Saudi Ti02 producer Cristal eyes Australia's Bemax

27 May 2008 04:12  [Source: ICIS news]

DUBAI (ICIS news)--Saudi Arabia's National Titanium Dioxide Co (Cristal) is planning to buy out Australian miners Bemax Resources for Australian dollars (A$) 301.5m ($290m), it said late on Monday.

Bemax operates mineral sands deposits which are the raw material for the production of titanium dioxide (TiO2). It has recommended its shareholders to accept the offer, according to media reports.

Cristal is the second largest producer of TiO2 in the world and currently owns a 34.5% stake in Bemax after sealing the $1.3 bn purchase of Millennium's titanium dioxide pigments and related assets in late May 2007.

Cristal is a subsidiary of Saudi National Industrialisation Co (Tasnee).

($1 = A$1.04)

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By: Abdelghani Henni
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