Timminco Ltd has secured contracts to supply about 90,000 tonnes of silicon metal over the next five years.
Subsidiary company Becancour Silicon Ltd will supply set base quantities of silicon metal between 2010 and 2014, subject to volume adjustments by the customer. Volume commitments can also be suspended for any year after 2010 if both parties cannot settle on pricing. The contract is with a long-standing customer, though Timminco has not divulged the customer’s name.
Showing posts with label silicon. Show all posts
Showing posts with label silicon. Show all posts
Friday, February 19, 2010
Wednesday, February 17, 2010
Timminco Proposes Silicon Plant In Iceland
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.
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.
Sunday, January 31, 2010
Globe Re-opens Selma Silicon Plant
Globe Specialty Metals has taken on 90 staff to operate its silicon plant in Selma, Alabama, which re-opened on Friday.
“Globe Selma is back on its feet and standing tall,” said Globe CEO Jeff Bradley. “We look forward to a future in Selma that is bright.”
The Selma plant has an annual production of over 27,000 tons of metallurgical grade silicon and silicon ferro-alloys, supplying to manufacturers of aluminium, electronics, solar panels, silicon chemicals, the auto industry, ductile iron foundries and concrete products.
The company made the Selma plant idle in April of last year but reopened it with renovated machinery last October. As production picked back up the company added 90 more positions.
“The country and state have been through some tough times and this year is going to be tough too,” Bradley said. “But, we are going to keep jobs on our own soil.”
“Globe Selma is back on its feet and standing tall,” said Globe CEO Jeff Bradley. “We look forward to a future in Selma that is bright.”
The Selma plant has an annual production of over 27,000 tons of metallurgical grade silicon and silicon ferro-alloys, supplying to manufacturers of aluminium, electronics, solar panels, silicon chemicals, the auto industry, ductile iron foundries and concrete products.
The company made the Selma plant idle in April of last year but reopened it with renovated machinery last October. As production picked back up the company added 90 more positions.
“The country and state have been through some tough times and this year is going to be tough too,” Bradley said. “But, we are going to keep jobs on our own soil.”
Wednesday, September 30, 2009
$500 Million Silicon Smelter Planned For Tasmania
A $500 million silicon smelter to make the building blocks for solar panels may be built between Wynyard and Stanley.
Tasmanian Treasurer Michael Aird and Australia's senior trade commissioner to Germany met top executives from multinational chemical giant Wacker last week in Munich to discuss the project.
Under the proposal, Wacker Chemie Ag would build a silicon refinery at the Port Latta industrial site near Stanley, next to the existing Grange Resources iron magnetite pellet plant.
The plant would be the biggest silicon refinery in Australia, producing a much more sophisticated silicon metal product than the other major refinery in Western Australia.
Tasmania is attractive to Wacker -- one of the world's largest specialist silicon companies -- because of its rich untapped reserves of high grade 99 per cent pure silica, water for cooling, renewable energy from both wind and hydro-electric sources and natural gas to power its high-temperature furnaces.
Circular Head mayor Daryl Quilliam confirmed yesterday Wacker representatives had visited the region "two or three times" recently to canvass their silicon project with locals.
He said council staff had met with Wacker to discuss its key needs in building a new hi-tech silicon refinery at Port Latta.
"Wacker has talked with the council. Our reaction is that any development like this is very important to us and that we will do whatever we can to make sure we get this refinery project for Circular Head," Mr Quilliam said.
Mr Quilliam said discussions had focused on getting the silica from the Marrawah and Arthur River area, where it would be mined, to the proposed Port Latta smelter using existing road and rail options.
The proposed refinery would turn high-grade silica into pure silicon.
The thin sheets of polysilicon wafers produced would be exported to be made into photovoltaic cells to supply the fast-growing demand for solar energy panels in China and Asia.
Refined silicon can also be used in the Liquid Crystal Display (LCD) screens of computers and TVs, in the manufacture of fibre-optic cables to carry high-speed broadband telecommunications and to make silicon chips that power computers.
Mr Aird, who spent $50,000 last week on a taxpayer-funded trip to Europe to talk to the Wacker board, has said the project would provide "hundreds of jobs".
