Tronox Limited engages in the production and marketing of titanium-bearing mineral sands and titanium dioxide pigment (TiO2). The company has global operations in North America, Europe, South Africa, and Australia. Segments The company’s segments include Mineral Sands, Pigment, and Other. Mineral Sands This segment includes the exploration, mining, and beneficiation of mineral sands deposits. ‘Mineral sands’ refers to concentrations of heavy minerals in an alluvial environment (sandy or sedimentary deposits near a sea, river, or other water source). The company separates these minerals from these primary sources. This segment consists primarily of two product streams—titanium feedstock and zircon. It processes ilmenite into either slag or synthetic rutile. Other than zircon, all of these materials are sometimes referred to as titanium feedstock. Titanium feedstock is used primarily to manufacture TiO2. Titanium Feedstock Titanium feedstock is considered to be a single product. Titanium minerals (ilmenite, rutile, and leucoxene), titanium slag (chloride slag and sulphate slag), and synthetic rutile are used primarily as feedstock for the production of TiO2 pigment. Titanium Minerals Ilmenite: Ilmenite is the abundant titanium mineral in the world. Rutile: Rutile includes crystalline titanium and in its pure state, would contain close to 100% titanium. Leucoxene: Leucoxene is a natural alteration of ilmenite with a titanium content ranging from approximately 65% to approximately 90%. Titanium Slag: The production of titanium slag involves smelting ilmenite in an electric arc furnace under reducing conditions, normally with anthracite (coal) used as a reducing agent. Synthetic Rutile: Various processes have been developed for the beneficiation of ilmenite into products containing between approximately 90% and 95% titanium. These products are known as synthetic rutile or upgraded ilmenite. Co-products The primary co-products of heavy mineral sands mining and titanium slag production are zircon and high purity pig iron. Zircon: Zircon is extracted, alongside ilmenite and rutile, as part of the initial mineral sands beneficiation process. Zircon is a mineral, which is primarily used as an additive in ceramic glazes to add hardness, which makes the ceramic glaze more water, chemical, and abrasion resistant. It is also used for the production of zirconium and zirconium chemicals, in refractories, as a molding sand in foundries, and for TV glass, where it is noted for its structural stability at high temperatures and resistance to abrasive and corrosive conditions. High Purity Pig Iron: Producing titanium slag, ilmenite smelters could recover iron in the form of high purity pig iron containing low levels of manganese. The pig iron produced as a co-product of titanium slag production is known as nodular pig iron, ductile pig iron, low manganese pig iron, or high purity pig iron. Pigment This segment primarily produces and markets TiO2, and has production facilities at various locations, such as Hamilton, Mississippi; Botlek, the Netherlands; and Kwinana, Western Australia, representing an aggregate of 465,000 tonnes of annual TiO2 production capacity. TiO2 is used in a range of products due to its ability to impart whiteness, brightness, and opacity, and is designed, marketed, and sold based on specific end-use applications. TiO2 is used in the manufacture of paint and other coatings, plastics and paper, and in a range of other applications, including inks, fibers, rubber, food, cosmetics, and pharmaceuticals. TiO2 is a component of everyday consumer applications due to its ability to cover or mask other materials relative to alternative white pigments and extenders. Other This segment engages in electrolytic manufacturing and marketing operations in the United States. The company’s electrolytic and other chemical products operations are primarily focused on advanced battery materials, sodium chlorate, and specialty boron products. Battery Materials: Battery material end-use applications include alkaline batteries for flashlights, electronic games, medical, and indus