Terrafame incurs €19m loss in Q2

Mining company Terrafame incurred 18.9 million euros loss in the second quarter, said the company after it released its 2019 second quarter results.

In the corresponding period last year, the company made a profit of 3.4 million euros.

"Net sales decreased due to lower market prices which started to decrease towards the end of the review period, combined with the higher treatment charge of zinc as well as lower production volumes during the second quarter..." said the company's CEO Joni Lukkaroinen.

According to Lukkaroinen, the price of nickel fell by 11.2% during the review period and the price of zinc fell by 16.4% year over year. There was a scheduled annual maintenance break at the metals production plant, which decreased the production volumes of metals compared with the first quarter.