pollution offences – and yet its management team is sure things will pick up, as in the face of all this, the company has been down, but not out.
It is working on the premise that Talvivaara will be cash-flow positive in 2012, and even if everything goes horribly wrong, it could cut costs in half for several months and continue to function.
Talvivaara is also committed to its 50,000-tpy full ramp-up target for nickel, although it has not set a specific deadline, and has even taken on nine people to carry out conceptual studies based on doubling the capacity to 100,000 tpy.
And despite lthe company losing two-thirds of its value on the London Stock Exchange since February, chairman Edward Haslam has said he believes Talvivaara is capable of achieving a much better valuation.
Whether this confidence will prove justified remains to be seen, but it will be interesting to watch this company over the coming months.
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