5N Plus to refine and transform the tellurium
in Montreal, Quebec and
St. George, Utah for
renewable energy, security and medical imaging applications
MONTREAL, May 11, 2022
/CNW Telbec/ - 5N Plus Inc. (TSX:
VNP) ("5N Plus" or the "Company"), a leading global producer
of specialty semiconductors and
performance materials, is pleased to announce that it has
reached a commercial agreement with Rio Tinto to refine the
tellurium to be produced at its Kennecott copper operation in
Utah.
The tellurium will be refined at the Company's Montreal facility in Quebec, Canada, and primarily used for the
manufacturing of thin‐film photovoltaic (PV) modules by First
Solar (NASDAQ: FSLR) under an existing semiconductor supply
agreement between First Solar and 5N Plus. 5N Plus has been a key
supplier to First Solar, a leading global provider of comprehensive
PV solar solutions based in the U.S., since 2007. The tellurium
will also be used to manufacture ultra-high purity semiconductor
substrates at its facility in St. George,
Utah, to serve clients in the security and medical imaging
markets.
"As a leading global supplier of specialty semiconductors for
applications in the renewable energy, security and medical imaging
sectors, 5N Plus is proud to have secured this partnership with
global mining group Rio Tinto. Our intention is to continue to
pursue such strategic partnerships for the sourcing and refining of
critical minerals in North America
to the benefit of the critical industries we serve," said
Gervais Jacques, President and Chief
Executive Officer of 5N Plus.
"This agreement with 5N Plus is an important step towards
securing a North American supply chain of critical minerals to
support the clean energy transition. We are proud to deliver a
new supply source of tellurium for the manufacturing of solar
panels and other high-tech equipment, in addition to our primary
copper production," said Clayton
Walker, Chief Operating Officer of Rio Tinto Copper.
Mr. Jacques added: "Our ability to refine additional tellurium
for applications in the renewable energy industry is made possible
by our investment to expand the capacity of our Montreal campus. Coupled with our new
partnership with Rio Tinto, this allows us to accelerate our
semiconductor development and manufacturing activities in
North America and to further
leverage our globally recognized expertise in the transformation of
mining and metallurgical by-products into high purity value-added
critical minerals."
In June 2021, the Company
announced a major investment in its Montreal campus to expand the development
and manufacturing of high purity tellurium bearing II-VI
semiconductor compounds and substrates, essential components for
several critical industries, including renewable energy. The
project is expected to be completed by mid-year.
Tellurium, in addition to many other elements refined and
transformed by 5N Plus, is considered a critical mineral by the
Canadian and U.S. governments due to its importance to the economy
and national security.
Forward‐Looking Statements
Certain statements in this press release may be forward-looking
within the meaning of applicable securities laws. Forward-looking
information and statements are based on the best estimates
available to the Company at the time and involve known and unknown
risks, uncertainties or other factors that may cause the Company's
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. A
description of the risks affecting the Company's business and
activities appears under the heading "Risk and Uncertainties" of 5N
Plus annual MD&A dated February 22,
2022, Q1 MD&A dated May 4,
2022, and note 11 of the unaudited condensed interim
consolidated financial statements for the three-month periods ended
March 31, 2022 and March 31, 2021 available on www.sedar.com.
Forward-looking statements can generally be identified by the
use of terms such as "may", "should", "would", "believe", "expect",
the negative of these terms, variations of them or any similar
terms. No assurance can be given that any events anticipated by the
forward–looking information in this press release will transpire or
occur, or if any of them do so, what benefits that 5N Plus will
derive therefrom. In particular, no assurance can be given as to
the future financial performance of 5N Plus. The forward-looking
information contained in this press release is made as of the date
hereof and the Company has no obligation to publicly update such
forward-looking information to reflect new information, subsequent
or otherwise, unless required by applicable securities laws. The
reader is warned against placing undue reliance on these
forward-looking statements.
About 5N Plus Inc.
5N Plus is a leading global
producer of specialty semiconductors and performance materials. The
Company's ultra‐pure materials often form the core element of its
customers' products. These customers rely on 5N Plus's
products to enable performance and sustainability in their own
products. 5N Plus deploys a range of proprietary and proven
technologies to develop and manufacture its products. The Company's
products enable various applications in several key industries,
including renewable energy, security, space, pharmaceutical,
medical imaging and industrial. Headquartered in Montréal, Québec,
5N Plus operates R&D, manufacturing and commercial centers in
strategically located facilities around the world including
Europe, North America and Asia.
SOURCE 5N Plus Inc.