HELSINKI: The government is preparing to close down the Talvivaara Sotkamo nickel mine company. The closure of the Terrafame-run mine will be carried out through a transitional period until the end of the year.
The cabinet Committee on Economic Policy outlined the issue at a meeting on Wednesday and Economic Affairs Minister Olli Rehn revealed the policies at a press conference. During the transitional period, operational activities at the mining company will continue to ensure both environmental security and the possibility that commercial activity will still be possible afterwards.
The ramp-up of mining and commercial operations, though, can only continue in the long term, if private funding is found during the transitional period. A total of 144 million euros in additional capital support are being set aside for the Terraframe Group in the state’s second supplementary budget. The funds will be used for continued operation of the mine during the transitional period.
If the required funding for the operations can be found from the private sector this year, the Terrafame Group may utilise the 144 million euros of the supplementary budget in order to participate in the extension of financing activities of Terrafame as an investor. The Terrafame Group is a wholly state-owned company.
