0001530804false2023FYhttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationsP30DP5Yhttp://fasb.org/us-gaap/2023#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2023#OtherCostOfOperatingRevenuehttp://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2023#OtherCostOfOperatingRevenuehttp://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2023#OtherCostOfOperatingRevenuehttp://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpenseP4Y00015308042023-01-012023-12-3100015308042023-06-30iso4217:USD00015308042024-01-31xbrli:shares00015308042022-01-012022-12-3100015308042021-01-012021-12-31iso4217:USDxbrli:shares00015308042023-12-3100015308042022-12-3100015308042021-12-3100015308042020-12-310001530804us-gaap:CommonStockMember2020-12-310001530804us-gaap:AdditionalPaidInCapitalMember2020-12-310001530804us-gaap:RetainedEarningsMember2020-12-310001530804us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001530804us-gaap:ParentMember2020-12-310001530804us-gaap:NoncontrollingInterestMember2020-12-310001530804us-gaap:RetainedEarningsMember2021-01-012021-12-310001530804us-gaap:ParentMember2021-01-012021-12-310001530804us-gaap:NoncontrollingInterestMember2021-01-012021-12-310001530804us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310001530804us-gaap:CommonStockMember2021-01-012021-12-310001530804us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310001530804us-gaap:CommonStockMember2021-12-310001530804us-gaap:AdditionalPaidInCapitalMember2021-12-310001530804us-gaap:RetainedEarningsMember2021-12-310001530804us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001530804us-gaap:ParentMember2021-12-310001530804us-gaap:NoncontrollingInterestMember2021-12-310001530804us-gaap:RetainedEarningsMember2022-01-012022-12-310001530804us-gaap:ParentMember2022-01-012022-12-310001530804us-gaap:NoncontrollingInterestMember2022-01-012022-12-310001530804us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310001530804us-gaap:CommonStockMember2022-01-012022-12-310001530804us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-310001530804us-gaap:CommonStockMember2022-12-310001530804us-gaap:AdditionalPaidInCapitalMember2022-12-310001530804us-gaap:RetainedEarningsMember2022-12-310001530804us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001530804us-gaap:ParentMember2022-12-310001530804us-gaap:NoncontrollingInterestMember2022-12-310001530804us-gaap:RetainedEarningsMember2023-01-012023-12-310001530804us-gaap:ParentMember2023-01-012023-12-310001530804us-gaap:NoncontrollingInterestMember2023-01-012023-12-310001530804us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310001530804us-gaap:CommonStockMember2023-01-012023-12-310001530804us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310001530804us-gaap:CommonStockMember2023-12-310001530804us-gaap:AdditionalPaidInCapitalMember2023-12-310001530804us-gaap:RetainedEarningsMember2023-12-310001530804us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001530804us-gaap:ParentMember2023-12-310001530804us-gaap:NoncontrollingInterestMember2023-12-31trox:facility0001530804country:AUus-gaap:BondsMember2022-12-310001530804country:AUus-gaap:BondsMember2023-12-310001530804srt:MinimumMemberus-gaap:LandImprovementsMember2023-12-310001530804us-gaap:LandImprovementsMembersrt:MaximumMember2023-12-310001530804srt:MinimumMemberus-gaap:BuildingMember2023-12-310001530804srt:MaximumMemberus-gaap:BuildingMember2023-12-310001530804us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2023-12-310001530804us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2023-12-310001530804us-gaap:FurnitureAndFixturesMember2023-12-310001530804srt:MinimumMember2023-12-310001530804srt:MaximumMember2023-12-310001530804srt:MinimumMember2023-01-012023-12-310001530804srt:MaximumMember2023-01-012023-12-31trox:segment0001530804srt:NorthAmericaMember2023-01-012023-12-310001530804srt:NorthAmericaMember2022-01-012022-12-310001530804srt:NorthAmericaMember2021-01-012021-12-310001530804trox:SouthAndCentralAmericaMember2023-01-012023-12-310001530804trox:SouthAndCentralAmericaMember2022-01-012022-12-310001530804trox:SouthAndCentralAmericaMember2021-01-012021-12-310001530804trox:EuropeMiddleEastAndAfricaMember2023-01-012023-12-310001530804trox:EuropeMiddleEastAndAfricaMember2022-01-012022-12-310001530804trox:EuropeMiddleEastAndAfricaMember2021-01-012021-12-310001530804srt:AsiaPacificMember2023-01-012023-12-310001530804srt:AsiaPacificMember2022-01-012022-12-310001530804srt:AsiaPacificMember2021-01-012021-12-310001530804trox:TiO2Member2023-01-012023-12-310001530804trox:TiO2Member2022-01-012022-12-310001530804trox:TiO2Member2021-01-012021-12-310001530804trox:ZirconMember2023-01-012023-12-310001530804trox:ZirconMember2022-01-012022-12-310001530804trox:ZirconMember2021-01-012021-12-310001530804us-gaap:ProductAndServiceOtherMember2023-01-012023-12-310001530804us-gaap:ProductAndServiceOtherMember2022-01-012022-12-310001530804us-gaap:ProductAndServiceOtherMember2021-01-012021-12-31xbrli:pure0001530804us-gaap:HerMajestysRevenueAndCustomsHMRCMember2023-01-012023-12-310001530804us-gaap:HerMajestysRevenueAndCustomsHMRCMember2022-01-012022-12-310001530804us-gaap:HerMajestysRevenueAndCustomsHMRCMember2021-01-012021-12-310001530804us-gaap:HerMajestysRevenueAndCustomsHMRCMembercountry:GBsrt:WeightedAverageMember2023-01-012023-12-310001530804us-gaap:PositiveOutcomeOfLitigationMemberus-gaap:SettledLitigationMembertrox:AnadarkoLitigationMember2014-01-012014-12-310001530804us-gaap:InternalRevenueServiceIRSMember2023-01-012023-12-310001530804us-gaap:InternalRevenueServiceIRSMember2022-01-012022-12-310001530804us-gaap:AustralianTaxationOfficeMember2023-01-012023-12-310001530804us-gaap:AustralianTaxationOfficeMember2022-01-012022-12-310001530804us-gaap:SwissFederalTaxAdministrationFTAMember2023-01-012023-12-310001530804us-gaap:SwissFederalTaxAdministrationFTAMember2022-01-012022-12-310001530804us-gaap:StateAdministrationOfTaxationChinaMember2023-01-012023-12-310001530804us-gaap:StateAdministrationOfTaxationChinaMember2022-01-012022-12-310001530804country:AU2023-01-012023-12-310001530804country:AU2022-01-012022-12-310001530804us-gaap:HerMajestysRevenueAndCustomsHMRCMemberus-gaap:DomesticCountryMember2023-12-310001530804us-gaap:AustralianTaxationOfficeMemberus-gaap:ForeignCountryMember2023-12-310001530804us-gaap:TaxAndCustomsAdministrationNetherlandsMemberus-gaap:ForeignCountryMember2023-12-310001530804us-gaap:MinistryOfTheEconomyFinanceAndIndustryFranceMemberus-gaap:ForeignCountryMember2023-12-310001530804trox:TaxAndCustomsAdministrationSaudiArabiaMemberus-gaap:ForeignCountryMember2023-12-310001530804us-gaap:StateAdministrationOfTaxationChinaMemberus-gaap:ForeignCountryMember2023-12-310001530804us-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMemberus-gaap:ForeignCountryMember2023-12-310001530804trox:OtherMemberus-gaap:ForeignCountryMember2023-12-310001530804us-gaap:InternalRevenueServiceIRSMemberus-gaap:ForeignCountryMember2023-12-310001530804us-gaap:StateAndLocalJurisdictionMemberus-gaap:InternalRevenueServiceIRSMember2023-12-310001530804us-gaap:EmployeeStockOptionMember2023-01-012023-12-310001530804us-gaap:EmployeeStockOptionMember2022-01-012022-12-310001530804us-gaap:EmployeeStockOptionMember2021-01-012021-12-310001530804us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-12-310001530804us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-12-310001530804us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-3100015308042022-03-1500015308042022-11-3000015308042022-11-012022-11-300001530804us-gaap:AccountsPayableMember2023-12-310001530804us-gaap:AccountsPayableMember2022-12-310001530804us-gaap:LandAndLandImprovementsMember2023-12-310001530804us-gaap:LandAndLandImprovementsMember2022-12-310001530804us-gaap:BuildingMember2023-12-310001530804us-gaap:BuildingMember2022-12-310001530804us-gaap:MachineryAndEquipmentMember2023-12-310001530804us-gaap:MachineryAndEquipmentMember2022-12-310001530804us-gaap:ConstructionInProgressMember2023-12-310001530804us-gaap:ConstructionInProgressMember2022-12-310001530804us-gaap:OtherMachineryAndEquipmentMember2023-12-310001530804us-gaap:OtherMachineryAndEquipmentMember2022-12-310001530804us-gaap:CostOfSalesMember2023-01-012023-12-310001530804us-gaap:CostOfSalesMember2022-01-012022-12-310001530804us-gaap:CostOfSalesMember2021-01-012021-12-310001530804us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-12-310001530804us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-12-310001530804us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-12-310001530804us-gaap:CustomerRelationshipsMember2023-12-310001530804us-gaap:CustomerRelationshipsMember2022-12-310001530804us-gaap:PatentedTechnologyMember2023-12-310001530804us-gaap:PatentedTechnologyMember2022-12-310001530804us-gaap:ComputerSoftwareIntangibleAssetMember2023-12-310001530804us-gaap:ComputerSoftwareIntangibleAssetMember2022-12-310001530804us-gaap:ComputerSoftwareIntangibleAssetMember2023-01-012023-12-310001530804us-gaap:ComputerSoftwareIntangibleAssetMember2022-01-012022-12-310001530804us-gaap:RelatedPartyMember2023-12-310001530804