Tasnee announces the Latest Developments on the Titanium Sponge Project

Referring to the previous announcement published on December 31, 2017 regarding the latest developments on Titanium Sponge Project, Tasnee has announced the delay of the startup of Titanium Sponge Project to be on the first half of 2019. The project is 100% achieved and the delay from the previously planned startup time (the 2nd half of 2018) is attributed to the delay on operating the raw material unit (Titnium Tetrachloride) which is expected to be completed by the first quarter 2019. The cost of the project is expected to increase by $ 60 Million from the initial project cost of $440 Million which had been announced earlier. Additionally, the financial impact of this project on the company consolidated results cannot be determined at this stage.

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.