Timminco Pursuing Opportunities to Expand Silicon Metal Production
Timminco Limited ("Timminco") (TSX: TIM.TO) announced today that it is pursuing opportunities to expand its silicon metal capacity, through a potential new silicon metal production facility in Iceland based on geothermal power. To this end, Timminco and Orkuveita Reykjavikur, an Icelandic power company, have agreed in principle on the terms of a long-term power supply contract for such a facility. Timminco has also secured convertible debt financing from Stokkur Energy, an Icelandic private equity firm, to fund preliminary expenses associated with this project.
"The production of silicon metal for the chemical and aluminum industries is the core of Timminco's business," said Dr. Heinz C. Schimmelbusch, Chairman of the Board and CEO of Timminco.
- Published: 16 February 2010
- Written by Editor