Finland-based nickel and zinc miner Talvivaara Mining Company Plc announced on February 16 that its nickel production rose 55 percent year on year in 2011 to 16,087 mt. Additionally, Talvivaara's net sales in 2011 amounted to €231.2 million, rising 52 percent, while its operating profit came to €30.9 million, up 25.2 percent, both on year-on-year basis.
Talvivaara's CEO Pekka Perä said that the company's production target for 2012 was 25,000-30,000 mt of nickel. Commenting on the annual financial results, Mr. Perä said, "2011 was a turbulent year in the global markets, but despite a fall from earlier highs and a degree of volatility, metal prices held out comparatively well. We expect a high degree of volatility and uncertainty to persist in the short term, but, backed by sustained worldwide demand driven particularly by China, we continue to have confidence in the long-term strength of the commodity market."
Meanwhile, according to Talvivaara's 2011 market environment review, global refined nickel output grew by 12.4 percent to 1.63 million mt in 2011, leaving the market in a slight deficit for the year. Supply growth was to a large extent driven by a 55 percent increase in Chinese NPI (nickel pig iron) output, although the weaker nickel price environment towards the end of the year resulted in shutdowns of NPI capacity.