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  1. wesmail 17 februari 2010 14:33
    AMG affiliate Timminco Limited pursuing opportunities to expand silicon metal production
    AMSTERDAM, NETHERLANDS, Feb 16, 2010 (MARKETWIRE via COMTEX) -- AMG Advanced Metallurgical Group N.V.'s ("AMG," EURONEXT AMSTERDAM: "AMG") 42.5% owned affiliate, Timminco Limited ("Timminco"; TSX: TIM) announced today that it is pursuing opportunities to expand its silicon metal capacity, through a potential new silicon metal production facility in Iceland based on geothermal power. To this end, Timminco and Orkuveita Reykjavi-kur, an Icelandic power company, have agreed in principle on the terms of a long-term power supply contract for such a facility. Timminco has also secured convertible debt financing from Stokkur Energy ehf ("Strokkur"), an Icelandic private equity firm, to fund preliminary expenses associated with this project.

    "The production of silicon metal for the chemical and aluminum industries is the core of Timminco's business," said Dr. Heinz C. Schimmelbusch, Chairman of the Board and CEO of Timminco. "Our Becancour silicon metal facility is now operating at full capacity. As the markets for our silicon metal products continue to grow, we are developing opportunities to expand the capacity, both for our traditional customers as well as for our solar grade silicon product line once the solar photovoltaic market strengthens. The Timminco management team has the technical expertise to pursue these opportunities, as well as experience with silicon-related project development in Iceland."

    Orkuveita Reykjavi-kur, also known as Reykjavik Energy, has agreed in principle on the key terms for a proposed agreement to supply up to 85 MW of electrical power from a proposed new geothermal power plant to be built in Hverahlid, Iceland, which is expected to become operational in the latter half of 2013. The power would be supplied for a minimum 20-year term, priced in U.S. dollars at internationally competitive rates, to a greenfield silicon metal plant expected to be built in Olfus Municipality, about 50 km from Reykjavik. This new silicon metal facility, which is expected to have a nominal annual production capacity of up to approximately 50,000 mt of silicon metal when fully operational, would be based on the silicon metal processing technology and leverage the know-how of Timminco's wholly-owned subsidiary, Becancour Silicon Inc. The parties have targeted to complete their negotiations on definitive power contract by a deadline of April 15, 2010.

    "We are looking forward to developing our relationship with Timminco and the Olfus Municipality and thereby diversifying our energy clientele. Utilizing Iceland's eco-friendly geothermal resources plays a vital part in this country's economy," said Hjorleifur B. Kvaran, CEO of Orkuveita Reykjavi-kur. "I am optimistic that this move towards supplying renewable energy to silicon metal and solar grade silicon production will strengthen Iceland as the home of pure energy."

    In pursuing this project, Timminco has also partnered with Strokkur, which is focused on investments in power intensive industries. Strokkur has agreed to provide initial financing for certain activities to be undertaken during the preliminary phase of this project in parallel with negotiations on the power contract. This financing will be in the form of a convertible bond in the principal amount of $1 million (the "Bond"). The proceeds will be used to fund preliminary engineering work to be performed by an international engineering consulting firm engaged to conduct a conceptual study, which is expected to be completed by mid-April. In the event of a positive outcome from such study, and subject to successful negotiations on the power contract and preliminary commitments from one or more silicon metal customers, a full feasibility study for the project would be commissioned, with an expected completion in the latter half of this year. This feasibility study would assist in securing long-term off-take agreements with customers and external financing for the construction of the proposed new facility, which are two of the key conditions for proceeding with the project.

    The Bond will be a direct obligation of Thorsil ehf ("Thorsil"), a special purpose vehicle in Iceland that is currently owned by Timminco and Strokkur. The Bond will have a maturity date of May 1, 2010, subject to extension if the deadline for signing the power contract is extended. The Bond will bear interest at 12% per annum, payable on maturity. The outstanding principal and interest will be reduced by 10% if the power contract is not signed by the agreed deadline and, in such event, the maturity date would be extended to June 19, 2010. The Bond will be convertible, at Strokkur's option, into Thorsil common shares at a nominal value, or into Timminco common shares at a conversion price that is the lesser of C$1.09 per share and the 5-day weighted average trading price per share on the Toronto Stock Exchange ("TSX") on the date of notice of conversion, with the US dollar amount converted into Canadian dollars at a fixed exchange rate of $0.95. Any notice of conversion shall be given within 5 days after the power contract has been signed or the agreed deadline has passed. The net proceeds of the Bond financing will be used exclusively for agreed project expenses. Completion of the Bond financing is expected to occur on February 19, 2010, subject to certain conditions, including approval of the TSX.

