Canadian metals producer Timminco Ltd. is looking to boost its capacity with a proposed new plant in Iceland, the company announced on Tuesday. The news boosted Timminco’s shares by 24% to close at $1.33 on the Toronto Stock Exchange - well off the high of more than $30 reached in the middle of 2008.
Timminco has secured about $1 million in convertible debt financing from Icelandic private equity firm Strokkur Energy, and will use the proceeds to fund preliminary engineering work for.
The new plant will have an annual production capacity of 50,000 tonnes of silicon metal and would complement existing capacity at its plant in Becancour, Quebec, the company said.
The company has struck a long-term power supply agreement in principle with Icelandic company Reykjavik Energy which will provide Timminco with 85 megawatts of electrical power from a proposed plant in Hverahlid. This will begin operating in 2013.
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