He refused to discuss the project yesterday, despite being asked to confirm in Parliament that his mystery "manufacturing plant" mooted for the North-West Coast was a silicon mine and refinery.
He said discussions between the Government and the unnamed company were still "very sensitive", with the proponent still looking at two other locations.
"There are commercial-in-confidence reasons for the company not wanting to canvass the issues at this stage," Mr Aird said.
Greens leader Nick McKim had asked Mr Aird to confirm the "open secret" that the foreign investment project was a silicon refinery. Mr McKim demanded to know if a value-adding manufacturing plant would be part of any industrial smelter.
He also asked what incentives the Government was promising Wacker, if heavily discounted electricity prices were part of the package and where the timber needed in the chemical process to convert silica to silicon using charcoal was to be sourced.
"This may well be a good project which Tasmanians can be proud of, but can you provide an assurance that this will not be yet another divisive proposal which will rip the Tasmanian community apart, as Gunns Limited's pulp mill has," Mr McKim asked.
Wacker wants the Tasmanian and Australia governments to provide it with incentives before it makes a final decision.
Mr Aird met last week with federal Industry Minister Kim Carr in Melbourne to discuss a support package.
He said federal and state assistance would focus on the provision of infrastructure such as roads, rail and port facilities, and on skills training.
Source: The Mercury, Tasmania
Tasmanian Treasurer Michael Aird and Australia's senior trade commissioner to Germany met top executives from multinational chemical giant Wacker last week in Munich to discuss the project.
Under the proposal, Wacker Chemie Ag would build a silicon refinery at the Port Latta industrial site near Stanley, next to the existing Grange Resources iron magnetite pellet plant.
The plant would be the biggest silicon refinery in Australia, producing a much more sophisticated silicon metal product than the other major refinery in Western Australia.
Tasmania is attractive to Wacker -- one of the world's largest specialist silicon companies -- because of its rich untapped reserves of high grade 99 per cent pure silica, water for cooling, renewable energy from both wind and hydro-electric sources and natural gas to power its high-temperature furnaces.
Circular Head mayor Daryl Quilliam confirmed yesterday Wacker representatives had visited the region "two or three times" recently to canvass their silicon project with locals.
He said council staff had met with Wacker to discuss its key needs in building a new hi-tech silicon refinery at Port Latta.
"Wacker has talked with the council. Our reaction is that any development like this is very important to us and that we will do whatever we can to make sure we get this refinery project for Circular Head," Mr Quilliam said.
Mr Quilliam said discussions had focused on getting the silica from the Marrawah and Arthur River area, where it would be mined, to the proposed Port Latta smelter using existing road and rail options.
The proposed refinery would turn high-grade silica into pure silicon.
The thin sheets of polysilicon wafers produced would be exported to be made into photovoltaic cells to supply the fast-growing demand for solar energy panels in China and Asia.
Refined silicon can also be used in the Liquid Crystal Display (LCD) screens of computers and TVs, in the manufacture of fibre-optic cables to carry high-speed broadband telecommunications and to make silicon chips that power computers.
Mr Aird, who spent $50,000 last week on a taxpayer-funded trip to Europe to talk to the Wacker board, has said the project would provide "hundreds of jobs".
He refused to discuss the project yesterday, despite being asked to confirm in Parliament that his mystery "manufacturing plant" mooted for the North-West Coast was a silicon mine and refinery.
He said discussions between the Government and the unnamed company were still "very sensitive", with the proponent still looking at two other locations.
"There are commercial-in-confidence reasons for the company not wanting to canvass the issues at this stage," Mr Aird said.
Greens leader Nick McKim had asked Mr Aird to confirm the "open secret" that the foreign investment project was a silicon refinery. Mr McKim demanded to know if a value-adding manufacturing plant would be part of any industrial smelter.
He also asked what incentives the Government was promising Wacker, if heavily discounted electricity prices were part of the package and where the timber needed in the chemical process to convert silica to silicon using charcoal was to be sourced.
"This may well be a good project which Tasmanians can be proud of, but can you provide an assurance that this will not be yet another divisive proposal which will rip the Tasmanian community apart, as Gunns Limited's pulp mill has," Mr McKim asked.
