Auditor

According to its Articles of Association, Talvivaara has one auditor elected by the Annual General Meeting of Shareholders. The term of an auditor terminates at the close of the Annual General Meeting of Shareholders following the election. The auditor shall be a company of auditors authorized by the Central Chamber of Commerce of Finland.

The auditor of the Company has been the Authorized Public Accountants PricewaterhouseCoopers. Ms. Ylva Eriksson, APA, has principal responsibility for the conduct of the audit. The auditors are paid based on approved invoices.

In 2011, the compensation for their services amounted to EUR 79,000 in audit fees, EUR 317,000 for audit related services, and EUR 27,000 in non-audit fees. Audit fees include fees for the audit of the consolidated financial statements, review of the interim reports as well as fees for the audit of Talvivaara Mining Company Plc and its subsidiaries. Audit related assignments include fees for assurance and associated services related to the audit. In 2011, audit related assignments included work relating to the acquisition of an additional 4% shareholding in Talvivaara Sotkamo Ltd from Outokumpu Mining Oy (EUR 314,000). Non-audit fees comprise tax assignments (EUR 6,000) and other assignments (EUR 21,000), which include fees for IFRS consultation and consultation relating to internal controls.

The auditor is responsible for auditing the Company's and the Group's accounting records for the financial period, the financial statements and the report of the Board of Directors. In addition, Finnish law requires that the auditor also monitors the legality of the Company's administration.