In a recent announcement made by Hyperion Metals Ltd. It was revealed that the company will be signing a non-binding Memorandum of Understanding (MOU) with the Chemours company for the potential supply of titanium feedstocks rutile and ilmenite, as well as the industrial mineral staurolite, from the Hyperion’s titan project in the west Tennessee to Chemours.
The MOU will be contemplating the commencement of negotiations of a supply agreement between the Chemours and Hyperion for an initial five year term on a pricing methodology based on agreed market for the annual supply of up to 50 Kilotons of Ilmenite, 10 kilotons of rutile and 10 kilotons of staurolite.
Chemours is among the world’s largest producers of high quality titanium dioxide products for plastics, coatings, and laminates. Chemours has a titanium dioxide nameplate capacity of 1.25 million tonnes globally which includes the new Johnsonville plant located in Tennessee, which is 20 miles from Hyperion’s Titan Project, and DeLisle plant, Mississippi, located 1,100 miles by back haul barge which is located on the Mississippi River.
As per the project details, the Hyperion will be holding a 100% interest in the Titan Project which convers 11000 acres of titanium, rare earth metals and, zircon rich mineral sands properties in Tennessee, USA.
Titanium dioxide is an inorganic material which is widely popular in rutile and anatase form. The major applications of the material include as white power to impart brightness in cosmetics, paints, coatings, papers, inks, fibres, etc. Paint industry holds the maximum market share for Titanium Dioxide, which is followed by the plastics and paper industry.
As per ChemAnalyst, “the MOU signed between the Chemours and Hyperion metals for titanium feedstock supply comes at a time when the construction sector is experiencing revival from the shocks of the coronavirus pandemic and therefore both the companies are set to benefit from the deal as the demand for titanium dioxide will be on the rise during the upcoming years.”