Wacker wants the Tasmanian and Australia governments to provide it with incentives before it makes a final decision.
Mr Aird met last week with federal Industry Minister Kim Carr in Melbourne to discuss a support package.
He said federal and state assistance would focus on the provision of infrastructure such as roads, rail and port facilities, and on skills training.
Source: The Mercury, Tasmania
Saturday, July 25, 2009
NZ Silicon Producer Facing Dissolution
A prominent company exploring for silicon in Southland is facing dissolution if it does not get an injection of capital in the next year.
Silicon Metal Industries is one of four firms believed to hold exploration permits to search for silica at Pebbly Hills.
In the firm's annual report, issued in March, chairman Michael Hawarden said SMI concluded the year with a $62,000 deficit and an injection of funds was vital to keep the company alive. Overtures had been made to local and overseas financial institutions to raise $500,000 initially, he said.
However, shareholders were also being asked to increase their holdings in the firm, being offered up to $5000 in shares at 2.5c each.
"Our hope is shareholders will avail themselves of this discounted offer, which will enable the company, firstly, to survive, and to pursue capital raising from other sources, leading ultimately to capturing the very considerable value which it is felt is inherent in this project." The year's activities would depend on the successes or otherwise of interim capital raising, he said.
It was a difficult time to be seeking capital, given the disarray in world financial markets, but he believed the future of the project was positive.
"The silicon market appears to be relatively buoyant, and a weaker New Zealand dollar enhances the viability significantly."
Previous geological investigations had also indicated the presence of economically significant gold grades in the area, he said. "This alluvial gold could be recovered as a byproduct of the gravel washing and screening stage. Further testing to confirm actual grades is warranted."
SMI has about 70 New Zealand shareholders, including the South Island's richest man Allan Hubbard, and some in South Africa.
Three of its South African directors were recently investigated for fraud by South Africa's Government, but no prosecution has been taken.
Source: stuff.co.nz
Silicon Metal Industries is one of four firms believed to hold exploration permits to search for silica at Pebbly Hills.
In the firm's annual report, issued in March, chairman Michael Hawarden said SMI concluded the year with a $62,000 deficit and an injection of funds was vital to keep the company alive. Overtures had been made to local and overseas financial institutions to raise $500,000 initially, he said.
However, shareholders were also being asked to increase their holdings in the firm, being offered up to $5000 in shares at 2.5c each.
"Our hope is shareholders will avail themselves of this discounted offer, which will enable the company, firstly, to survive, and to pursue capital raising from other sources, leading ultimately to capturing the very considerable value which it is felt is inherent in this project." The year's activities would depend on the successes or otherwise of interim capital raising, he said.
It was a difficult time to be seeking capital, given the disarray in world financial markets, but he believed the future of the project was positive.
"The silicon market appears to be relatively buoyant, and a weaker New Zealand dollar enhances the viability significantly."
Previous geological investigations had also indicated the presence of economically significant gold grades in the area, he said. "This alluvial gold could be recovered as a byproduct of the gravel washing and screening stage. Further testing to confirm actual grades is warranted."
SMI has about 70 New Zealand shareholders, including the South Island's richest man Allan Hubbard, and some in South Africa.
Three of its South African directors were recently investigated for fraud by South Africa's Government, but no prosecution has been taken.
Source: stuff.co.nz
Thursday, July 23, 2009
Timminco To Cut Silicon Production
Timminco Ltd will temporarily cut solar-grade silicon production and up to 60 staff as demand remains weak, but the company said production would resume once demand recovers.
Toronto-based Timminco said on Wednesday that scaling back production to one purification line at its Becancour plant in Quebec will allow it to preserve working capital and save money. It did not specify any amounts.
The company operated three of its seven purification lines in the second quarter, producing 243 metric tons of the silicon. It shipped 34 metric tons of it in the quarter, at an average price of C$39 per kilogram, due to "weak market conditions" in the solar energy sector.
In the first quarter, Timminco shipped 131 metric tons of solar-grade silicon at an average price of C$58 per kilogram.
Timminco has developed its own method of purifying silicon metal into solar-grade silicon, which is used in the manufacturing of solar cells. The company also produces silicon metal, used in a range of industrial applications in the aluminum, chemical, pharmaceutical, electronics and automotive sectors.
