RE:RE:RE:Argex failed for the same reason Unfortunately, TeamEddie seems to be right.
There are two main options:
1) Only exploit the La Blache mine
This involves extracting TiO2 with a concentration of approximately 16.5%.
Such raw material cannot be used to make TiO2 pigment, a minimum of 49% is required for SP (Sulfate Process), knowing that the benchmark is 49-55% and the use of SP is declining In Occident.
No one will buy 16.5% TiO2, and certainly not Rio Tinto to make 95% TiO2 (Sorel process) for the chloride process (CP).
Certainly a low CAPEX but a high OPEX to concentrate the TiO2 up to 49% minimum with a sales price around 200-250 USD/T.
It will never be profitable.
2) Start operations with a TiO2 plant only
Temas is fortunate to have the HCl process with no limit on the TiO2 concentration of the raw material.
First, buy a raw material containing 40-55% TiO2 (yes, it exists and I sold some!) at a very low price (150-200 USD/T).
Once the TiO2 pigment factory is profitable, it will be time to invest and operate La Blache.
A third, risky option consists of finding a partner: I don't see one in the West but in China.
Remember KUNCAI which operates a TiO2 pigment plant with HCl process? Do you think KUNCAI developed the HCl process alone? Who help them? Any idea?
TEMAS need to attract new investors. TEMAS needs to work on the investors in US and Germany (I really believe on Frankfurt Stock Exchange).
But so far, TeamEddie is right: "Temas has no plans to go into production, as the CEO has made clear."
Stay tuned!