As a result of the handelskrigen between the united STATES and China, and the recent downturn in the market, has REC Silicons turnover of 3. quarter has been lower than previously expected, reported it in a message.
As a result of this, it is expected that silisiumsalget in 3. quarter ends at about 1.800 tons.
the Company writes that there are still ongoing negotiations between the united STATES and China, in an attempt to resolve the conflict. They point out, however, that as a political process, the timing and outcome remain uncertain.
Total waiting REC a turnover in 3. quarter of around 45-50 million dollars, down from 71,1 million dollars in 2. quarter.
The overall gen is estimated to be around eur 3.900 tonnes in the third quarter, against the previous guidingen at 4.490 tonnes. FBR-production is estimated at 3.300 tonnes, against the previously expected 3.830 tonnes.
the Company pointed out that they will make efforts to maintain a healthy cash balance, and adjust the produksjonskapasitetsutnyttelsen according to the demand in the market. Within 1. October expecting the company to run at approximately 50 per cent of full capacity at the Moses Lake facility.
as of 22. september has REC a cash balance of 81 million dollars.
REC also announces that they are now in negotiations with its joint venture partner for deferral of the payment of the company’s second and third capital contributions in the Yulin-project for after 2018.
the Deposit is at 169 million dollars.
“With respect to the company’s joint venture payables, allows the relevant agreements and the delay of the second payment of 15 million dollars in capital contributions to at least July 2017,” type REC.
If it would not be a solution in handelskrigen, and if the REC unless are able to pay their contribution, allows agreement that that the company can refuse to pay. If this should occur, the company’s ownership interest in the project will be accordingly reduced.
REC points out that the construction and the expenses of the Yulin facility still is on schedule for startup in the second half of next year.
REC’d 2. november present its results for the 3. quarter and guiding for 4. quarter.
Read the entire message here.
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