us-gaap:RelatedPartyMember2022-12-310001530804us-gaap:NonrelatedPartyMember2023-12-310001530804us-gaap:NonrelatedPartyMember2022-12-310001530804trox:HawkinsPointLandMember2023-01-012023-12-310001530804trox:HawkinsPointLandMember2022-01-012022-12-310001530804trox:HawkinsPointLandMember2021-01-012021-12-310001530804trox:MGTLoanMember2023-01-012023-12-310001530804trox:MGTLoanMember2022-01-012022-12-310001530804trox:MGTLoanMember2021-01-012021-12-310001530804trox:TermLoanFacilityMember2023-12-310001530804trox:TermLoanFacilityMember2022-12-310001530804trox:TermLoanFacility2022Member2023-12-310001530804trox:TermLoanFacility2022Member2022-12-310001530804trox:TermLoanFacility2023Member2023-12-310001530804trox:TermLoanFacility2023Member2022-12-310001530804trox:SeniorNotesDue2029Member2023-12-310001530804trox:SeniorNotesDue2029Member2022-12-310001530804trox:StandardBankTermLoanFacilityMember2023-12-310001530804trox:StandardBankTermLoanFacilityMember2022-12-310001530804trox:AustralianGovernmentLoanMember2023-12-310001530804trox:AustralianGovernmentLoanMember2022-12-310001530804trox:MGTLoanMember2023-12-310001530804trox:MGTLoanMember2022-12-310001530804trox:TermLoanFacilityMember2023-01-012023-12-310001530804trox:TermLoanFacilityMember2022-01-012022-12-310001530804trox:TermLoanFacility2022Member2023-01-012023-12-310001530804trox:TermLoanFacility2022Member2022-01-012022-12-310001530804trox:TermLoanFacility2023Member2023-01-012023-12-310001530804trox:StandardBankTermLoanFacilityMember2023-01-012023-12-310001530804trox:StandardBankTermLoanFacilityMember2022-01-012022-12-310001530804trox:TermLoanFacilityMember2021-03-112021-03-110001530804trox:TermLoanFacilityMember2021-03-110001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2021-03-112021-03-110001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2021-03-110001530804us-gaap:RevolvingCreditFacilityMemberus-gaap:LetterOfCreditMembertrox:CashFlowRevolverMember2021-03-110001530804trox:PriorTermLoanFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-03-110001530804trox:PriorTermLoanFacilityMember2021-03-112021-03-110001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2021-01-012021-12-310001530804us-gaap:RevolvingCreditFacilityMembertrox:TermLoanFacilityMember2021-01-012021-12-310001530804trox:SecuredOvernightFinancingRateSOFRMembertrox:TermLoanFacilityMember2021-09-302021-09-300001530804trox:SecuredOvernightFinancingRateSOFRMemberus-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2022-04-042022-04-040001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2022-06-300001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2021-06-302021-06-300001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2022-01-012022-12-310001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2022-12-310001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2023-12-310001530804us-gaap:RevolvingCreditFacilityMembertrox:CashFlowRevolverMember2022-12-012022-12-310001530804trox:TermLoanFacility2022Member2022-04-042022-04-040001530804trox:TermLoanFacility2022Member2022-04-040001530804trox:TermLoanFacility2022Memberus-gaap:BaseRateMember2022-04-042022-04-040001530804trox:SecuredOvernightFinancingRateSOFRMembertrox:TermLoanFacility2022Member2022-04-042022-04-040001530804trox:TermLoanFacility2022Memberus-gaap:BaseRateMember2023-01-012023-12-310001530804trox:TermLoanFacility2023Member2023-08-012023-08-310001530804trox:TermLoanFacility2023Member2023-08-310001530804trox:TermLoanFacility2023Memberus-gaap:BaseRateMember2023-08-012023-08-310001530804trox:SecuredOvernightFinancingRateSOFRMembertrox:TermLoanFacility2023Member2023-08-012023-08-310001530804trox:SeniorNotesDue2029Member2021-03-150001530804trox:SeniorNotesDue2029Member2021-12-310001530804trox:SeniorNotesDue2026AndSeniorNotesDue2025Member2021-01-012021-12-310001530804trox:SeniorNotesDue2026Member2021-01-012021-12-310001530804trox:StandardBankTermLoanFacilityAmortizationLoanMemberus-gaap:NotesPayableToBanksMember2021-01-012021-12-31iso4217:ZAR0001530804trox:StandardBankTermLoanFacilityAmortizationLoanMemberus-gaap:NotesPayableToBanksMember2021-12-310001530804trox:StandardBankTermLoanFacilityMember2021-10-012021-10-010001530804trox:StandardBankTermLoanFacilityMember2021-10-010001530804us-gaap:RevolvingCreditFacilityMembertrox:StandardBankRevolvingCreditFacilityMember2021-10-012021-10-010001530804us-gaap:RevolvingCreditFacilityMembertrox:StandardBankRevolvingCreditFacilityMember2021-10-010001530804trox:JohannesburgInterbankAverageRateJIBARMembertrox:StandardBankTermLoanFacilityMember2021-10-012021-10-010001530804trox:UtilizationLessThanThirtyThreePercentMembertrox:JohannesburgInterbankAverageRateJIBARMemberus-gaap:RevolvingCreditFacilityMembertrox:StandardBankRevolvingCreditFacilityMember2021-10-012021-10-010001530804trox:JohannesburgInterbankAverageRateJIBARMemberus-gaap:RevolvingCreditFacilityMembertrox:StandardBankRevolvingCreditFacilityMembertrox:UtilizationBetweenThirtyThreePercentAndSixtySixPercentMember2021-10-012021-10-010001530804trox:JohannesburgInterbankAverageRateJIBARMembertrox:UtilizationGreaterThanSixtySixPercentMemberus-gaap:RevolvingCreditFacilityMembertrox:StandardBankRevolvingCreditFacilityMember2021-10-012021-10-010001530804us-gaap:LoansPayableMembertrox:AustralianGovernmentLoanMember2019-04-102019-04-100001530804us-gaap:LoansPayableMembertrox:AustralianGovernmentLoanMember2019-04-10iso4217:AUD0001530804us-gaap:LoansPayableMembertrox:AustralianGovernmentLoanMember2023-12-310001530804trox:MGTLoanMember2020-12-170001530804trox:MGTLoanMembersrt:MinimumMember2023-01-012023-12-310001530804trox:MGTLoanMembersrt:MaximumMember2023-01-012023-12-310001530804us-gaap:LoansPayableMembertrox:WorkingCapitalDebtAgreementInChinaTikonLoanMember2019-04-102019-04-100001530804us-gaap:LoansPayableMembertrox:WorkingCapitalDebtAgreementInChinaTikonLoanMember2021-01-012021-12-31iso4217:CNY0001530804trox:EmiratesRevolverMemberus-gaap:LineOfCreditMember2023-06-30iso4217:GBP0001530804trox:EmiratesRevolverMemberus-gaap:LineOfCreditMember2023-12-310001530804trox:SecuredOvernightFinancingRateSOFRMembertrox:EmiratesRevolverMemberus-gaap:LineOfCreditMember2023-01-012023-12-310001530804us-gaap:EurodollarMembertrox:EmiratesRevolverMemberus-gaap:LineOfCreditMember2023-01-012023-12-310001530804trox:EmiratesRevolverMembertrox:SterlingOvernightIndexAverageRateMemberus-gaap:LineOfCreditMember2023-01-012023-12-310001530804trox:EmiratesRevolverMemberus-gaap:LineOfCreditMember2023-01-012023-12-310001530804trox:SaudiBritishBankSABBCreditFacilityMemberus-gaap:NotesPayableToBanksMember2019-10-16iso4217:SAR0001530804trox:SaudiInterBankOfferedRateMembertrox:SaudiBritishBankSABBCreditFacilityMemberus-gaap:NotesPayableToBanksMember2019-10-162019-10-160001530804trox:SaudiBritishBankSABBCreditFacilityMemberus-gaap:NotesPayableToBanksMember2023-11-300001530804trox:SaudiBritishBankSABBCreditFacilityMemberus-gaap:NotesPayableToBanksMember2023-12-310001530804trox:SaudiBritishBankSABBCreditFacilityMemberus-gaap:NotesPayableToBanksMember2023-01-012023-12-310001530804trox:ItauUnibancoSACreditFacilityMemberus-gaap:NotesPayableToBanksMember2022-11-30iso4217:BRL0001530804trox:ItauUnibancoSACreditFacilityMemberus-gaap:NotesPayableToBanksMember2023-12-310001530804trox:ShortTermInsurancePremiumFinancingAgreementMember2022-08-012022-08-310001530804trox:ShortTermInsurancePremiumFinancingAgreementMember2022-08-310001530804trox:ShortTermInsurancePremiumFinancingAgreementMember2023-08-012023-08-310001530804trox:ShortTermInsurancePremiumFinancingAgreementMember2023-08-310001530804trox:ShortTermInsurancePremiumFinancingAgreementMember2023-12-310001530804trox:ShortTermInsurancePremiumFinancingAgreementMember2022-12-310001530804trox:WellsFargoRevolverMember2023-12-310001530804trox:WellsFargoRevolverMember2022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EnergyRelatedDerivativeMember2023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EnergyRelatedDerivativeMember2022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001530804us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-12-310001530804us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-12-310001530804us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-12-310001530804us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2022-12-310001530804us-gaap:SalesMember2023-01-012023-12-310001530804us-gaap:OtherOperatingIncomeExpenseMember2023-01-012023-12-310001530804us-gaap:SalesMember2022-01-012022-12-310001530804us-gaap:OtherOperatingIncomeExpenseMember2022-01-012022-12-310001530804us-gaap:SalesMember2021-01-012021-12-310001530804us-gaap:OtherOperatingIncomeExpenseMember2021-01-012021-12-310001530804us-gaap:SalesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2023-01-012023-12-310001530804us-gaap:NondesignatedMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2023-01-012023-12-310001530804us-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2023-01-012023-12-310001530804us-gaap:SalesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-12-310001530804us-gaap:NondesignatedMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