Cristal Global sells Australia mine for SAR 380 mln

Cristal Global, the world’s fifth biggest titanium and zircon producer, sold last week a Western Australia mine, owned by its subsidiary Pemax, for the equivalent of SAR 380 million, Australian media reported.

The company, 66 percent owned by Saudi National Industrialization Company (Tasnee), did not specify its net profit from the deal.

The mine currently produces 100,000 tonnes of zircon and titanium, while the company’s total production of the two minerals is 600,000 tonnes.