Lomon Billions [SHE:002601] – 4 August 2017
Lomon Billions’ wholly-owned Hong Kong subsidiary, Billions (Hong Kong) Co. Ltd, signed a memorandum of understanding (MoU) with Brazil’s Mineração Santa Elina Group (MSE) on August 1st to acquire control of Rio Grande Minerals (RGM). RGM owns mineral sands projects in Brazil and Uruguay that have the potential to sustain production of 400,000 tonnes per annum of ilmenite suitable for chloride slag production for 20 years.
Due diligence and feasibility studies will be conducted. If these are successful and Board and other approvals are received, Lomon Billions will acquire control of RGM by providing development capital. If completed, the transaction should lower Lomon Billions’ titanium dioxide pigment production costs and make its TiO2 pigments more competitive.