-12-310001530804us-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2022-01-012022-12-310001530804us-gaap:SalesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310001530804us-gaap:NondesignatedMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310001530804us-gaap:NondesignatedMemberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2023-01-012023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2023-01-012023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2023-01-012023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2022-01-012022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2022-01-012022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:ForeignExchangeContractMember2021-01-012021-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SalesMembersrt:NaturalGasReservesMember2023-01-012023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMembersrt:NaturalGasReservesMember2023-01-012023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherOperatingIncomeExpenseMembersrt:NaturalGasReservesMember2023-01-012023-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SalesMembersrt:NaturalGasReservesMember2022-01-012022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMembersrt:NaturalGasReservesMember2022-01-012022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherOperatingIncomeExpenseMembersrt:NaturalGasReservesMember2022-01-012022-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SalesMembersrt:NaturalGasReservesMember2021-01-012021-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMembersrt:NaturalGasReservesMember2021-01-012021-12-310001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherOperatingIncomeExpenseMembersrt:NaturalGasReservesMember2021-01-012021-12-310001530804us-gaap:InterestRateSwapMember2019-06-3000015308042023-03-27trox:derivative0001530804us-gaap:InterestRateSwapMember2023-03-270001530804us-gaap:InterestRateSwapMember2023-03-272023-03-270001530804trox:InterestRateSwap2Member2023-03-270001530804us-gaap:InterestRateSwapMember2023-05-1700015308042023-05-170001530804trox:InterestRateSwap2Member2023-05-170001530804us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-12-310001530804us-gaap:InterestRateSwapMemberus-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310001530804us-gaap:InterestRateSwapMemberus-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-12-310001530804us-gaap:InterestRateSwapMemberus-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-12-310001530804us-gaap:InterestRateSwapMemberus-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310001530804us-gaap:InterestRateSwapMemberus-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310001530804us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310001530804us-gaap:NondesignatedMembertrox:ForeignExchangeContractSouthAfricanRandMember2023-12-310001530804trox:ForeignExchangeContractAustralianDollarsMemberus-gaap:NondesignatedMember2023-12-310001530804us-gaap:NondesignatedMembertrox:ForeignExchangeContractPoundSterlingMember2023-12-310001530804us-gaap:NondesignatedMembertrox:ForeignExchangeContractEuroMember2023-12-31iso4217:EUR0001530804us-gaap:NondesignatedMembertrox:ForeignExchangeContractSaudiRiyalMember2023-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:TermLoanFacilityMember2023-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:TermLoanFacilityMember2022-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:TermLoanFacility2022Member2023-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:TermLoanFacility2022Member2022-12-310001530804trox:TermLoanFacility2023Memberus-gaap:FairValueInputsLevel1Member2023-12-310001530804trox:TermLoanFacility2023Memberus-gaap:FairValueInputsLevel1Member2022-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:StandardBankTermLoanFacilityMember2023-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:StandardBankTermLoanFacilityMember2022-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:SeniorNotesDue2029Member2023-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:SeniorNotesDue2029Member2022-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:AustralianGovernmentLoanMember2023-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:AustralianGovernmentLoanMember2022-12-310001530804trox:MGTLoanMemberus-gaap:FairValueInputsLevel2Member2023-12-310001530804trox:MGTLoanMemberus-gaap:FairValueInputsLevel2Member2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:EnergyRelatedDerivativeMember2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:EnergyRelatedDerivativeMember2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2022-12-310001530804srt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2023-12-310001530804us-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2023-12-310001530804us-gaap:MeasurementInputRiskFreeInterestRateMembersrt:MinimumMember2023-12-310001530804us-gaap:MeasurementInputRiskFreeInterestRateMembersrt:MaximumMember2023-12-310001530804srt:MinimumMemberus-gaap:MiningPropertiesAndMineralRightsMember2023-12-310001530804us-gaap:MiningPropertiesAndMineralRightsMembersrt:MaximumMember2023-12-310001530804srt:MinimumMemberus-gaap:OtherMachineryAndEquipmentMember2023-12-310001530804us-gaap:OtherMachineryAndEquipmentMembersrt:MaximumMember2023-12-310001530804us-gaap:StandbyLettersOfCreditMembertrox:WellsFargoRevolverMember2023-12-310001530804us-gaap:GuaranteeOfIndebtednessOfOthersMembertrox:HawkinsPointMember2023-12-310001530804us-gaap:GuaranteeOfIndebtednessOfOthersMembertrox:AbsaRevolverMember2023-12-310001530804trox:UKHealthAndSafetyMatterMember2023-06-012023-06-300001530804trox:VenatorMaterialsPLCVSTronoxLimitedMembertrox:VenatorMaterialsPLCMember2019-05-012019-05-310001530804trox:VenatorMaterialsPLCVSTronoxLimitedMember2019-06-012019-06-300001530804trox:CristalNorthAmericaTiO2BusinessMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2019-05-012019-05-010001530804trox:VenatorMaterialsPLCVSTronoxLimitedMembertrox:VenatorMaterialsPLCMember2022-04-182022-04-180001530804us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001530804us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001530804us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001530804us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-12-310001530804us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-12-310001530804us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-12-310001530804us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001530804us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001530804us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001530804us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-12-310001530804us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-12-310001530804us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-12-310001530804us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001530804us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310001530804us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001530804us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-12-310001530804us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310001530804us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-310001530804us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001530804us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310001530804us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-3100015308042021-11-090001530804us-gaap:SubsequentEventMember2024-02-210001530804us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-12-310001530804us-gaap:CommonClassAMember2019-03-270001530804trox:TronoxHoldingsPlcAmendedAndRestatedManagementEquityIncentivePlanMember2020-06-242020-06-240001530804srt:ManagementMembertrox:RestrictedStockUnitsRSUsTimeBasedAwardsMember2023-01-012023-12-310001530804trox:RestrictedStockUnitsRSUsTimeBasedAwardsMember2023-01-012023-12-310001530804trox:RestrictedStockUnitsRSUsTimeBasedAwardsMembersrt:DirectorMember2023-01-012023-12-310001530804trox:RestrictedStockUnitsRSUsPerformanceBasedAwardsMember2023-01-012023-12-310001530804us-gaap:ShareBasedCompensationAwardTrancheOneMembertrox:RestrictedStockUnitsRSUsPerformanceBasedAwardsMember2023-01-012023-12-310001530804trox:RestrictedStockUnitsRSUsPerformanceBasedAwardsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2023-01-012023-12-310001530804trox:RestrictedStockUnitsRSUsPerformanceBasedAwardsMember2022-01-012022-12-310001530804trox:RestrictedStockUnitsRSUsPerformanceBasedAwardsMember2021-01-012021-12-310001530804us-gaap:ShareBasedCompensationAwardTrancheOneMembertrox:RestrictedStockUnitsRSUsPerformanceBasedAwardsMember2022-01-012022-12-310001530804us-gaap:ShareBasedCompensationAwardTrancheOneMembertrox:RestrictedStockUnitsRSUsPerformanceBasedAwardsMember2021-01-012021-12-310001530804us-gaap:RestrictedStockUnitsRSUMember2022-12-310001530804us-gaap:RestrictedStockUnitsRSUMember2023-12-310001530804us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-12-310001530804us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-31trox:plan0001530804us-gaap:PensionPlansDefinedBenefitMember2022-10-012022-12-310001530804us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RetirementPlanNameOtherMember2023-01-012023-12-310001530804us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RetirementPlanNameOtherMember2022-01-012022-12-310001530804country:ZAus-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-01-012023-12-310001530804country:ZAsrt:MaximumMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-01-012023-12-310001530804us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-12-310001530804us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-12-310001530804us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-310001530804us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-12-310001530804country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-12-310001530804us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-12-310001530804country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-12-310001530804us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-12-310001530804us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-01-012023-12-310001530804us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2023-01-012023-12-310001530804us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-12-310001530804us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-01-012022-12-310001530804country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-01-012023-12-310001530804us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-01-012023-12-310001530804country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-01-012022-12-310001530804us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-01-012022-12-310001530804us-gaap:PensionPlansDefinedBenefitMembercountry:US2023-12-310001530804us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2023-12-310001530804country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-12-310001530804us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-12-310001530804us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310001530804us-gaap:PensionPlansDefinedBenefitMember2023-12-310001530804us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310001530804us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310001530804us-gaap:DefinedBenefitPostretirementHealthCoverageMember2023-01-012023-12-310001530804us-gaap:DefinedBenefitPostretirementHealthCoverageMember2022-01-012022-12-310001530804us-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-01-012021-12-310001530804us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-01-012021-12-310001530804us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-01-012021-12-310001530804country:USus-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-01-012021-12-310001530804us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPostretirementHealthCoverageMember2021-01-012021-12-310001530804us-gaap:EquitySecuritiesMembercountry:US2023-12-310001530804us-gaap:EquitySecuritiesMemberus-gaap:ForeignPlanMember2023-12-310001530804us-gaap:EquitySecuritiesMembercountry:US2022-12-310001530804us-gaap:EquitySecuritiesMemberus-gaap:ForeignPlanMember2022-12-310001530804us-gaap:DebtSecuritiesMembercountry:US2023-12-310001530804us-gaap:DebtSecuritiesMemberus-gaap:ForeignPlanMember2023-12-310001530804us-gaap:DebtSecuritiesMembercountry:US2022-12-310001530804us-gaap:DebtSecuritiesMemberus-gaap:ForeignPlanMember2022-12-310001530804us-gaap:DefinedBenefitPlanRealEstateMembercountry:US2023-12-310001530804us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:ForeignPlanMember2023-12-310001530804us-gaap:DefinedBenefitPlanRealEstateMembercountry:US2022-12-310001530804us-gaap:DefinedBenefitPlanRealEstateMemberus-gaap:ForeignPlanMember2022-12-310001530804trox:DefinedBenefitPlanOtherMembercountry:US2023-12-310001530804us-gaap:ForeignPlanMembertrox:DefinedBenefitPlanOtherMember2023-12-310001530804trox:DefinedBenefitPlanOtherMembercountry:US2022-12-310001530804us-gaap:ForeignPlanMembertrox:DefinedBenefitPlanOtherMember2022-12-310001530804country:US2023-12-310001530804us-gaap:ForeignPlanMember2023-12-310001530804country:US2022-12-310001530804us-gaap:ForeignPlanMember2022-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:GlobalEquitySecuritiesMember2023-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:GlobalEquitySecuritiesMember2023-12-310001530804us-gaap:FairValueInputsLevel3Membertrox:GlobalEquitySecuritiesMember2023-12-310001530804trox:GlobalEquitySecuritiesMember2023-12-310001530804trox:GlobalCommingledEquityFundsMemberus-gaap:FairValueInputsLevel1Member2023-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:GlobalCommingledEquityFundsMember2023-12-310001530804trox:GlobalCommingledEquityFundsMemberus-gaap:FairValueInputsLevel3Member2023-12-310001530804trox:GlobalCommingledEquityFundsMember2023-12-310001530804us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310001530804us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2023-12-310001530804us-gaap:USTreasuryAndGovernmentMember2023-12-310001530804us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtMember2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtMember2023-12-310001530804us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtMember2023-12-310001530804us-gaap:ForeignGovernmentDebtMember2023-12-310001530804us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001530804us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001530804us-gaap:CorporateDebtSecuritiesMember2023-12-310001530804us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignCorporateDebtSecuritiesMember2023-12-310001530804us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001530804us-gaap:ForeignCorporateDebtSecuritiesMember2023-12-310001530804us-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateFundsMember2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateFundsMember2023-12-310001530804us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMember2023-12-310001530804us-gaap:RealEstateFundsMember2023-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:InsuranceContractsMember2023-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:InsuranceContractsMember2023-12-310001530804us-gaap:FairValueInputsLevel3Membertrox:InsuranceContractsMember2023-12-310001530804trox:InsuranceContractsMember2023-12-310001530804us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310001530804us-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310001530804us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2023-12-310001530804us-gaap:FairValueInputsLevel1Member2023-12-310001530804us-gaap:FairValueInputsLevel2Member2023-12-310001530804us-gaap:FairValueInputsLevel3Member2023-12-310001530804us-gaap:FairValueInputsLevel3Membertrox:InsuranceContractsMember2022-12-310001530804us-gaap:FairValueInputsLevel3Membertrox:InsuranceContractsMember2023-01-012023-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:GlobalEquitySecuritiesMember2022-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:GlobalEquitySecuritiesMember2022-12-310001530804us-gaap:FairValueInputsLevel3Membertrox:GlobalEquitySecuritiesMember2022-12-310001530804trox:GlobalEquitySecuritiesMember2022-12-310001530804trox:GlobalCommingledEquityFundsMemberus-gaap:FairValueInputsLevel1Member2022-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:GlobalCommingledEquityFundsMember2022-12-310001530804trox:GlobalCommingledEquityFundsMemberus-gaap:FairValueInputsLevel3Member2022-12-310001530804trox:GlobalCommingledEquityFundsMember2022-12-310001530804us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2022-12-310001530804us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2022-12-310001530804us-gaap:USTreasuryAndGovernmentMember2022-12-310001530804us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtMember2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtMember2022-12-310001530804us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtMember2022-12-310001530804us-gaap:ForeignGovernmentDebtMember2022-12-310001530804us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310001530804us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310001530804us-gaap:CorporateDebtSecuritiesMember2022-12-310001530804us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignCorporateDebtSecuritiesMember2022-12-310001530804us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001530804us-gaap:ForeignCorporateDebtSecuritiesMember2022-12-310001530804us-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateFundsMember2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateFundsMember2022-12-310001530804us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMember2022-12-310001530804us-gaap:RealEstateFundsMember2022-12-310001530804us-gaap:FairValueInputsLevel1Membertrox:InsuranceContractsMember2022-12-310001530804us-gaap:FairValueInputsLevel2Membertrox:InsuranceContractsMember2022-12-310001530804trox:InsuranceContractsMember2022-12-310001530804us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2022-12-310001530804us-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2022-12-310001530