Thursday, November 7, 2013

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

Reuters: Bankruptcy News
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RPT-Norilsk has no plans to help Finland's Talvivaara - source
Nov 7th 2013, 12:27

Thu Nov 7, 2013 7:27am 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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