Reuters: Bankruptcy News: Norilsk has no plans to help Finland's Talvivaara - source

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Norilsk has no plans to help Finland's Talvivaara - source Nov 7th 2013, 12:24 MOSCOW | Thu Nov 7, 2013 7:24am EST MOSCOW Nov 7 (Reuters) - Russia's mining giant Norilsk Nickel has no plans to help bail out financially-troubled Finnish nickel miner Talvivaara, a source familiar with the Russian company's plans said. Talvivaara said earlier on Thursday it was in talks with stakeholders to secure funds after a series of production disruptions at its Sotkamo mine and a fall in nickel prices put it at risk of bankruptcy. Norilsk Nickel, the world's biggest nickel and palladium producer, is Talvivaara's main customer and owns a 0.64 percent stake in the company. "It's not a business aim of the company to help Talvivaara," said the source. A Norilsk spokesman declined to comment. The Finnish government on Thursday confirmed it was in talks with Talvivaara but said it wanted private investors to participate so it can avoid a bailout that is fully state-financed. (Reporting by Polina Devitt; Writing by Ritsuko Ando)

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