804us-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2022-12-310001530804us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember2022-12-310001530804us-gaap:FairValueInputsLevel1Member2022-12-310001530804us-gaap:FairValueInputsLevel2Member2022-12-310001530804us-gaap:FairValueInputsLevel3Member2022-12-310001530804us-gaap:FairValueInputsLevel3Membertrox:InsuranceContractsMember2021-12-310001530804us-gaap:FairValueInputsLevel3Membertrox:InsuranceContractsMember2022-01-012022-12-310001530804trox:SavingsAndInvestmentPlansMemberus-gaap:QualifiedPlanMember2023-01-012023-12-310001530804trox:SavingsAndInvestmentPlansMemberus-gaap:QualifiedPlanMember2013-01-012013-01-010001530804trox:SavingsAndInvestmentPlansMemberus-gaap:QualifiedPlanMember2022-01-012022-12-310001530804trox:SavingsAndInvestmentPlansMemberus-gaap:QualifiedPlanMember2021-01-012021-12-310001530804trox:RestorationPlanMemberus-gaap:NonqualifiedPlanMember2006-01-012006-12-310001530804trox:RestorationPlanMemberus-gaap:NonqualifiedPlanMember2023-01-012023-12-310001530804trox:RestorationPlanMemberus-gaap:NonqualifiedPlanMember2022-01-012022-12-310001530804trox:RestorationPlanMemberus-gaap:NonqualifiedPlanMember2021-01-012021-12-310001530804srt:MinimumMembertrox:SouthAfricaDefinedContributionPlansMember2023-01-012023-12-310001530804trox:SouthAfricaDefinedContributionPlansMembersrt:MaximumMember2023-01-012023-12-310001530804trox:SouthAfricaDefinedContributionPlansMember2023-01-012023-12-310001530804trox:SouthAfricaDefinedContributionPlansMember2022-01-012022-12-310001530804trox:SouthAfricaDefinedContributionPlansMember2021-01-012021-12-310001530804trox:CristalInternationalHoldingsBVMember2023-12-310001530804trox:CristalInternationalHoldingsBVMember2023-12-310001530804trox:OptionAgreementOptionToAcquireSpecialPurchaseVehicleMemberus-gaap:RelatedPartyMembertrox:AdvancedMetalIndustriesClusterCompanyLimitedMember2018-05-090001530804trox:SlaggerMembertrox:AdvancedMetalIndustriesClusterAndTohoTitaniumMetalCoLtdATTMMember2018-05-090001530804trox:OptionAgreementAmountsToBeReimbursedForCapitalExpendituresAndOperationalExpensesMemberus-gaap:RelatedPartyMembertrox:AMICMember2018-05-090001530804trox:OptionAgreementAmountsToBeReimbursedForCapitalExpendituresAndOperationalExpensesMembertrox:AMICMember2020-05-132022-12-310001530804us-gaap:RelatedPartyMembertrox:SlaggerMember2023-05-100001530804us-gaap:RelatedPartyMember2023-05-100001530804trox:OptionAgreementAmountLoanedForCapitalExpendituresAndOperationalExpensesInterestEarnedMemberus-gaap:RelatedPartyMembertrox:AdvancedMetalIndustriesClusterCompanyLimitedMember2023-12-310001530804trox:OptionAgreementAmountLoanedForCapitalExpendituresAndOperationalExpensesInterestEarnedMemberus-gaap:RelatedPartyMembertrox:AdvancedMetalIndustriesClusterCompanyLimitedMember2022-12-310001530804us-gaap:RelatedPartyMember2023-01-012023-12-310001530804us-gaap:RelatedPartyMember2022-01-012022-12-310001530804us-gaap:RelatedPartyMember2021-01-012021-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:PurchasesOfFeedstockMaterialSettledAsInKindRepaymentOfTronoxLoansMembertrox:SlaggerMember2023-01-012023-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:PurchasesOfFeedstockMaterialSettledAsInKindRepaymentOfTronoxLoansMembertrox:SlaggerMember2022-01-012022-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:PurchasesOfFeedstockMaterialSettledAsInKindRepaymentOfTronoxLoansMembertrox:SlaggerMember2021-01-012021-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:PurchasesOfFeedstockMaterialSettledInCashMembertrox:SlaggerMember2023-01-012023-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:PurchasesOfFeedstockMaterialSettledInCashMembertrox:SlaggerMember2022-01-012022-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:PurchasesOfFeedstockMaterialSettledInCashMembertrox:SlaggerMember2021-01-012021-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:SlaggerMember2023-01-012023-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:SlaggerMember2022-01-012022-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:SlaggerMember2021-01-012021-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:PurchasesOfFeedstockMaterialMemberus-gaap:RelatedPartyMembertrox:SlaggerMember2023-12-310001530804trox:AdvancedMetalIndustriesClusterCompanyLimitedMembertrox:PurchasesOfFeedstockMaterialMemberus-gaap:RelatedPartyMembertrox:SlaggerMember2022-12-310001530804us-gaap:RelatedPartyMembertrox:AMICMembertrox:AmendedTechnicalServicesAgreementMonthlyManagementFeeMember2023-01-012023-12-310001530804us-gaap:RelatedPartyMembertrox:AMICMembertrox:AmendedTechnicalServicesAgreementMonthlyManagementFeeMember2022-01-012022-12-310001530804us-gaap:RelatedPartyMembertrox:AMICMembertrox:AmendedTechnicalServicesAgreementMonthlyManagementFeeMember2021-01-012021-12-310001530804us-gaap:RelatedPartyMembertrox:AmendedTechnicalServicesAgreementOtherTechnicalSupportFeesMembertrox:AMICMember2023-01-012023-12-310001530804us-gaap:RelatedPartyMembertrox:AmendedTechnicalServicesAgreementOtherTechnicalSupportFeesMembertrox:AMICMember2022-01-012022-12-310001530804us-gaap:RelatedPartyMembertrox:AmendedTechnicalServicesAgreementOtherTechnicalSupportFeesMembertrox:AMICMember2021-01-012021-12-310001530804us-gaap:RelatedPartyMembertrox:AMICMember2023-01-012023-12-310001530804us-gaap:RelatedPartyMembertrox:AMICMember2022-01-012022-12-310001530804us-gaap:RelatedPartyMembertrox:AMICMember2021-01-012021-12-310001530804trox:AmendedTechnicalServicesAgreementMonthlyManagementFeeAndOtherTechnicalSupportFeesMemberus-gaap:RelatedPartyMembertrox:AMICMember2023-12-310001530804trox:AmendedTechnicalServicesAgreementMonthlyManagementFeeAndOtherTechnicalSupportFeesMemberus-gaap:RelatedPartyMembertrox:AMICMember2022-12-310001530804us-gaap:RelatedPartyMembertrox:AcquisitionOfAssetsProducingMetalGradeTiCl4Membertrox:AdvancedMetalIndustriesClusterCompanyLimitedMember2019-12-290001530804us-gaap:RelatedPartyMembertrox:AdvancedMetalIndustriesClusterAndTohoTitaniumMetalCoLtdATTMMembertrox:AcquisitionOfAssetsProducingMetalGradeTiCl4Member2019-12-290001530804trox:MGTLoanMembertrox:CristalMemberus-gaap:RelatedPartyMember2020-12-170001530804trox:MGTLoanMembersrt:MinimumMembertrox:CristalMemberus-gaap:RelatedPartyMember2023-01-012023-12-310001530804trox:MGTLoanMembertrox:CristalMemberus-gaap:RelatedPartyMembersrt:MaximumMember2023-01-012023-12-310001530804trox:MGTLoanMembertrox:CristalMemberus-gaap:RelatedPartyMember2023-12-310001530804trox:MGTLoanMembertrox:CristalMemberus-gaap:RelatedPartyMember2022-12-310001530804trox:MGTLoanMembertrox:CristalMemberus-gaap:RelatedPartyMember2023-01-012023-12-310001530804trox:MGTLoanMembertrox:CristalMemberus-gaap:RelatedPartyMember2022-01-012022-12-310001530804trox:MGTLoanMembertrox:CristalMemberus-gaap:RelatedPartyMember2021-01-012021-12-310001530804trox:PurchaseOfChlorineGasMemberus-gaap:RelatedPartyMember2023-01-012023-12-310001530804trox:PurchaseOfChlorineGasMemberus-gaap:RelatedPartyMember2022-01-012022-12-310001530804trox:PurchaseOfChlorineGasMemberus-gaap:RelatedPartyMember2021-01-012021-12-310001530804trox:PurchaseOfChlorineGasMemberus-gaap:RelatedPartyMember2023-12-310001530804trox:PurchaseOfChlorineGasMemberus-gaap:RelatedPartyMember2022-12-310001530804trox:MGTMember2023-01-012023-12-310001530804trox:MGTMember2022-01-012022-12-310001530804trox:MGTMember2021-01-012021-12-310001530804trox:ReceivableFromMGTProductSalesMemberus-gaap:RelatedPartyMembertrox:AdvancedMetalIndustriesClusterAndTohoTitaniumMetalCoLtdATTMMember2023-12-310001530804trox:ReceivableFromMGTProductSalesMemberus-gaap:RelatedPartyMembertrox:AdvancedMetalIndustriesClusterAndTohoTitaniumMetalCoLtdATTMMember2022-12-310001530804trox:TenLargestThirdPartyTiO2CustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2021-01-012021-12-31trox:customer0001530804trox:TenLargestThirdPartyTiO2CustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-01-012022-12-310001530804trox:TenLargestThirdPartyTiO2CustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-01-012023-12-310001530804country:US2023-01-012023-12-310001530804country:US2022-01-012022-12-310001530804country:US2021-01-012021-12-310001530804country:GB2023-01-012023-12-310001530804country:GB2022-01-012022-12-310001530804country:GB2021-01-012021-12-310001530804country:AU2021-01-012021-12-310001530804country:ZA2023-01-012023-12-310001530804country:ZA2022-01-012022-12-310001530804country:ZA2021-01-012021-12-310001530804country:SA2023-01-012023-12-310001530804country:SA2022-01-012022-12-310001530804country:SA2021-01-012021-12-310001530804trox:OtherForeignMember2023-01-012023-12-310001530804trox:OtherForeignMember2022-01-012022-12-310001530804trox:OtherForeignMember2021-01-012021-12-310001530804country:US2023-12-310001530804country:US2022-12-310001530804country:GB2023-12-310001530804country:GB2022-12-310001530804country:SA2023-12-310001530804country:SA2022-12-310001530804country:ZA2023-12-310001530804country:ZA2022-12-310001530804country:AU2023-12-310001530804country:AU2022-12-310001530804trox:OtherForeignMember2023-12-310001530804trox:OtherForeignMember2022-12-31

