October 14, 2020

Magris Resources to Acquire North American Talc Assets

TORONTO, Oct. 13, 2020 /PRNewswire/ – Magris Resources Canada Inc. (“Magris”) is pleased to announce that it has entered into…

TORONTO, Oct. 13, 2020 /PRNewswire/ – Magris Resources Canada Inc. (“Magris”) is pleased to announce that it has entered into a definitive stalking-horse agreement to acquire substantially all the assets of Imerys Talc America Inc., Imerys Talc Vermont Inc. and Imerys Talc Canada Inc. (collectively, the “North American Talc Business”) for US$223 million. The North American Talc Business is being sold under proceedings commenced by the sellers under Chapter 11 of the United States Bankruptcy Code and the Companies’ Creditors Arrangement Act. The agreement will become fully effective and legally binding after the relevant United States and Canadian courts issue orders to approve it.

The North American Talc Business is North America’s premier producer of talc, which is a critical performance-enhancing ingredient used in a variety of industrial applications. Its operations consist of three long-life mines and six processing facilities located in the United States and Canada.

“We are excited to acquire the North American Talc Business, which is underpinned by high-quality, long-life assets that produce a variety of talc products for blue-chip customers in diverse industrial end markets. We have been extremely impressed by the quality and safety culture of the operations and workforce, and look forward to partnering with the existing management team to continue to grow this business,” said Aaron Regent, Chairman & CEO of Magris. 

“We look forward to welcoming the North American Talc Business to the Magris family. The combination of the North American Talc Business and our existing niobium business in Canada represents a unique opportunity to realize meaningful synergies and create an industrial minerals platform that Magris can continue to invest in and scale,” said Matthew Fenton, President & CFO of Magris.

The transaction is expected to close by late 2020 or early 2021, subject to the receipt of regulatory approvals and other customary closing conditions.

About Magris

Magris was founded in 2012 by Aaron Regent to acquire, develop and operate industrial minerals and mining assets on a global basis. Magris owns and operates Niobec, a Quebec-based producer of niobium, which is a critical element used in the production of high-strength, low-alloy steels.

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SOURCE Magris Resources Inc