Source: Reuters
Toronto-based Timminco said on Wednesday that scaling back production to one purification line at its Becancour plant in Quebec will allow it to preserve working capital and save money. It did not specify any amounts.
The company operated three of its seven purification lines in the second quarter, producing 243 metric tons of the silicon. It shipped 34 metric tons of it in the quarter, at an average price of C$39 per kilogram, due to "weak market conditions" in the solar energy sector.
In the first quarter, Timminco shipped 131 metric tons of solar-grade silicon at an average price of C$58 per kilogram.
Timminco has developed its own method of purifying silicon metal into solar-grade silicon, which is used in the manufacturing of solar cells. The company also produces silicon metal, used in a range of industrial applications in the aluminum, chemical, pharmaceutical, electronics and automotive sectors.
Source: Reuters
Wednesday, July 8, 2009
Timminco Announces Debt Financing For Silicon Subsidiary
Timminco Limited announced today that the Quebec government has authorized Investissement Quebec to negotiate the terms and conditions of a proposed debt financing for Becancour Silicon Inc., a wholly-owned subsidiary of Timminco, by way of a two-year term loan of up to $25.0 million. This loan would be provided by Investissement Quebec under the Renfort program and disbursed in full upon completion of the transaction. The funds would be used for general working capital purposes.
"We are pleased with the Quebec government's decision in favour of this potential investment in our company," said Mr. Rene Boisvert, President and CEO of Becancour Silicon. "Becancour Silicon has been a proud member of the Becancour community for 35 years. In addition to the strong potential for our historical silicon metal business, our proprietary process for producing solar grade silicon provides us with a significant opportunity in the solar energy industry. These funds would help position us to capitalize upon opportunities as our customer demand recovers."
"The loan attributed today will help a key player in Quebec's industry, Becancour Silicon, get through the worldwide economic storm" declared Quebec's Minister of Economic Development, Innovation and Export Trade, Mr. Clement Gignac.
"This announcement is an eloquent example of the Quebec government's commitment towards Quebec businesses. I am very proud of it" added Quebec's Minister of Transport, Mrs. Julie Boulet.
The proposed loan would be interest-bearing and include certain financial and other covenants. It would also be secured by Becancour Silicon's assets and subordinated to the existing revolving credit facilities provided by Timminco's senior secured lender, Bank of America, N.A. The transaction is subject to execution of definitive documents and satisfaction of other conditions, including consent of Timminco's other secured lenders.
"We are pleased with the Quebec government's decision in favour of this potential investment in our company," said Mr. Rene Boisvert, President and CEO of Becancour Silicon. "Becancour Silicon has been a proud member of the Becancour community for 35 years. In addition to the strong potential for our historical silicon metal business, our proprietary process for producing solar grade silicon provides us with a significant opportunity in the solar energy industry. These funds would help position us to capitalize upon opportunities as our customer demand recovers."
"The loan attributed today will help a key player in Quebec's industry, Becancour Silicon, get through the worldwide economic storm" declared Quebec's Minister of Economic Development, Innovation and Export Trade, Mr. Clement Gignac.
"This announcement is an eloquent example of the Quebec government's commitment towards Quebec businesses. I am very proud of it" added Quebec's Minister of Transport, Mrs. Julie Boulet.
The proposed loan would be interest-bearing and include certain financial and other covenants. It would also be secured by Becancour Silicon's assets and subordinated to the existing revolving credit facilities provided by Timminco's senior secured lender, Bank of America, N.A. The transaction is subject to execution of definitive documents and satisfaction of other conditions, including consent of Timminco's other secured lenders.
Friday, May 15, 2009
Timminco Cuts Silicon Production
Timminco Ltd. announced plans to slash production of high-purity silicon yesterday due to the crumbling global economy, a move that continues a stunning fall from grace for what was once the hottest story on the Canadian markets.
In 2007, Timminco emerged as an investor darling after it came up with a new process to purify silicon for use in the then-booming solar-power sector. The stock soared from pennies up to a high of $35.69 a share last June, and the company's biggest problem was just trying to convince doubters and short-sellers that its process really works.
Today, Timminco has a far bigger problem: plummeting demand from the solar industry, which has been hammered by the economic downturn.