(Mark One)

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Year ended December 31, 2023

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to         

1-35573

(Commission file number)

Trading Symbol: TROX

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes  ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements

of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant

to §240.10D-1(b).  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No ☒

The aggregate market value of the ordinary shares held by non-affiliates of the registrant as of June 30, 2023 was approximately $1,515,118,314.

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

As of January 31, 2024, the registrant had 156,793,755 ordinary shares outstanding.

Portions of the registrant’s proxy statement for its 2024 annual general meeting of shareholders are incorporated by reference in this Form 10-K in response to Part III Items 10, 11, 12, 13 and 14.

We have made statements under the captions “Business,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and in other sections of this Form 10-K that are forward-looking statements. Forward-looking statements also can be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the numerous risks and uncertainties outlined in “Risk Factors.”

These risks and uncertainties are not exhaustive. Other sections of this Form 10-K may include additional factors, which could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable law, we are under no duty to update any of these forward-looking statements after the date of this Form 10-K to conform our prior statements to actual results or revised expectations and we do not intend to do so.

When considering forward-looking statements, you should keep in mind the risks, uncertainties and other cautionary statements made in this Form 10-K and the documents incorporated by reference, including, in particular, the factors discussed below. These factors may be revised or supplemented in subsequent reports on Forms 10-Q and 8-K.

Factors that may affect future results include, but are not limited to:

•the risk that our customers might reduce demand for our products;

•market conditions and price volatility for titanium dioxide (“TiO2”), zircon and other feedstock products, as well as global and regional economic downturns, that adversely affect the demand for our end-use products;

•the continued increase in exports from China of TiO2, both via chloride and sulfate technology, and expansion of Chinese TiO2 production capacity, including via chloride technology;

•changes in prices or supply availability for energy, other raw materials and/or shipping vessels;

•liability, production delays and additional expenses from environmental and industrial accidents;

•production curtailments, shutdowns or additional expenditures resulting from equipment upgrades, industrial accidents, equipment failures and deterioration of assets;

•the possibility that cybersecurity incidents or other security breaches may seriously impact our results of operations and financial condition;

•risks of operating a global business;

•war, political and social instability, and/or hostilities, in the regions in which we operate, including, but not limited to, the ongoing Russia and Ukraine and Middle East conflicts;

•fluctuations in currency exchange rates;

•the risk that the agreements governing our debt may restrict our ability to operate our business in certain ways, as well as impact our liquidity;

•our inability to obtain additional capital on favorable terms;

•the risk that we may not realize expected returns or there may be a delay in realizing expected returns on our capital projects, including Project newTRON and our Atlas Campaspe mining investment;

•an unpredictable regulatory environment in South Africa where we have significant mining and beneficiation operations, including amendments by the South African Department of Mineral Resources and Energy to the Mining Charter (as defined elsewhere herein);

•the risk that our TiO2 products are subject to increased regulatory scrutiny that may impede or inhibit widespread usage of TiO2 and/or diminish the Company's ability to sustain or grow its business or may add significant costs of doing business;

•ESG issues, including those related to climate change and sustainability, may subject us to additional costs and restrictions;

•extreme weather conditions could pose physical risks to our facilities and disrupt the operations of our supply chain and increase operational costs;

•the risk that our ability to use our tax attributes to offset future income may be limited;

•concentrated share ownership in the hands of Cristal (as defined elsewhere herein) may result in conflicts of interest and/or prevent minority shareholders from influencing the Company;

•the risk that we are dependent on, and compete with other mining and chemical businesses for, key human resources in the countries in which we operate; and

•impact of English law and our articles of association on our ability to manage our capital structure flexibly and the anti-takeover protections incorporated into our articles of association.

