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PRESS RELEASE: TAM Ceramics & Quest Rare Minerals Sign Deal for Zirconia Supply
TAM Ceramics & Quest Rare Minerals Sign Deal
for Zirconia Supply
July 9, 2013
NIAGARA FALLS, NY– TAM Ceramics Group of NY, LLC (“TAM”), a leading U.S.-based marketer and manufacturer of zirconia chemical products and other ceramic materials, is pleased to announce that it has entered into a non-binding Letter of Intent (“LOI”) with Quest Rare Minerals Ltd. (QRM.TO) (NYSE MKT:QRM). The LOI specifies that TAM will agree to purchase from Quest up to 24,000 tons of zirconia annually which Quest expects to mine from its Strange Lake deposit, and that Quest will deal exclusively with TAM for the sale of this quantity of product. This constitutes 100% of Quest’s anticipated annual zirconia production from Strange Lake.
The LOI also provides that TAM will coordinate with Quest to develop markets for zirconia.
The purchase and sale of zirconia contemplated by the LOI is subject to the execution of a definitive agreement between Quest and TAM which will include, among other things, the price of all zirconia to be sold and other material terms and conditions of the transaction. Quest and TAM have agreed to negotiate the definitive agreement in good faith, with a view to executing it as soon as possible, but in any event no later than December 31, 2014. The LOI provides that the definitive agreement will have an initial term of five years, with five possible renewal terms of five years each, for a total potential contract term of 30 years, covering the anticipated minimum 30-year production life for the Strange Lake deposit.
“The signing of our first off-take LOI, in this case for all of our byproduct zirconia, is a major milestone in the development of the Strange Lake deposit,” said Peter Cashin, Quest’s President and Chief Executive Officer. “We believe that Strange Lake is a world-class asset
that has the potential to produce a substantial quantity of strategic materials that will be attractive to customers around the globe. The LOI is the result of our continuing marketing efforts to engage customers with whom we intend to develop lasting business relationships. We view TAM’s involvement with our Strange Lake project as a significant vote of confidence in the considerable progress we have made in precipitating chemical-grade zirconia product at our pilot plant. The LOI will allow us to develop a partnership with a company that has many years of zirconium marketing and manufacturing experience.”
“TAM is excited about the opportunity to partner with Quest to commercialize significant quantities of zirconium-based materials, such as zirconium chemical products and high-purity zirconia, into the global market,” said George Bilkey, TAM’s President. “These zirconium-based derived materials are an excellent complement to TAM’s 80-year global zircon and zirconia business. We very much look forward to working with the Quest team.”
About Quest Rare Minerals
Quest Rare Minerals Ltd. (“Quest”) is a Canadian-based exploration company focused on the identification and discovery of new and significant Rare Earth deposit opportunities. Quest is publicly listed on the TSX and NYSE MKT as “QRM” and is led by a highly-respected management and technical team with a proven mine-finding track record. Quest is currently advancing several high-potential projects in Canada’s premier exploration areas: the Strange Lake and the Misery Lake areas of northeastern Québec. Quest’s 2009 exploration led to the discovery of a significant new rare earth deposit, the B-Zone, on its Strange Lake property in northeastern Québec. Quest has filed a National Instrument 43-101 Indicated and Inferred Resource Estimate on the B-Zone deposit and has completed a Preliminary Economic Assessment (PEA) for the deposit. In addition, Quest announced the discovery of an important new area of REE mineralization on its Misery Lake project, approximately 120 km south of the Strange Lake project. Quest continues to pursue high-value project opportunities throughout North America.
About TAM Ceramics
TAM Ceramics Group of NY, LLC (“TAM”) is a Niagara Falls, NY based zirconium chemicals specialist founded in 1906. For the last 107 years, TAM has been developing, processing, manufacturing, and selling advanced materials and ceramics into various markets in the aerospace, automotive, steel, glass, chemicals, electronics, and many other industries throughout the world.
PRESS RELEASE: TAM Ceramics expands its Custom Materials Processing and Recycling Program
September 1, 2012
Niagara Falls, NY: TAM Ceramics recently announced it has expanded its material processing and recycling services and has made additional investments in dedicated calcining, crushing, milling, and sizing equipment. Discrete circuits and additional classification capabilities help ensure the quality and efficiency needed to economically reclaim the value in materials such as used bricks and shapes, production waste streams, and obsolete inventory. In addition, TAM Ceramics has recommissioned and renovated its 3-phase electric arc fusion furnace to re-melt and refine materials, often producing usable powder to be reintroduced to the supply chain, reducing the demand for virgin minerals.
With over 100 years of Niagara Falls renewable hydro-electric power fueling their operations and growth, TAM Ceramics has a long history of producing Zirconias, Titanates, and other high purity ceramic powders for a variety of applications and markets. Recent price spikes in minerals and raw materials across the globe in all primary metal and glass industries have forced companies to find novel ways to reduce overall cost and eliminate waste in their production stream. In some instances, raw materials have been rationed and the production of finished products has been stifled due to shortages in the supply chain. With this recent expansion targeted at partnering with current customers to lower overall product cost, TAM Ceramics is also broadening the types of ceramic materials utilized, the processing options, and the addressable markets to reclaim these vital resources. Visit www.tamceramics.com for more detail.