TiO2 Project The Q4-22 MD&A said: “Management has made the decision to postpone the Company's existing plans to further develop its titanium dioxide ("TiO2") pigment plant until additional funds are made available, either internally or externally. At this time, the Company is exploring alternative debt financing or strategic association options with advisors and will provide an update as things progress”
Phases 1&2 of the TiO2 project were planned to reach a production capacity of 60kt in 2025. The associated CAPEX requirements were ~US$156M. I have no idea what "strategic association options" mean but the required funds would normally be raised via debt or equity financing or both. With the sp currently in the dumps, the equity financing option would not be a good choice as it would cause excessive dilution. So the only option left is debt financing.
IMHO, the TiO2 project will only start to regain life in 2025 at the earliest.
DYODD