As noted in the latest International Mining Project News, Outokumpu changed its mining divestment policy to retain a position (20%) in Talvivaara Project Ltd, owned by Talvivaara Mining Co. Now, Outokumpu has participated in Talvivaara’s IPO by subscribing approximately 10.9 million shares, resulting in a 4.9% ownership in the company on a fully diluted basis, for a total consideration of some €32 million. Outokumpu divested the Talvivaara exploration project in 2004 and held an option to subscribe for shares with a 20% discount in a possible IPO, representing up to 5% ownership in the company. Talvivaara Mining’s IPO has now been completed and listing of the shares has started today on the London Stock Exchange. Talvivaara Project will be consolidated in Outokumpu’s consolidated income statement as an associated company reflecting Outokumpu’s 20% holding. The fair valuation of Outokumpu’s 20% stake is estimated to result in a non-recurring gain in excess of €100 million, which will be booked in financial income in the second quarter 2007 income statement. The shareholding in the listed Talvivaara Mining will be classified as an available-for-sale financial asset with changes in fair value recognized directly in equity. The Talvivaara mine is expected to start production of nickel and other metals at the end of 2008. Its target is to gradually ramp up its nickel output to some 33,000 t/y.