    About AMG

    AMG, incorporated in the Netherlands, is a global leader in the production of highly engineered specialty metal products and advanced vacuum furnace systems. AMG serves growing industries worldwide with its unique combination of metallurgical engineering expertise and production know-how. AMG is a market leader in many of its products and systems, which are critical to the production of key components for the aerospace, energy (including solar and nuclear), infrastructure and specialty chemicals and metals industries. AMG has two operating units - Advanced Materials and Engineering Systems, and owns interests in publicly-listed companies Graphit Kropfmuhl AG (Deutsche Borse: GKR.DE) and Timminco Limited (TSX: "TIM").

    The Advanced Materials Division develops and produces niche specialty metals and complex metals products, many of which are used in demanding, safety-critical, high-stress environments. AMG is one of a limited number of significant producers globally of niche specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, used by steel, aluminum, chemical and superalloy producers for aerospace, automotive, energy, electronics, optics, chemicals, construction and other applications. Other key products produced by AMG include specialty alloys for titanium and superalloys, coating materials, tantalum and niobium oxides, vanadium chemicals and antimony trioxide.

    The Engineering Systems Division designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities. AMG is a global leader in supplying technologically-advanced vacuum furnace systems to customers in the aerospace, energy (including solar and nuclear), transportation, electronics, superalloys and specialty steel industries. Examples of furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat t
  2. [verwijderd] 17 februari 2010 17:28
    quote:

    mochitox schreef:

    1.43 cad - + 7.5 %
    Gaan we weer voor een serieus ritje naar boven ??
    Laat ons duimen !!!!!!!!!!
    Koers momenteel 1,29 cad.
    Belangrijk word de slotkoers voor vanavond.
    Boven de 1,40 cad zou zeer positief zijn om een aanvang te maken voor een kleine uptrend.
    Deze koers heb ik al eerder aangegeven.

    Groet van Gerrit
  3. [verwijderd] 17 februari 2010 23:26
    quote:

    gerrit 69 schreef:

    Belangrijk word de slotkoers voor vanavond.
    Boven de 1,40 cad zou zeer positief zijn om een aanvang te maken voor een kleine uptrend.
    Deze koers heb ik al eerder aangegeven.

    Groet van Gerrit
    bijna Gerrit...

    Last Trade: 1.24
    Trade Time: 3:59pm ET
    Change: 0.09 -6.77%
  4. Mr Greenspan 18 februari 2010 17:04
    Stil hier na het nieuws van een nieuwe order voor de komende jaren met een enorme spik als gevolg.
    Alhoewel die winst al weer wat afneemt.
  5. [verwijderd] 18 februari 2010 17:21
    Press Release Source: Timminco Limited On Thursday February 18, 2010, 10:38 am
    TORONTO, ONTARIO--(Marketwire - Feb. 18, 2010) - Timminco Limited ("Timminco") (TSX:TIM - News) announced today that its wholly-owned subsidiary, Becancour Silicon Inc. ("Becancour"), has executed long-term contracts to supply approximately 90,000 metric tons of silicon metal over the next five years to one of its long-standing silicon metal customers. These contracts confirm and extend this customer's purchase commitments made in the fourth quarter of 2009 and that led to the restart the third silicon metal electric arc furnace at Becancour, as announced on October 16, 2009.

    "This customer commitment reflects the growing demand for silicon metal products from our traditional chemical, aluminum and polysilicon industry customers," said Mr. Rene Boisvert, President and CEO of Becancour. "We are currently producing silicon metal at capacity, operating all three of our silicon metal furnaces, to satisfy the increased demand. We intend to satisfy our commitments under these contracts through our existing production capacity at Becancour."