"The rapid deterioration of global economic and credit conditions and its profound impact on demand for solar energy installations have caused many of our customers to reduce orders," Heinz Schimmelbusch, Timminco's chief executive, said in a statement.
Timminco is now following the lead of almost every other metals company by slashing production to bring it in line with customer demand, while conserving cash to survive the downturn.
The company said yesterday that it will curtail production of standard silicon metal in the second quarter of 2009, and fill orders from existing inventories.
More significantly, Timminco will do what would have been unthinkable a year ago: cut production of solar-grade silicon and halt its expansion plans. That is a direct response to reduced orders from customers such as Q-Cells AG, which use Timminco's silicon to make solar cells.
On a conference call last night, Mr. Schimmelbusch said the company is taking appropriate measures to withstand the downturn, and is working to improve its production process to emerge stronger when demand turns around.
"It is difficult to predict with any precision when market conditions will improve, although some industry observers are anticipating that supply and demand ratios may be in better balance by the end of 2009," he said.
In the fourth quarter, Timminco said it lost $1.3-million and shipped 424 metric tonnes of solar-grade silicon at an average selling price of US$65 a kilogram.
The company was trying to ramp up production capacity to 14,400 tonnes a year at its plant in Becancour, Que. But Mr. Schimmelbusch said yesterday expansion plans are on hold until the company receives orders that exceed its existing capacity.
"I have witnessed a number of downturns, some of them severe, in many years in the metal industry. My experience has taught me that minimizing risk through capital preservation, cost reduction and inventory management are essential during those periods," he said on the conference call.
Timminco shares closed at $2.35 yesterday, down a mind-boggling 93% from last year's high. When the stock was booming, analyst price targets rose as high as $50 a share, but none are now above $14. The company was also highly touted by investment firm Sprott Asset Management, which made and lost a fortune on its Timminco investment in a very short period of time.
Source: Vancouver Sun
In 2007, Timminco emerged as an investor darling after it came up with a new process to purify silicon for use in the then-booming solar-power sector. The stock soared from pennies up to a high of $35.69 a share last June, and the company's biggest problem was just trying to convince doubters and short-sellers that its process really works.
Today, Timminco has a far bigger problem: plummeting demand from the solar industry, which has been hammered by the economic downturn.
"The rapid deterioration of global economic and credit conditions and its profound impact on demand for solar energy installations have caused many of our customers to reduce orders," Heinz Schimmelbusch, Timminco's chief executive, said in a statement.
Timminco is now following the lead of almost every other metals company by slashing production to bring it in line with customer demand, while conserving cash to survive the downturn.
The company said yesterday that it will curtail production of standard silicon metal in the second quarter of 2009, and fill orders from existing inventories.
More significantly, Timminco will do what would have been unthinkable a year ago: cut production of solar-grade silicon and halt its expansion plans. That is a direct response to reduced orders from customers such as Q-Cells AG, which use Timminco's silicon to make solar cells.
On a conference call last night, Mr. Schimmelbusch said the company is taking appropriate measures to withstand the downturn, and is working to improve its production process to emerge stronger when demand turns around.
"It is difficult to predict with any precision when market conditions will improve, although some industry observers are anticipating that supply and demand ratios may be in better balance by the end of 2009," he said.
In the fourth quarter, Timminco said it lost $1.3-million and shipped 424 metric tonnes of solar-grade silicon at an average selling price of US$65 a kilogram.
The company was trying to ramp up production capacity to 14,400 tonnes a year at its plant in Becancour, Que. But Mr. Schimmelbusch said yesterday expansion plans are on hold until the company receives orders that exceed its existing capacity.
"I have witnessed a number of downturns, some of them severe, in many years in the metal industry. My experience has taught me that minimizing risk through capital preservation, cost reduction and inventory management are essential during those periods," he said on the conference call.
Timminco shares closed at $2.35 yesterday, down a mind-boggling 93% from last year's high. When the stock was booming, analyst price targets rose as high as $50 a share, but none are now above $14. The company was also highly touted by investment firm Sprott Asset Management, which made and lost a fortune on its Timminco investment in a very short period of time.
Source: Vancouver Sun
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