MONTREAL, April 3, 2012 /PRNewswire/ - 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.