Argex and PPG announce agreement for Titanium Dioxide collaboration (cnw)
MONTREAL, April 3, 2012 /CNW Telbec/ - Argex Mining Inc. (Argex) (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) announced today that it has entered into a technical collaboration agreement (the Agreement) with PPG Industries (NYSE: PPG) to develop and optimize PPG's technology for Titanium Dioxide (TiO2) pigment for paints and coatings applications to be produced by Argex, intended to make Argex's TiO2 pigment compatible with various end-use applications for PPG. Terms were not disclosed.
The Agreement provides for the negotiation of a purchase and supply agreement between Argex and PPG based on the successful development of the treatment technologies. Both companies have agreed to certain terms of mutual exclusivity during the negotiation period.
PPG is the world's leading coatings and specialty products company, serving customers in construction, consumer products, industrial and transportation markets and aftermarkets. PPG operates in more than 60 countries around the world, with sales in 2011 of US$14.9 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG).
"PPG and Argex plan to combine efforts with the goal of developing a titanium dioxide product that can meet conventional standards for interior and exterior paint applications," said Charles F. Kahle II, PPG chief technology officer and vice president, research and development, coatings. "This strategic initiative offers PPG the opportunity to leverage our expertise and secure an enhanced supply of this critical raw material. Volatile pricing for titanium dioxide continues to be an important issue for the company."
Roy Bonnell, Argex president and chief executive officer, said, "PPG's decision to collaborate closely with Argex as both a technical and commercial partner is a further validation of our process and the suitability of the Argex TiO2 pigment for commercial use. PPG's involvement will assist Argex greatly in our stated goal to advance rapidly to production."
PPG previously manufactured titanium dioxide using the chloride process at its Natrium, W.Va., chemicals plant and sold titanium dioxide pigment for coatings and other end-use applications. Titanium dioxide is a raw material widely used in the paint and coatings industry as pigment for its hiding, durability and whiteness characteristics.
About Argex Mining Inc.
ARGEX MINING INC. is a near-term producer of commodities that the world needs: Titanium Dioxide, Iron and Vanadium Pentoxide. With a primary goal of advancing rapidly towards production, Argex has adopted a simple and low-risk strategy for the scale-up of its proprietary process that allows it to produce high purity TiO2 directly from run-of-mine material from its 100%-owned deposit.
The process is running continuously at a mini-plant in Mississauga, Ontario. The closed-loop process is environmentally friendly and produces minimal inert tailings.
Additionally, the Company owns 100% of the Mouchalagane property, which is a large Labrador Trough iron ore property that represents further potential upside for Argex's shareholders.
About PPG Industries, Inc.: Bringing Innovation to the Surface (TM)
PPG Industries' vision is to continue to be the world's leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in more than 60 countries around the world. Sales in 2011 were $14.9 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG). For more information, visit www.ppg.com.
Bringing Innovation to the Surface is a registered trademark of PPG Industries Ohio, Inc.
