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May 25, 2009
Toronto,
ON, Canada: Timminco and Q-Cells Replace Solar Grade Silicon Contract
Timminco
and Q-Cells 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.
"Q-Cells
is a valued customer of Timminco." said Rene Boisvert, President
of Becancour Silicon Inc. "We look forward to continuing to build
a long term relationship with Q-Cells based upon application of
our UMG-Si technology."
"We
believe in upgraded metallurgical silicon as an important resource
for the production of solar cells in the mid- to long-term perspective"
says Anton Milner, CEO of Q-Cells SE. "Our technical department
is working closely with Timminco to ensure that the material consistently
meets our high quality needs."
Further details about: Timminco
and Q-Cells
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