Terrafame finalises to cut jobs as negotiations completed

State-owned mining and multi-metal company Terrafame has completed the change negotiations concerning the entire personnel on production-related and financial grounds, said the company in a press release on Wednesday.

As a result of the negotiations, Terrafame will make a reduction of a maximum of 30 person-years.

In addition, Terrafame will implement layoffs and changes to the work scheduling, among other things.

The company will offer those affected by the redundancies support in the change situation and in seeking re-employment.

In October 2024, Terrafame announced that it had decided to initiate change negotiations concerning the entire personnel due to a challenging market situation.

At the beginning of the negotiations, Terrafame estimated that the maximum personnel reduction need would be in total 75 person-years.

At the end of September 2024, Terrafame employed a total of 826 people.

“The market environment has remained very challenging, especially for battery chemicals. That is why we are forced to implement several measures, which are necessary for Terrafame as a company. During the change negotiations, we identified solutions to improve cash flow and profitability, which led to fewer than anticipated personnel reductions. Additionally, we can achieve cost savings by utilising various working time patterns more efficiently,” said Seppo Voutilainen, Chief Executive Officer of Terrafame.