A new strategy is neededAs presented by TEMAS, the project is not viable: it cannot launch the mine and the production of TiO2 at the same time but first operate the TiO2 plant with purchased ilmenite (at low price) and then start the mine.
No similarities between TEMAS and Rio Tinto: Rio produces rutile (1,000-1,100 USD/t) for the chloride process and TEMAS can only produce ilmenite (300-350 USD/t) for the sulphate process. The sulphate process is in decline in North America with only KRONOS Varennes in Canada and KRONOS announced last March its closure by the end of the year.
TEMAS must find a partner or sign offtake agreements: nothing positive heard on the market.
TEMAS needs to refine its strategy and discuss with the TiO2 community.
Stay tuned...