    The customer has committed to buy certain base quantities in each of the contract years 2010 through 2014, subject to adjustments at the customer's option. The volume commitments may also be suspended for any year after 2010 if the parties are unable to settle upon pricing within mutually agreed ranges.
  6. [verwijderd] 18 februari 2010 18:01
    Jezus mina.... ik snap echt helemaal niks van die koersbewegingen van timminco...... van -6% naar +15% naar onveranderd. En dat alleen nog maar in de ochtend.

    Durft iemand nog een langetermijn koersdoel af te geven?

    Groet Ruud
  7. Lordjord 18 februari 2010 18:54
    Wat een spike, zie volume eens. Aankopen van over de 400.000. Daarna weer rustig. Ben bang dat de muziek er weer uit is voor vandaag.
  8. [verwijderd] 18 februari 2010 18:56
    [quote=mochitox]
    Een pronostiekje : vandaag 1.60 CAD
    [/quote

    Nou..... Dat zal niet verkeerd zijn!

    Heb al een paar leuke ritjes met dit fonds gemaakt, denk dat ik nu voor de langere termijn blijf zitten.

    Groet Ruud
  9. [verwijderd] 18 februari 2010 22:36
    Helaas geen 1,60 misschien morgen.....

    Er komen gelukkig weer positieven berichten naar buiten, dus er zit meer in het vat.

    Succes allen.

    Groet Ruud
  10. [verwijderd] 19 februari 2010 00:11
    quote:

    Lordjord schreef:

    Bah, valt me toch tegen hoor.
    Houd de $ 1,40 maar in de gaten.
    Doordat het aandeel lange tijd in een soort zeurend dalende koersontwikkeling terecht kwam, is er bij een flinke koersopleving ook gelijk veel aanbod te verwachten
    Omzet vandaag 7.122.212 aandelen en dat is aanzienlijk.
    Als het aanbod opdroogt, dan voorzie ik toch een verder herstel.

    Mvrgr. van Gerrit
  11. [verwijderd] 19 februari 2010 16:01
    quote:

    Seabreeze schreef:

    Het nieuwe konijn uit de hoge hoed van TIM/Heinz is het spel van persberichten met Si en SGSi. Applaus voor Heinz. Eens kijken wie het allemaal nog kan volgen.
    Dat was 16 oktober 2009. De berichten van dinsdag en donderdag bewijzen het bovenstaande. Het positieve is dat er weer benutting van de productiecapaciteit is. Het minpuntje is dat er geproduceerd wordt in een kwaliteit waar TIM in het verleden geen winst mee heeft kunnen maken. De nadruk op Solar Grade verdwijnt langzaam uit de persberichten. Het geld dat tevoorschijn gehaald is voor uitbreiding van de SG productiecapaciteit is verdampt zonder dat die capaciteit ook daadwerkelijk in de geplande mate is uitgebreid. Best knap van Heinz eigenlijk....

    Groet,
    Frank

    P.S. Snakken jullie ook zo naar een TA-update ?

    P.P.S. Bij DowJones nieuwsdienst mogen ze hun medewerkers wel eens op cursus sturen. Cursus engels en cursus begrijpend lezen. Wat maken die er een zooi van zeg ! (ik doel hier nu m.n. op het PB over de ijslandse energiecentrale die er misschien gaat komen, ooit)
  12. [verwijderd] 23 februari 2010 18:04
    op de site van T wordt 1 & ander toch redelijk overzichtelijk uit de doeken gedaan: het wachten is op het aantrekken van de zonne-energiesector.
    het gaat in dit geval inderdaad in eerste instantie om de lagere kwaliteit silicium. met deze aktie(s) geeeft men ook impliciet aan niet direct te verwachten om niet meer aan de financiële verplichtingen te kunnen voldoen.
    Maar goed, ik kan er naast zitten en je moet goed opletten wat er precies gezegd wordt:

    FEB 16, 2010
    Timminco Pursuing Opportunities to Expand Silicon Metal Production

    TORONTO, ONTARIO--(Marketwire - Feb. 16, 2010) -

    NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    Timminco Limited ("Timminco") (TSX:TIM) announced today that it is pursuing opportunities to expand its silicon metal capacity, through a potential new silicon metal production facility in Iceland based on geothermal power. To this end, Timminco and Orkuveita Reykjavikur, an Icelandic power company, have agreed in principle on the terms of a long-term power supply contract for such a facility. Timminco has also secured convertible debt financing from Stokkur Energy, an Icelandic private equity firm, to fund preliminary expenses associated with this project.

