Timminco Limited
TSX : TIM

Timminco Limited

November 16, 2007 16:24 ET

Timminco Announces Change of Auditor

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2007) - Timminco Limited ("Timminco" or the "Company") (TSX:TIM) announced that the Board of Directors of the Company, based on the recommendation of its Audit Committee and subject to compliance with all applicable statutory requirements, has appointed Ernst & Young LLP ("E&Y") as the auditor of the Company. At the request of the Company, KPMG LLP ("KPMG") resigned as the auditor of the Company effective today. E&Y will perform the audit of the Company's annual financial statements for the year ended December 31, 2007.

E&Y is also the auditor for AMG Advanced Metallurgical Group N.V. ("AMG"; Euronext: AMG), which is the controlling shareholder of the Company. Accordingly, the change in auditors for the Company is expected to reduce the time and resources that would otherwise be spent by the Company's management in respect of the audit and review services performed by E&Y as auditor for AMG.

There have been no reservations contained in KPMG's reports on any of the Company's financial statements relating to the financial years ended December 31, 2005 and 2006 or any subsequent period, and there are no reportable events (as defined in National Instrument 51-102 (Section 4.11)) between the Company and KPMG. The Company will be filing the required reporting package in accordance with National Instrument 51-102.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements concerning Timminco's business and operations. Timminco cautions that, by their nature, forward-looking statements involve risk and uncertainty and that Timminco's actual results could differ materially from those expressed or implied in such statements. Such statements include comments relating to compliance with statutory requirements and the expected benefits to the Company of the change in auditors.

There are financial and operational risks inherent in all of Timminco's businesses, which include, but are not limited to: commodity prices, currency exchange, interest rates, capital, credit, regulatory, political, operational and environmental risks. In Timminco's solar silicon business, there are additional risks associated with the expansion of this business and production capacity, increasing product purity, the long-term commercial contracts, and protection of intellectual property. Timminco takes specific measures to manage anticipated risks, and any forward-looking statements in this news release were based on the assumption of no significant changes or trends with respect to such risk factors. However, there can be no assurance that future developments affecting Timminco or its businesses will be those anticipated by Timminco. Reference should be made to the most recent Management's Discussion and Analysis for a description of the major risk factors. Timminco disclaims any duty to update forward-looking statements other than through relevant future Management's Discussions and Analyses.

ABOUT TIMMINCO

Timminco is a leader in the production of silicon metal for the electronics, chemical and aluminum industries. Timminco has also commenced production of solar grade silicon metal. Other businesses include the production and marketing of magnesium, calcium and strontium alloys and magnesium extruded and fabricated products. Timminco's products are used in a broad range of specialized industrial applications and industries such as electronics, solar energy, chemical, engineered extruded products, pharmaceutical, automotive and metallurgical. Timminco's common shares are traded on the Toronto Stock Exchange under the symbol TIM.

Contact Information

  • Timminco Limited
    Robert Dietrich, Executive Vice President - Finance
    and Chief Financial Officer
    (416) 364-5171
    (416) 364-3451 (FAX)