Exxaro JV partner files for bankruptcy protection
South African mining group Exxaro Resource's joint venture partner in Tiwest, Tronox Inc., filed for bankruptcy protection in the United States.
Posted: Monday , 12 Jan 2009
JOHANNESBURG (Reuters) -
mineweb.com
South African mining group Exxaro Resource's joint venture partner in Tiwest, Tronox Inc., filed on Monday for bankruptcy protection in the United States, but Exxaro said its JV would be unaffected.
Tiwest is the world's largest integrated titanium minerals production and manufacturing company, it said on its website. It currently has operations in six locations across Western Australia and has exploration projects in progress.
Tronox filed for Chapter 11 relief under the United States Bankruptcy Code, which allows it to restructure its debts, reorganise business and address environmental remediation and litigation costs, the chemical maker said. See .
Tronox's offshore operations will continue uninterrupted.
"The expansion of the Tiwest titanium dioxide plant at Kwinana, Western Australia, which is funded by Exxaro, will also not be impacted by the Tronox filing," Exxaro said in a statement.
The expansion remains on track for commissioning in the first half of 2010.
Tronox Western Australia Pty Ltd, which holds Tronox's 50 percent interest in Tiwest, and Tronox Pigments Ltd., which is responsible for marketing the joint venture partners' share of pigment production, will not form part of the Chapter 11 filing.
Exxaro, one of the largest South African-based diversified resources groups, with interests in the mineral sands, coal, base metals, industrial minerals and iron ore commodities, said it expects that the mining, manufacturing and marketing activities of Tiwest will be unaffected by the filing. |
