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Eramet to Sell TiZir’s Norwegian Plant to Tronox

Metal News - Published on Fri, 15 May 2020

Image Source: Eramet TiZir Titanium
Eramet has signed a binding agreement for the sale of 100% of the shares of TiZir Titanium & Iron AS, TiZir’s Norwegian plant, to the Tronox Holdings plc. The sale to Tronox, a leading vertically integrated producer of pigment and titanium dioxide, is a great opportunity for the sustainable development of the plant. TTI’s sales reached EUR 154 million and EBITDA amounted to EUR 38 million in 2019. Mineral sands mining operations in Senegal will remain controlled by the Group and will continue to supply ilmenite to TTI for the production of titanium slag and pig iron. Moreover, the agreement with Tronox includes a supply contract of ilmenite for TTI.

The consideration for the Transaction, payable on its completion, is approximately USD 300 million, representing a multiple of c.8x EBITDA2 based on the enterprise value. The transaction is subject to the satisfaction of certain conditions including regulatory approvals, and Eramet will keep the market informed of its progress.

In Senegal, with 735 kt of heavy mineral concentrates produced in 2019, GCO’s site delivers excellent operational performances. The deposit and its processing and logistic facilities offer growth opportunities in the promising mineral sands sector.

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Posted By : Yogender Pancholi on Fri, 15 May 2020
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