Finland's Former Talvivaara Files for Bankruptcy

Finland’s Ahtium Oyj, previously named Talvivaara Mining Company, which ran a troubled nickel mine in northern Finland, has filed for bankruptcy after failing to secure financing for future projects, it said on Tuesday, Reuters reported. Ahtium is the former owner of the mine that leaked waste water in 2012 and faced serious production problems, prompting the Finnish government to take control of the mine in 2015 in an effort to protect local jobs and the environment. The company, while still named Talvivaara, listed in London in 2007 with the aim of becoming Europe’s biggest nickel mine by pioneering a process of using bacteria to extract nickel. But after the environmental damage, Talvivaara was placed into debt restructuring and the government set up a company called Terrafame to ramp up the mine in 2015. Commodities trader Trafigura took a stake in the mine last year. Read more.