AMG announces appointment of Mr. Gareth Penny to lead AMG's mining businesses
(Thomson Reuters ONE) -
AMG accelerates expansion of its mining operations in antimony, tantalum and
niobium
Amsterdam, 1 September 2011 --- AMG Advanced Metallurgical Group N.V., ("AMG",
EURONEXT AMSTERDAM: "AMG") announces it has appointed Mr. Gareth Penny as Chief
Executive of AMG's mining businesses. Mr. Penny is the former Chief Executive
Officer of De Beers s.a., the world leader in diamond mining and marketing. Mr.
Penny has over 20 years of mining experience and was the prime architect in
successfully changing De Beers into the demand focused business that it is
today.
AMG's mining businesses presently consist of the antimony mining, concentration
and smelting operations in Turkey and antimony trioxide operations in France,
and the tantalum and niobium mining and concentration operations in Brazil.
Tantalum and antimony were listed as two of the top three critical materials in
short supply, based upon dollar value, in the 2011 United States DLA
stockpiles[1]
AMG intends to provide segmental reporting for its mining businesses beginning
with the first quarter 2012.
AMG is also accelerating the expansion of mining activities in connection with
its vertical integration strategy. Specifically, AMG will:
* expand its Turkish antimony mining, concentration and smelting capacity to
over 5,000/MT of antimony metal per annum by the second quarter 2012,
subject to completion of the detailed mine plan;
* expand the tantalum mining and concentration capacity at its MIBRA mine in
Brazil to approximately 400,000/lb tantalum oxide contained in concentrate
per annum by the first quarter 2012.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "We
welcome Gareth Penny to AMG's senior management team. Gareth's joining AMG
clearly reflects our ambitions in specialty metals mining."
Mr. Gareth Penny said, "I am very excited to be leading AMG's mining
businesses. AMG already has a number of important mining operations, focused on
critical metals and minerals. This new platform will allow AMG to build the
scale and capacity that we need to be a leading player in the market, which has
such significant opportunities".
[1] Ryan's Notes, Institute for Defense Analysis, "The Strategic and Critical
Materials Report on Stockpile Requirements", 2011, Alexandria, Virginia
About AMG
AMG creates and applies innovative metallurgical solutions to the global trend
of sustainable development of natural resources and CO(2) reduction. AMG
produces highly engineered specialty metal products and advanced vacuum furnace
systems for the Energy, Aerospace, Infrastructure and Specialty Metals and
Chemicals end markets. AMG consists of two operating divisions, Advanced
Materials and Engineering Systems, and owns interests in publicly-listed
companies Graphit Kropfmühl AG (Deutsche Börse: GKR.DE) and Timminco Limited
(TSX: "TIM").
The Advanced Materials Division develops and produces specialty metals, alloys
and high performance materials. AMG is a significant producer of specialty
metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys
and additives, chromium metal and ferrotitanium, for Energy, Aerospace,
Infrastructure and Specialty Metal and Chemicals applications. Other key
products include specialty alloys for titanium and superalloys, coating
materials, tantalum and niobium oxides, vanadium chemicals and antimony
trioxide.
The Engineering Systems Division designs, engineers and produces advanced vacuum
furnace systems and operates vacuum heat treatment facilities, primarily for the
Aerospace and Energy (including solar and nuclear) industries. Furnace systems
produced by AMG include vacuum remelting, solar silicon melting and
crystallization, vacuum induction melting, vacuum heat treatment and high
pressure gas quenching, turbine blade coating and sintering. AMG also provides
vacuum case-hardening heat treatment services on a tolling basis.
Graphit Kropfmühl AG is a majority controlled, publicly listed subsidiary of
AMG. Based on its secure raw material sources in Africa, Asia and Europe,
Graphit Kropfmühl is a specialist in the production of silicon metal and the
extraction, processing and refining of natural crystalline graphite for a wide
range of energy saving industrial applications.
Timminco Limited is a publicly listed affiliate of AMG. Timminco produces
silicon metal for the chemical, aluminum, electronic and solar industries.
Timminco also produces solar grade silicon, using its proprietary technology for
purifying silicon metal, for the solar energy industry.
With over 3,000 employees, AMG operates globally with production facilities in
Germany, the United Kingdom, France, Czech Republic, United States, China,
Canada, Mexico, Brazil, Turkey, Poland, India and Sri Lanka and also has sales
and customer service offices in Belgium, Russia and Japan (www.amg-nv.com).
For further information please contact:
AMG Advanced Metallurgical Group N.V. +1 610 975 4901
Jonathan Costello
Vice President of Corporate Communications
jcostello(at)amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are
"forward looking." Forward looking statements include statements concerning
AMG's plans, expectations, projections, objectives, targets, goals, strategies,
future events, future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG's competitive
strengths and weaknesses, plans or goals relating to forecasted production,
reserves, financial position and future operations and development, AMG's
business strategy and the trends AMG anticipates in the industries and the
political and legal environment in which it operates and other information that
is not historical information. When used in this press release, the words
"expects," "believes," "anticipates," "plans," "may," "will," "should," and
similar expressions, and the negatives thereof, are intended to identify forward
looking statements. By their very nature, forward looking statements involve
inherent risks and uncertainties, both general and specific, and risks exist
that the predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking statements speak only as
of the date of this press release. AMG expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward looking
statement contained herein to reflect any change in AMG's expectations with
regard thereto or any change in events, conditions, or circumstances on which
any forward looking statement is based.
AMG announces appointment of Mr. Gareth Penny to lead AMG's mining businesses
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Source: AMG Advanced Metallurgical Group N.V. via Thomson Reuters ONE
[HUG#1543313]
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Datum: 01.09.2011 - 07:00 Uhr
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News-ID 61377
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