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Tasnee’s unit inks deal to sell plant to Tronox

Tasnee’s unit inks deal to sell plant to Tronox
AMIC’s facility is located in Jazan City for Primary and Downstream Industries
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Riyadh – Mubasher: Saudi Arabia-based National Industrialization Company (Tasnee) announced that its subsidiary, Advanced Metal Industries Cluster Company Limited (AMIC), signed an option agreement with the US-based Tronox Limited (Tronox).

Under the deal, Tronox shall acquire 90% of AMIC’s ownership in the titanium slag smelter plant (the Slagger), according to Tasnee’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

AMIC’s facility is located in Jazan City for Primary and Downstream Industries with a capacity to supply up to 500,000 tonnes of TiO2 slag and 220,000 of pig iron, the Saudi firm added. 

Tasnee’s subsidiary also signed another contract with Tronox to provide technical assistance to AMIC in a bid to facilitate start-up of the Slagger. 

“By combining slagger operations expertise of Tronox with that of AMIC under the Technical Services Agreement, we will work together to ensure the successful commissioning and ramp-up of this world-class smelter in Jazan,” Tasnee’s CEO Mutlaq Al-Morished stated.

By 11:51 am Saudi time, Tasnee’s stock rose 1.14% to SAR 20.34.