In response to the volatile and uncertain market environment and decline in nickel prices, Talvivaara Mining Company's short term focus has shifted from maximizing production volume to optimizing profitability.

In its interim report for January to September 2011 period, the company reported solid financial performance whilst working to overcome operational challenges.

For Q3 2011, the company reported nickel production of 3,153 tonnes, adversely impacted by problems in hydrogen sulphide generators. The company showed net sales of EUR 60.6 million and an operating profit of EUR 5.5 million.

For YTD 2011, nickel production was 11,319 tonnes, up by 73% YoY. Net sales were EUR 164.7 million and operating profit of EUR 16.0 million.

Highlights after the reporting period, show that full year 2011 production target has now been revised to a minimum of 16,000 tonnes of nickel.

Both production lines at the metals recovery plant in uninterrupted operation since mid October and production on track to achieve the targeted nickel output.

Mr Pekka Perä CEO of Talvivaara is to retire from active executive duties over the coming months, but will retain his shareholding and an active role on the board. The board has commenced the search for a new CEO.

Amendment agreement to EUR 100 million revolving credit facility signed in October; facility increased to EUR 130 million and maturity extended by one year to June 2014.

(Sourced from www.stockmarketwire.com)