QIT Invests C$350 Million (US$260 Million) in New Feedstock Plant.LONDON--(BUSINESS WIRE)--February 7, 1996--The RTZ Corporation PLC (NYSE NYSE See: New York Stock Exchange :RTZ) announced today that QIT-Fer et Titane Inc. (QIT) of Montreal, Canada, wholly owned by RTZ-CRA, will invest C$350 million (US$260 million) in the construction of a new plant in Sorel, Quebec, to convert regular Sorelslag containing 80 per cent titanium dioxide into Upgraded Slag (UGS UGS In currencies, this is the abbreviation for the Uganda Shilling. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), a new 95 per cent titanium dioxide feedstock destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. for the chloride sector of the titanium pigment industry. The plant will be commissioned in the third quarter of 1997. Initial plant capacity will be 200,000 tonnes per year of UGS. The plant is being designed for expansion in modules of 100,000 tonnes per annum and will be laid out for an ultimate capacity of 600,000 tonnes per annum. It aims to meet future titanium pigment industry needs by producing sufficient Sorelslag both for direct sales into the sulphate sector of the industry and for conversion to UGS to supply the growing chloride sector of the titanium pigment industry. The investment program includes the complete rebuilding and modernization of four of QIT's nine electric smelting furnaces. QIT's Sorel smelter presently has a capacity of 1.1 million tonnes per annum of Sorelslag which could be increased to 1.4 million tonnes per annum by uprating the existing furnaces. QIT's ilmenite ilmenite (ĭl`mĕnīt), black mineral, iron titanium oxide, FeTiO3, crystallizing in the hexagonal system. It is sometimes found as tabular hexagonal crystals but occurs more commonly as small grains in igneous and metamorphic mine near Havre St. Pierre has established ore reserves sufficient to supply the Sorel smelter at full capacity for many decades. The UGS product, to be made by a proprietary process developed in QIT's laboratories and proven in exhaustive pilot plant trials, has chemical and physical properties which provide high productivity and low waste disposal costs for titanium pigment producers. UGS will complement the range of titanium bearing, high grade sulphate slag, chloride slag and rutile rutile, mineral, one of three forms of titanium dioxide (TiO2; see titanium). It occurs in crystals, often in twins or rosettes, and is typically brownish red, although there are black varieties. produced by QIT and Richards Bay Minerals from their operations in Canada and South Africa respectively. The new production unit will be built at the Sorel industrial facilities on the shore of the St-Lawrence River and will meet the same environmental standards that earned QIT the Environmental Achievement Award in 1995 from the Quebec Government. The RTZ Corporation PLC (NYSE: RTZ) is one of Britain's largest companies and the world's leading mining company. RTZ's shares are traded on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and leading European stock exchanges This is a list of European stock exchanges. There are two major pan-European stock exchanges:
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. in the form of sponsored American Depositary Receipts (ADRs). One ADR ADR - Astra Digital Radio represents four ordinary shares. Notes to editors QIT-Fer et Titane is a mining and metallurgical company of 1,850 employees. It was established in Quebec in 1948. The mine is located near Havre St. Pierre on the North Shore of the Gulf of the St-Lawrence, about 600 miles from Montreal, while the smelting facilities are located in Sorel on the South Shore of the St-Lawrence River, about 50 miles from Montreal. QIT-Fer et Titane is part of the titanium dioxide feedstock, iron products and zircon businesses of RTZ-CRA. CONTACT: Paul Galloway RTZ Corporation PLC 011-44171-753-2274 -or- Fraser Hardie RTZ Corporation PLC 011-44171-753-2355 -or- Cameron King Gavin Anderson & Company 212-373-0200 |
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