In an operational update, Timminco said it produced 243 metric tons of solar-grade or upgraded metallurgical silicon (UMSi) from three purification lines out of an available seven lines. The company shipped 34 metric tons in the quarter, at an average selling price of $39 per kg.
In light of continuing weak demand for UMSi and its plan to maintain production at levels in line with customer orders, the AMG subsidiary said it is temporarily reducing its production to one purification line. This move should allow the Canadian company to further preserve working capital and save costs by temporarily reducing headcount by as many as 60 employees.
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Timminco said it expects to resume production of UMSi on the idled purification lines, once demand recovers.
“Our shipments in the quarter and our decision to reduce production levels until demand recovers reflect the difficult market conditions in the current solar industry,” said John Fenger, president/COO of Timminco. “In this challenging environment, we will continue to prudently manage our costs and preserve capital while preparing for an eventual recovery of the solar market.”
