National Industrialization Co. Announces an update on The latest developments on the Titanium Sponge Project
|Introduction||Delay on the startup of Titanium Sponge Project to be on the second half of 2019|
|Date of previous announcement||2018-12-27 Corresponding to 1440-04-20|
|Expected completion date of the event||The startup will be on the second half of 2019|
|Reasons for exceeding the announced end date||Delay from what we have planned and announced (first half of 2019) because of the delay on commercial operation of the raw material unit (Titanium Tetrachloride) which expect to be completed by the third quarter of 2019.|
|Expenses related to the event and whether it changed or not with the justification||There is no impact on the final cost of the project from the previous announcement.|
|Impact of delay on the company’s financial results||The financial impact of this Project cannot be determined at this stage.|
|Additional Information||The initial Titanium Sponge Project capacity is (15,600) tons/year in Yanbu Industrial City. The Project and the Ilmenite Smelter are major downstream projects in Tasnee titanium value chain. |
Please note that the Project owned by Advanced Metal Industries and Toho Titanium Company Limited which (65%) of its share interest is owned by Advanced Metal Industries Co., Ltd., and the later owned by Tasnee (50%) while Cristal owns the other half, and the remaining (35%) of its share interest owned by Toho Titanium, a Japanese company.
Further developments relating to the Project will be announced in due course.
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