The strange story of TEMASThe strengh of TEMAS is based on two deposits (La Blache and Lac Brul) and a new process (ORF) to make TiO2 pigment.
In fact, it all begun with ARGEX TITANIUM in 2010; ARGEX owned La Blache and Lac Brul deposits and purchased (50.1%) a new TiO2 pigment process (CTL) from the canadian Process Research Ortech (PRO).
ARGEX had some success (three offtake agreements signed), built a pilot plant in Valleyfield (QC).
But as often the shareholders were impatient, ARGEX burned too much cash (10 new people hired, a conflict inside the management) and on June 23, 2015, the Board resigned and Saudi people take control of the company (Mazen AlNaimi).
The "new" ARGEX was unable to progess because the original ARGEX team had let the company.
ARGEX bankrupted in 2020, and Mr. Mazen AlNaimi established Splendor Titanium Inc. and acquired ARGEX (
https://splendortitanium.com/).
From 2020, Splendor Titanium is an empty shell with no activity but with two deposits (La Blache and Lac Brul) and a new process (CTL) to make TiO2 pigment.
Coming back to TEMAS, one can imagine that TEMAS people made a deal with Splendor to acquire the deposits and the TiO2 process that TEMAS renamed with ORF.
The fact is that if the deposits are not so bad, the TiO2 process (TCL/ORF) is not fully finalized...
IMO the winner is Splendor... very smart Saudi guys (well done my friend Raouf)...
Anyway, I am somewhere frustrated because I work/trust in CTL/ORF process but today TEMAS is not able to make it.
Some months ago I talk with TEMAS: it close the door...
Stay tuned!!!