We are committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of quarterly financial results, quarterly financial and statistical and business-related information. Investors can access announcements about the Company through our website available at http://www.tronox.com. Our website is included as an inactive textual reference only and the information contained therein or connected thereto shall not be deemed to be incorporated into this Form 10-K.

Tronox is the world’s leading vertically integrated manufacturer of TiO2 pigment. We operate titanium-bearing mineral sand mines and beneficiation and smelting operations in Australia and South Africa to produce feedstock materials that can be processed into TiO2 for pigment, high purity titanium chemicals, including titanium tetrachloride, and ultrafine TiO2 used in certain specialty applications. Our strategy is to be vertically integrated and produce enough feedstock materials to be as self-sufficient as possible in the production of TiO2 at our nine pigment facilities located in the United States, Australia, Brazil, UK, France, the Netherlands, China and the Kingdom of Saudi Arabia ("KSA"). We believe that vertical integration is the best way to achieve our ultimate goal of delivering low cost, high-quality pigment to our approximately 1,200 TiO2 customers throughout the world. The mining, beneficiation and smelting of titanium bearing mineral sands also creates meaningful quantities of co-products including zircon, pig iron and the rare-earth bearing mineral, monazite, which we also supply to customers around the world.

The following chart highlights the TiO2 value chain we participate in.

The following sets forth the percentage of our revenue derived from sales of our products by geographic region for the year ended December 31, 2023.

 The below sets forth the percentage of our revenue derived from sales of our products for the year ended December 31, 2023.

 

For further financial information regarding our products and geographic regions, see the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, as well as Notes 3 and 23 of notes to our consolidated financial statements, each included elsewhere in this Form 10-K.

The following sets forth the key strategic initiatives underway in 2023:

Become the Low Cost TiO2 Producer by Investing in our Business Processes and Strengthening Vertical Integration

Our ability to compete effectively in the TiO2 industry is determined by many factors, including innovation, reliability, product quality, customer service and price. The business processes that allow us to maximize the benefit of our vertical integration and global footprint --- the so-called “hidden factory” --- needs to be optimized if we are to successfully meet the pricing and other competitive pressures that characterize our industry. During 2023, we continued to progress with our multi-year IT-enabled transformation program that includes both operational and business transformation.

In addition, in terms of strengthening vertical integration, 2023 saw the commencement of a significant new mine in Eastern Australia called Atlas. Atlas has replaced feedstock supply from our Snapper / Ginkgo mines in Eastern Australia which is expected to cease mining operations in the first half of 2024. We believe Atlas is abundant in natural rutile and zircon, and will be a significant source of high grade ilmenite suitable for direct use, synthetic rutile production, or slag processing. The investment in Atlas is expected to generate returns above the Company's cost of capital and sustain Tronox's position as a leading low-cost producer.

Moreover, in 2023, we invested in expanding our Fairbreeze and Namakwa mines in South Africa. Like Atlas, we believe these expansions are extremely attractive mine development projects, rich in ilmenite, rutile and zircon that are expected to replace existing mines which are reaching end of life. We have numerous other mine development projects in earlier stages of development in Western Australia and on the Eastern and Western Capes of South Africa, all of which are intended to maintain our level of feedstock vertical integration. We are also continuing to evaluate opportunities to leverage our expertise in mining and the exposure we have to rare earth materials, including monazite, through our operations.

In addition to returning approximately $89 million in cash to shareholders in the form of dividends and investing $261 million of capital during 2023, we also strengthened our liquidity position by closing a $350 million incremental term loan. We believe the added liquidity from this incremental borrowing will enable us to continue our capital investment program — primarily, replacing mineral reserves for mines reaching end of life in South Africa — that we believe will increase shareholder value in the short-, medium- and long-term. At the end of 2023, we had cash on hand of $273 million and untapped short-term borrowing capacity of $488 million.

Tronox’s existing mining operations and tailing piles in South Africa and Australia contain significant quantities of monazite, a mineral containing rare earth elements (REEs) widely recognized as a critical mineral for the energy transformation underway to decarbonize the world’s economy. For these applications, REE must first be processed into an oxide form --- rare earth oxides or “REO” --- that can then be metallized for the production of permanent magnets. Every step of the REE supply chain today is dominated by China. China’s dominance of the processing of REO and production of permanent magnets is widely recognized as a serious strategic challenge by democratic governments around the world.

The separation, beneficiation and processing technologies that Tronox uses to turn titanium-bearing ores into TiO2 are applicable for turning monazite into REO. In the past, we sold our monazite in unconcentrated form as a waste product but given the increased value associated with REE, we are now seeking to maximize the value of our existing geologic resources and deploy our substantial technical know how and human capital to become a significant supplier of REO to non-Chinese producers of metals and permanent magnets.

TiO2

TiO2 Pigment

TiO2 pigment is used in a wide range of products due to its ability to impart whiteness, brightness, and opacity. TiO2 pigment is used extensively in the manufacture of paint and other coatings, plastics and paper, and in a wide range of other applications. Moreover, it is a critical component of everyday consumer applications due to its superior ability to cover or mask other materials effectively and efficiently relative to alternative white pigments and extenders. TiO2 pigment is considered to be a quality of life product. At present, it is our belief that there is no effective substitute for TiO2 pigment because no other white pigment has the physical properties for achieving comparable opacity and brightness or can be incorporated as cost effectively.

Ultrafine Specialty TiO2

We produce ultrafine TiO2 at our manufacturing facility in Thann, France. We market ultrafine TiO2 products under the CristalActiv® trademark. Ultrafine TiO2 has highly catalytic properties due to the relatively high surface area of each TiO2 molecule. The principal use of ultrafine TiO2 products is in NOx emission control products utilized in stationary, mobile and marine applications.

In 2023, we generated $2.2 billion in revenue from sales of TiO2.

Zircon (ZrSiO4) is a co-product of mining mineral sands deposits for titanium feedstock. Zircon is used as an additive in ceramic glazes, which makes the ceramic glaze more water, chemical and abrasion resistant. It is also used for the production of zirconium metal and zirconium chemicals, in refractories, as molding sand in foundries, and for TV screen glass, where it adds its structural stability at high temperatures and resistance to abrasive and corrosive conditions. Zircon typically represents a relatively low proportion of the in-situ heavy mineral sands deposits we mine, but has a relatively high value compared to other heavy mineral products. Refractories containing zircon are expensive and are only used in demanding, high-wear and corrosive applications in the glass, steel and cement industries. Foundry applications use zircon when casting articles of high quality and value where accurate sizing is crucial, such as aerospace, automotive, medical, and other high-end applications.

In 2023, we generated $257 million in revenue from sales of zircon.

During the process of smelting ilmenite at our smelters to increase the concentration of titanium and produce titanium slag, high purity pig iron is produced as a co-product. High purity pig iron is used as a raw material in foundries for the production of high-quality ductile iron castings. Ductile iron is used extensively throughout the world for the production of safety critical automotive parts, such as engine blocks, brake calipers and steering knuckles in cars and trucks.

Like zircon, monazite is a co-product of mining mineral sands deposits for titanium feedstock. Monazite is concentrated and processed to remove contaminants, such as uranium and thorium, before being separated into specific rare earth oxides (REOs) such as neodymium (Nd), praseodymium (Pr), terbium (Tb), and dysprosium (Dy). These REOs can then be metallized and formed into permanent magnets, particularly NdFeB magnets, that are needed to manufacture electric vehicle motors, wind turbines and other green economy applications.

