Finnish mining company Talvivaara asks for debt secrecy

YLE NewsEye on the Arctic

The troubled Finnish mining firm Talvivaara wants to keep its debts secret.

New documents filed at a district court as part of a corporate reorganization process reveal what the company owes, but they remain sealed at the company’s request.

Talvivaara sought a company reorganization earlier this month as it struggles to deal with falling nickel prices on the world market and a string of environmental problems and associated production stoppages.

The company’s request for a reorganization is to be considered by a judge at Espoo District Court. The judge will also decide whether the list of creditors owed money by Talvivaara is to be made public. Talvivaara wants to keep the list secret.

If the court rejects Talvivaara’s application for a reorganization, the company is threatened with bankruptcy. Kari Järvinen, the Managing Director of government investment company Solidium, told Yle on Wednesday that his firm still had confidence in Talvivaara.

Järvinen said that nobody had proven that Talvivaara’s controversial bio-leaching process could not work in Finnish conditions and that once production gets going the mine could become profitable.

Solidium has faced calls from environmentalists and politicians to withdraw its 17 percent stake in Talvivaara and close the mine down in the wake of repeated waste leaks and environmental issues.

This story is posted on Alaska Dispatch as part of Eye on the Arctic, a collaborative partnership between public and private circumpolar media organizations.