Subscribe to our free daily newsletters
. 24/7 Space News .

Subscribe to our free daily newsletters

Finland cancels plan to close troubled nickel mine
by Staff Writers
Helsinki (AFP) Nov 11, 2016

Finland's government decided Friday to grant new public funding for its troubled Talvivaara mine, cancelling a previous plan to permanently close what was once the European Union's biggest nickel mine.

The unprofitable mine fell into the state's hands in 2014, when its private operator Talvivaara Sotkamo went bankrupt after two major leaks spilt toxic levels of nickel, cadmium, uranium, aluminium and zinc into nearby lakes and rivers of the Kainuu region, situated around 500 kilometres (300 miles) north of Helsinki.

After having invested over 700 million euros ($762 million) of public money in the mine over the years, the government announced last May a plan to begin its gradual shutdown by the end of this year, followed by expensive environmental clean-up operations.

But on Friday, Finland's Minister of Economic Affairs Olli Rehn changed his mind.

The government "backs an additional funding of 100 million euros for Terrafame," Rehn told reporters in Helsinki, referring to the mine's current operator, publicly-owned Terrafame Ltd.

"The premises for reaching profitability in the mining activities are realistic now," he added, citing rising nickel and zinc prices and Terrafame's efforts to put the business back on track.

The company has rapidly increased its production and its sales are expected to exceed 100 million euros this year, but Terrafame's head Lauri Ratia admitted losses are still piling up at a rate of 10 million euros a month.

"We aim at our cash flow turning positive by the beginning of 2018," Ratia said.

Rehn said the fresh public funding allowed for negotiations to continue with investors on finding a new private owner for the mine, but he refused to reveal any names.

He said the mine and the activities around it account for around ten percent of the region's gross domestic product.

But some locals are furious at the government for allowing the mine to continue its operations.

To resolve the mine's flooding problem, Terrafame has built a discharge pipe to release refined waste waters into another nearby lake.

Pekka Pera, the founder and former chief of Talvivaara mine, was ordered to pay a fine of some 20,000 euros ($22,700) last May over toxic dumping while two other executives were ordered to pay smaller sums.

All three have appealed.

Comment on this article using your Disqus, Facebook, Google or Twitter login.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
Space Technology News - Applications and Research

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Previous Report
Melanin may boost strength of foams and fabrics
Washington (UPI) Nov 9, 2016
Creating stronger materials may be as simple as adding melanin, the molecule that lends skin its pigment and protects animals from ultraviolet rays. In recent experiments, scientists found a small addition of melanin made polyurethane much stronger. Researchers described their findings in the journal Biomacromolecules. Polyurethane mostly comes in the form of high-resistance foam ... read more

Progress, but uphill slog for women in tech

NavCube could support an X-ray communication test in space

NASA, Navy practice Orion module recovery

Weightless tourism just 4 years away

JCSAT-15 arrives in Kourou for Dec Ariane 5 launch

Aerojet Rocketdyne completes CST launch abort engine hot fire tests

China launches first heavy-lift rocket

NASA Uses Tunnel Approach to Study How Heat Affects SLS Rocket

Mars' ionosphere shaped by crustal magnetic fields

Iron-Loving Bacteria A Model For Mars Life

Opportunity makes small U-turn to reach summit of Spirit Mound

'Millions' needed to continue Europe's Mars mission: ESA chief

Long March-5 reflects China's "greatest advancement" yet in rockets

New heavy-lift carrier rocket boosts China's space dream

Long March-7 being assembled, to transport Tianzhou-1

Kuaizhou-1 scheduled to launch in December

AsiaSat wins patent for effective satellite broadband connectivity to aircraft

Sun-observing MinXSS CubeSat to yield insights into solar flare energetics

Optus achieves full certification of 4 teleports

ISRO's World record bid: Launching 83 satellites on single rocket

We gather here today to join lasers and anti-lasers

Trace metal recombination centers kill LED efficiency

Studying structure to understand function within 'material families'

Study: Math scares everyone, even physicists

What happens to a pathogenic fungus grown in space?

How Planets Like Jupiter Form

Giant Rings Around Exoplanet Turn in the Wrong Direction

Preferentially Earth-sized Planets with Lots of Water

Mystery solved behind birth of Saturn's rings

Last Bits of 2015 Pluto Flyby Data Received on Earth

Uranus may have two undiscovered moons

Possible Clouds on Pluto, Next Target is Reddish

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement