Shine the Shares Timminco on solar contract
Thursday, Stock in Timminco soared on news that it will provide the world’s largest creator of solar cells with silicon solar grade. Timminco shares punch a new 52-week closed and high at $25.70 on the TSX, up $4.81 from Wednesday’s close.
Announced the Toronto-based company late Wednesday that it’s entirely owned subsidiary, Becancour Silicon Inc. (BSI), will deliver Q-Cells AG of Germany by more than 3,400 tones of silicon solar grade in 08 and 09. This is BSI’s fifth and by distant the biggest enduring commercial contract for high clarity silicon. Later this year, the 2 companies will work on enlarging that agreement to supply up to 6,000 tones of silicon yearly from 2010 through 2013.
The new contract means that, by 2009, Q-Cells will turn into Becancour Silicon’s largest customer. “Represents this contract a giant pace for our silicon solar grade business,” said chief executive BSI René Boisvert in a release. Shareholders seemed to concur. The big fly in parent Timminco’s stock value Thursday means that investors who bought the stock companies for 25 cents at the begin of 2007 have since seen their investment raise more than 100-fold.
Last month, Timminco declared plans to enlarge BSI’s solar grade silicon power to 14,400 tones per year by the next quarter of next year.
Via: Cbc.ca