Ineos Enterprises has acquired a 100% stake in Eramet Titanium & Iron (ETI), a Norwegian subsidiary of French mining and metallurgy company Eramet, in a deal worth $245m (€229.98m).

The deal, which was announced earlier this year, will take immediate effect and ETI will now be known as INEOS Tyssedal.

In a press statement, Eramet said: “The transaction is final and subject to no condition, regulatory approvals having been obtained by INEOS Enterprises prior to the acceptance of its offer by Eramet.”

The deal also covers a long-term supply contract for ilmenite produced by Grande Côte Opérations (GCO).

ETI is an ilmenite transformation plant located in Tyssedal, south-western Norway.

This facility is equipped to produce titanium dioxide slag, which is used in the pigments industry. It also produces high-purity pig iron from ilmenite supplied by GCO in Senegal for sale to foundries in Europe.

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Ineos Enterprises CEO Ashley Reed said: “This is a good quality asset, complemented by an experienced operations team. We believe the next phase of ETI’s development can be well progressed under Ineos ownership and further improve the long-term sustainability of the company.”

Eramet said the sale strengthens its balance sheet while contributing to the financing of its metals projects needed for the energy transition.

Earlier this year, Bloomberg News reported that commodities giant Glencore was in advanced talks to fund the development of Eramet’s lithium processing plant in Centenario-Ratones, Argentina, in exchange for lithium supplies.

Eramet partnered with China’s Tsingshan Holding Group to develop the plant to help meet surging demand for key battery ingredients.

The proposed plant will have a 24,000-tonnes-per-annum production capacity of lithium carbonate equivalent.