Perhaps the pigments market recovery is not taht far away. Today's announcement by Ticor:-
Production at Tiwest North Mine Recommences
TICOR LIMITED 2002-06-26 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++ Ticor Limited today announced that production at the Tiwest North mine will recommence in mid-August, approximately one month earlier than the original schedule. Operations at the mine were suspended in February this year to reduce inventory levels. At full production, the North mine produces approximately 200,000 tonnes of heavy mineral concentrate per annum.
The decision to restart the North mine ahead of schedule is in response to a clear increase in feedstock demand resulting from improved pigment demand, particularly in the Asian region.
The improved outlook has also prompted the Tiwest Joint Venture partners to return the Chandala synthetic rutile plant to full operating capacity during August. The plant has been operating at 80% capacity since October 2001, as a result of reduced demand.
Rod Ruston, Managing Director and CEO said "The significant fall in world demand for pigment over the last twelve months led to severely depressed pigment prices and reduced demand for the feedstock. However, we believe that the recent improvement in demand, while not yet translating into any tangible pigment price increases, is, the turning point in the cycle. Further improvement in demand should see consequent price improvements later in the year."
For further information contact:
Rod Ruston Rick Thiele MANAGING DIRECTOR EXECUTIVE GENERAL MANAGER - CORPORATE AFFAIRS & COMPANY SECRETARY
