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Ahtium, former Talvivaara Mining, files for bankruptcy

The board of Ahtium, until late 2017 known as Talvivaara Mining Company, announced Tuesday morning that the company has decided to file for bankruptcy.

Image: Pasi Peiponen / Yle

A state-owned firm, Terrafame, is now running the mine that previously faced bankruptcy under the Talvivaara name. After extensive environmental problems with the company's production process, the Finnish state stepped in to take over mining operations through Terrafame in 2015.

Talvivaara Mining underwent debt restructuring and rebranded itself as Ahtium, announcing plans to develop technology for refining biomass and other energy-saving technologies.

According to a press release on Tuesday, the company did not have enough time to turn its projects into positive cash flow or to reach an agreement on the acquisition of new businesses.

Ahtium has over 80,000 shareholders, most of them small investors, with largest holding, a good 7%, by the Finnish state-owned Solidium investment company.