Legal Proceedings Report • Nov 6, 2014
Legal Proceedings Report
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6 November 2014
Nyrstar ('Nyrstar' or the 'Company') wishes to update the market regarding its streaming agreement with Talvivaara Sotkamo Limited, a subsidiary of Talvivaara Mining Company Plc (collectively referred to as 'Talvivaara').
Talvivaara Sotkamo Ltd announced today that it has applied for bankruptcy under the Finnish Bankruptcy Act.
Nyrstar intends to work closely with the bankruptcy Trustee upon appointment, and is continuing to work proactively with key stakeholders to determine the best approach forward.
The Company's zinc streaming agreement with Talvivaara Sotkamo Ltd is guaranteed by the parent company Talvivaara Mining Company Plc.
In the event that the streaming agreement is eventually terminated, no material operational and financial impact is anticipated on the Company, other than the non-cash impairment of the carrying value of the stream.
As communicated previously, in the event that the streaming agreement is terminated, full impairment of the carrying value of the stream as at 30 June 2014 would reduce net assets by approximately EUR 176 million on and after tax basis.
The Company will continue to offer operational support to Talvivaara Sotkamo Ltd during this process.
Nyrstar will further update the market in due course.
Nyrstar is an integrated mining and metals business, with market leading positions in zinc and lead, and growing positions in other base and precious metals; essential resources that are fuelling the rapid urbanisation and industrialisation of our changing world. Nyrstar has mining, smelting, and other operations located in Europe, the Americas, China and Australia and employs approximately 6,500 people. Nyrstar is incorporated in Belgium and has its corporate office in Switzerland. Nyrstar is listed on NYSE Euronext Brussels under the symbol NYR. For further information please visit the Nyrstar website, www.nyrstar.com
Anthony Simms Group Manager Investor Relations T: +41 44 745 8157 M: +41 79 722 2152 E: [email protected]
Greg Morsbach Group Manager Corporate Communications T: +41 44 745 8295 M: +41 79 719 2342 E: [email protected]
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