Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-105

I was curious to know the detail of how TNG claim to be adding so much value to their titanium product, by refining it to a higher priced pigment. It's interesting because the pigment then becomes their biggest earner. Maybe that's an option for TMT to consider in the far future, or maybe it isn't, I haven't looked at it in that much detail. But it appears that TNG are essentially buying a complete pigment processing facility from a German manufacturer, which takes the TiO2 output from their refined V2O5 + TiO2 + Fe2O3 product (TIVAN) streams. What's not clear to me is the additional refining cost in the pigment facility. Before it would be possible to compare the opex costings of TMT and TNG, it would be essential to know the opex for the TIVAN refining step, and the opex for the pigment refining. TNG don't seem to want to mention these numbers in any of their presentations, which is a little concerning.

All IMHO, DYOR