Iron ore price weakens as Australia flags return to sub-$100 prices
Futures dropped for a fourth day in Singapore, to trade about 3% lower for the week.
London-headquartered chemicals firm INEOS Enterprises announced Thursday its acquisition of Eramet Titanium & Iron (ETI) has received regulatory approvals. The $245 million deal takes immediate effect.
ETI consists of an ilmenite transformation plant in Norway producing titanium slag which is used in the pigments industry. It also produces high-purity pig iron sold to European foundries.
The business will be known as INEOS Tyssedal. It has well located assets, complemented by an experienced operations team with high safety, health and environmental standards, the company said.
The agreement between Eramet and INEOS Enterprises also includes a long-term supply contract for ilmenite produced by Grande Côte Opérations, the Group’s subsidiary which operates the mineral sands mine in Senegal.
“This is a good quality asset, complemented by an experienced operations team,” INEOS CEO Ashley Reed said in a statement. “We believe the next phase of ETI’s development can be well progressed under INEOS ownership and further improve the long-term sustainability of the company.”
In 2019, INEOS bought Cristal’s North American titanium dioxide business from Tronox for $700 million.
