Timminco Limited
TSX : TIM

Timminco Limited
CaliSolar, Inc.

CaliSolar, Inc.

June 16, 2008 10:21 ET

Timminco and CaliSolar Jointly Announce Solar Grade Silicon Supply Agreement

TORONTO, ONTARIO--(Marketwire - June 16, 2008) - Timminco Limited ("Timminco") (TSX:TIM) and CaliSolar, Inc., a privately held business based in Sunnyvale, CA ("CaliSolar"), today jointly announced that Timminco's wholly-owned subsidiary, Becancour Silicon Inc. ("BSI"), has signed an agreement to supply solar grade silicon, or upgraded metallurgical silicon ("UMG Si"), to CaliSolar. The agreement provides for shipments of approximately 1,700 metric tons through December 2012. Initial shipments will begin in the third quarter of 2008.

"CaliSolar, using BSI's UMG Si, has made a major breakthrough in photovoltaic (PV) technology," said Dr. Eicke Weber, a CaliSolar founder and Director of the Fraunhofer Institute for Solar Energy Systems ISE in Freiburg, Germany. "The impact of UMG Si in this important, rapidly expanding market can hardly be overstated. By 2015, half of the world's PV production could be based on the use of UMG Si."

"In their search for a solar grade silicon supplier, CaliSolar has done extensive tests with materials from many UMG Si producers and obtained cell efficiencies over 15% with our product." said Mr. Rene Boisvert, President and CEO of BSI. "This agreement to supply CaliSolar is consistent with our strategy of supplying solar grade silicon to companies with the capability to produce solar cells with our material with efficiencies similar to cells produced with polysilicon."

"When CaliSolar was founded two years ago, the mission of the company was to develop specific technologies to make highly efficient solar cells using 100% UMG Si," said Roy Johnson, CEO of CaliSolar. "This contract with BSI allows CaliSolar to introduce a very competitive product during the third quarter of this year."

"We are thrilled to announce this expansion of our relationship with Becancour and look forward to continuing to work together to build a very large UMG Si industry," said Dr. Kamel Ounadjela, COO of CaliSolar.

ABOUT TIMMINCO

Timminco is a leader in the production and marketing of lightweight metals, specializing in solar grade silicon for the rapidly growing solar photovoltaic energy industry. Using its proprietary technology, Timminco processes metallurgical grade silicon into low cost solar grade silicon for use in the manufacture of solar cells. Timminco also produces silicon metal, magnesium extrusions and other specialty metals for use in a broad range of industrial applications serving the aluminum, chemical, pharmaceutical, electronics and automotive industries.

ABOUT CALISOLAR:

CaliSolar is a rapidly growing private company engaged in the development and manufacturing of high efficiency solar cells using 100% UMG Si. The company is incorporated in the USA and conducts its production operations in both USA and Germany. CaliSolar has a state of the art development center, BerlinSolar GmbH, based in Berlin Germany and headquarters in Sunnyvale, CA. The company was founded in 2006 by Dr. Kamel Ounadjela, Dr. Fritz Kirscht and Dr. Eicke Weber.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information", as such term is defined in applicable Canadian securities legislation, concerning Timminco's future financial or operating performance and other statements that express management's expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might" "be taken", "occur" or "be achieved". In this news release, such information includes statements regarding agreements and commitments to supply solar grade silicon. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Timminco operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies.
Timminco cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Timminco's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, limited history with solar grade silicon production; expansion of solar grade silicon production and sales generally; production capacity expansion at the Becancour facilities; protection of intellectual property rights; increasing and maintaining the purity of solar grade silicon; long-term contracts for supplying solar grade silicon; selling prices for solar grade silicon; price volatility for silicon metal; pricing and availability of raw materials for silicon mental and solar grade silicon production; dependence upon power supply for silicon metal production; the cost of solar grade silicon production; price volatility for magnesium metal; magnesium supply chain interruptions; dependence upon key customers of magnesium extruded products; manufacturing cost reduction initiatives; financing requirements for capital expenditures; limitations under existing credit facilities; foreign currency exchange; dependence upon key executives and employees; customer concentration; completion and integration of potential acquisitions, partnerships or joint ventures; risks with foreign operations and suppliers; environmental, health and safety laws and liabilities; equipment failures; transportation disruptions; conflicts of interest; intellectual property infringement claims; new regulatory requirements; labour disputes; and changes in tax laws. These factors are discussed in greater detail in Timminco's Annual Information Form for the year ended December 31, 2007, which is available via the SEDAR website at www.sedar.com. Although Timminco has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this news release and Timminco disclaims any intention or obligation to update or revise such information, except as required by applicable law.



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Contact Information

  • Timminco Limited
    Robert J. Dietrich
    Executive Vice President - Finance and CFO
    (416) 364-5171
    (416) 364-3451 (FAX)
    Email: rdietrich@timminco.com
    or
    Becancour Silicon Inc.
    Rene Boisvert
    President and CEO
    (819) 294-6000
    (819) 294-9001 (FAX)
    Email: rboisvert@silbec.com
    or
    CaliSolar, Inc.
    Roy Johnson
    CEO
    (408) 739-1774 x102
    (408) 739-4523 (FAX)
    Email: roy@calisolar.com