Further to a previous announcement published on 03 Marsh 2016 on Tadawul website regarding latest developments on the Titanium Sponge Project Tasnee announces a new date of the trial and commercial startup from what we planned and announced on Tadawul to be on the second half of 2018 because of the delay of build the raw material unit (Titanium tetrachloride)
The initial titanium sponge project capacity is 15,600 tons/year in Yanbua industrial city. This project and the ilmenite smelter are major downstream projects in Tasnee titanium value chain.
The financial impact of the new date of the startup is cannot be determined at this stage any major developments in the project will be announced in later dates.
Please note that the project owned by Advanced Metal Industries and Toho Titanium Company which is owned 65% by Advanced Metal Industries Co. (AMIC) owned 50% by Tasnee and 50% by Cristal and 35% owned by Toho Titanium.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.