Timminco and Q-Cells Replace Solar Grade Silicon Contract
Toronto, ON, May 25, 2009
Source: Timminco press release
http://www.timminco.com/PressRelease.aspx?prId=994341&id=24
Timminco Limited (“Timminco”) (TSX:TIM) and Q-Cells SE (“Q-Cells”) (FRANKFURT:QCE) announced that they have reached a new supply agreement for solar grade silicon. It will replace the agreement signed in 2008 for the five-year period through 2013. The new agreement contemplates deliveries of 100 mt of solar grade silicon for the remainder of 2009. Volumes, pricing and other terms for deliveries of solar grade silicon in years 2010 to 2013 will be subject to mutual agreement by the end of 2009 and will be negotiated in the context of prevailing solar industry market conditions. Timminco will also return the outstanding deposit of approximately EUR 8.9 million to Q-Cells. The companies agreed to a repayment schedule that will commence in the first quarter 2010 and be completed by the end of 2010. Timminco will pay interest on the outstanding balance at an agreed rate. (more…)