Ann: TNG Executes Binding Offtake terms for its Titanium Pigment, page-39

If the end user isn't around in 10 years then you move to another end user.

Trying to be sympathetic to the decision making process of the BOD, you could rationalise that they want TNG to focus on production and let the professionals look at marketing. They have agreements with DKSH and Gunvor now, both accomplished traders.

Its the lazy way to market but at least its with decent partners. It is however giving up margin and the price discovery in international markets.

Not my preference but its progress of sorts.