    "The production of silicon metal for the chemical and aluminum industries is the core of Timminco's business," said Dr. Heinz C. Schimmelbusch, Chairman of the Board and CEO of Timminco. "Our Becancour silicon metal facility is now operating at full capacity. As the markets for our silicon metal products continue to grow, we are developing opportunities to expand the capacity, both for our traditional customers as well as for our solar grade silicon product line once the solar photovoltaic market strengthens. The Timminco management team has the technical expertise to pursue these opportunities, as well as experience with silicon-related project development in Iceland."

    Orkuveita Reykjavikur, also known as Reykjavik Energy, has agreed in principle on the key terms for a proposed agreement to supply up to 85 MW of electrical power from a proposed new geothermal power plant to be built in Hverahlid, Iceland, which is expected to become operational in the latter half of 2013. The power would be supplied for a minimum 20-year term, priced in U.S. dollars at internationally competitive rates, to a greenfield silicon metal plant expected to be built in Olfus Municipality, about 50 km from Reykjavik. This new silicon metal facility, which is expected to have a nominal annual production capacity of up to approximately 50,000 mt of silicon metal when fully operational, would be based on the silicon metal processing technology and leverage the know-how of Timminco's wholly-owned subsidiary, Becancour Silicon Inc. The parties have targeted to complete their negotiations on definitive power contract by a deadline of April 15, 2010.

    "We are looking forward to developing our relationship with Timminco and the Olfus Municipality and thereby diversifying our energy clientele. Utilizing Iceland's eco-friendly geothermal resources plays a vital part in this country's economy," said Hjorleifur B. Kvaran, CEO of Orkuveita Reykjavikur. "I am optimistic that this move towards supplying renewable energy to silicon metal and solar grade silicon production will strengthen Iceland as the home of pure energy."

    In pursuing this project, Timminco has also partnered with Strokkur Energy ehf ("Strokkur"), which is focused on investments in power intensive industries. Strokkur has agreed to provide initial financing for certain activities to be undertaken during the preliminary phase of this project in parallel with negotiations on the power contract. This financing will be in the form of a convertible bond in the principal amount of US$1 million (the "Bond"). The proceeds will be used to fund preliminary engineering work to be performed by an international engineering consulting firm engaged to conduct a conceptual study, which is expected to be completed by mid-April. In the event of a positive outcome from such study, and subject to successful negotiations on the power contract and preliminary commitments from one or more silicon metal customers, a full feasibility study for the project would be commissioned, with an expected completion in the latter half of this year. This feasibility study would assist in securing long-term off-take agreements with customers and external financing for the construction of the proposed new facility, which are two of the key conditions for proceeding with the project.

    The Bond will be a direct obligation of Thorsil ehf ("Thorsil"), a special purpose vehicle in Iceland that is currently owned by Timminco and Strokkur. The Bond will have a maturity date of May 1, 2010, subject to extension if the deadline for signing the power contract is extended. The Bond will bear interest at 12% per annum, payable on maturity. The outstanding principal and interest will be reduced by 10% if the power contract is not signed by the agreed deadline and, in such event, the maturity date would be extended to June 19, 2010. The Bond will be convertible, at Strokkur's option, into Thorsil common shares at a nominal value, or into Timminco common shares at a conversion price that is the lesser of $1.09 per share and the 5-day weighted average trading price per share on the Toronto Stock Exchange ("TSX") on the date of notice of conversion, with the US dollar amount converted into Canadian dollars at a fixed exchange rate of US$0.95. Any notice of conversion shall be given within 5 days after the power contract has been signed or the agreed deadline has passed. The net proceeds of the Bond financing will be used exclusively for agreed project expenses. Completion of the Bond financing is expected to occur on February 19, 2010, subject to certain conditions, including approval of the TSX.

    This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Common Shares or the Convertible Note in the United States. Neither the Common Shares nor the Convertible Note has been, nor will be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any other state securities laws and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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