Most TiO2 products are derived from three naturally occurring minerals which are commonly referred to as heavy minerals or mineral sands: ilmenite, leucoxene and rutile. Ilmenite, rutile, leucoxene, as well as titanium slag and synthetic rutile which are processed from ilmenite, are the primary feedstock materials that we use for the production of TiO2 pigment. Titanium slag is produced by smelting ilmenite in an electric arc furnace to separate titanium-oxide from the iron and other impurities. Synthetic rutile is produced by reducing ilmenite in a rotary kiln, followed by leaching under various conditions to remove the metallic iron from the reduced ilmenite grains. The purpose of both processes is to increase the titanium concentration of the ilmenite. There is substantial overlap amongst each of the aforementioned with the primary differentiating factor being the level of titanium content. For instance, rutile has the highest titanium dioxide content of approximately 94% to 96%, while ilmenite has the lowest of approximately 45% to 65%. As a result of our continued pursuit of our vertical integration strategy, we currently do not expect to actively sell feedstock going forward.

We sell titanium tetrachloride (“TiCl4”) from our facilities in Thann, France and Yanbu, KSA. At our Thann facility in France, we produce TiCl4 dedicated for merchant market sales to customers for use mainly in the production of various types of pigments and catalyst products. At our Yanbu facility, we produce excess TiCl4 which we both sell directly to a joint venture between Advanced Metal Industries Cluster and Toho Titanium Metal Co. Ltd. ("ATTM") for use at ATTM's titanium sponge plant facility that is adjacent to our Yanbu facility and in the merchant market.

In 2023, we generated $345 million in revenue from the sale of high purity pig iron, monazite, titanium tetrachloride and other products.

The demand for certain of our products during a given year is subject to seasonal fluctuations. See “Risk Factors –

Risks Relating to our Business - The markets for many of our products have seasonally affected sales patterns”.

Our current operational mining and beneficiation of mineral sands deposits are comprised of the following:

•KwaZulu-Natal (“KZN”) Sands operations located on the eastern coast of South Africa consisting of the Fairbreeze mine, a concentration plant, a mineral separation plant and two smelting furnaces that produce titanium slag;

•Our Namakwa Sands operations located on the western coast of South Africa consisting of the Namakwa mine, two concentration plants, a mineral separation plant, as well as two smelting furnaces that produce titanium slag;

•Our Northern Operations complex in Western Australia consisting of the Cooljarloo dredge mine and floating heavy mineral concentration plant and the Chandala metallurgical site which includes a mineral separation plant and a synthetic rutile plant that produces synthetic rutile;

•Eastern Australia operations consisting of the Ginkgo mine, a floating heavy mineral concentration plant located there, the Atlas mine and a heavy mineral concentration plant located there and a mineral separation plant located at Broken Hill, New South Wales; and

•Perth Basin operations in Western Australia consisting of the Wonnerup mine and a mineral separation plant.

Zircon and monazite are often, but not always, found in mineral sands deposits containing ilmenite. They are extracted, alongside ilmenite and rutile, as part of the initial mineral sands separation process.

The mining of mineral sands deposits is conducted either “wet,” by dredging or hydraulic water jets, or “dry,” by using earth-moving equipment to excavate and transport the sands. The type of mining operation we deploy is dependent upon the characteristics of the ore body. Dredge mining is generally the favored method of mining mineral sands, provided that the ground conditions are suitable, water is readily available and the deposit is low in slime content. Dry mining techniques are generally preferred in situations involving hard ground, discontinuous ore bodies, small tonnage, high slimes contents and/or very high grades.

Regardless of the type of mining technique, the first step in the beneficiation process after the mineral sands have been mined is to utilize wet concentrator plants to produce a high grade of heavy mineral concentrate (typically approximately 90% to 98% heavy mineral content). Screened ore is first de-slimed, a process by which slimes are separated from larger particles of minerals, and then processed through a series of spiral separators that use gravity to separate the heavy mineral sands from lighter materials, such as quartz. Residue from the concentration process is pumped back into either the open pits or slimes dams for rehabilitation and water recovery.

After producing heavy mineral concentrate in our wet concentrator plants, we separate the non-magnetic (rutile, zircon and monazite) and magnetic (ilmenite) fractions utilizing a variety of techniques. Through the separation process, we produce zircon which is sold directly to customers, rutile and leucoxene which can immediately be used as feedstock material to make TiO2 pigment, and monazite which we currently sell in a relatively unconcentrated form but which we plan on further processing before sale to extract greater value.

Ilmenite is generally further refined for use in our TiO2 pigment manufacturing processes. Depending on the characteristics of the ilmenite we use two fundamental processes to refine ilmenite. Both processes involve the removal of iron and other non-titanium material.

•Titanium slag is made by smelting ilmenite in an electric arc furnace to separate titanium-oxide from the iron and other impurities. The result is two products: “slag” which contains 86% to 89% titanium dioxide and is considered a TiO2 feedstock material, and high purity pig iron which is ready for sale to end-use customers.

•Synthetic rutile is made by reducing ilmenite in a rotary kiln, followed by leaching under various conditions to remove the iron from the reduced ilmenite grains. Activated carbon is a byproduct of this process. Our synthetic rutile has a titanium dioxide content of approximately 89% to 92% and is also considered a TiO2 feedstock material.

Our current mining and beneficiation operations have an annual production capacity of approximately 832,000 metric tons (“MT”) of titanium feedstock, which is comprised of 182,000 MT of rutile and leucoxene, 240,000 MT of synthetic rutile and 410,000 MT of titanium slag. We currently have the capability to produce approximately 297,000 MT of zircon and 250,000 MT of pig iron per year.

Globally, there are a large number of mining companies that mine mineral sand deposits containing ilmenite, as well as zircon. However, there is a smaller number of mining companies that are also involved in upgrading the underlying ilmenite to produce feedstock typically utilized by TiO2 producers.

Pigment producers procure a range of types of feedstocks from multiple feedstock producers to create varying blends of feedstock materials that maximize the efficiency and economic returns of their unique production technique under conditions applicable at the time of production. Pigment producers frequently switch the relative amount of each feedstock they procure based on a number of factors including: the relative cost of feedstocks, feedstock logistics costs, the cost of, and availability of, chemicals used to process feedstocks, as well as waste management costs.

Hence, there is a high degree of substitutability between and among titanium feedstocks.

Production of TiO2 Pigment

TiO2 pigment is produced using a combination of processes involving the manufacture of base pigment particles through either the chloride or sulfate process followed by surface treatment, drying and milling (collectively known as finishing). Currently, approximately 87% of our TiO2 pigment production capacity is produced using the chloride process and approximately 13% of our TiO2 production capacity is produced using the sulfate process.

We use the sulfate process at our manufacturing facility in Thann, France to produce ultrafine TiO2 products.

In the chloride process, feedstock (slag, synthetic rutile, natural rutile or ilmenite ores) are reacted with chlorine (the chlorination step) and carbon to form TiCl4 in a continuous fluid bed reactor. Purification of TiCl4 to remove impurities is accomplished using selective condensation and distillation processes. The purified TiCl4 is then oxidized in a vapor phase form to produce raw pigment particles and chlorine gas. The latter is recycled back to the chlorination step for reuse. Raw pigment is then typically slurried with water and dispersants prior to entering the finishing step. Due to the nature of the production process, the final pigment product is not sensitive to the feedstocks used to create it, as substantially all substances other than TiO2 are removed during the process. The chloride process currently accounts for substantially all of the industry-wide TiO2 production capacity in North America, and approximately 43% of industry-wide capacity globally.

In the sulfate process, ilmenite and/or slag are dissolved in concentrated sulfuric acid. After removing impurities, dissolved titanium is hydrolyzed and separated from the remaining sulfuric acid. The titanium hydrolysate is subsequently calcined in a rotary kiln to produce a raw TiO2. The product is then further finished in a similar way to TiO2 produced through the chloride process.

Commercial production of TiO2 pigment results in one of two different crystal forms: rutile, which is manufactured using either the chloride process or the sulfate process, or anatase, which is only produced using the sulfate process. Rutile TiO2 is preferred over anatase TiO2 for many of the largest end-use applications, such as coatings and plastics, because its higher refractive index imparts better hiding power at lower quantities than the anatase crystal form and it is more suitable for outdoor use because it is more durable.

The primary raw materials used in the production of chloride TiO2 pigment include titanium feedstock, chlorine and coke. As discussed above, we believe we are unique in the degree to which we produce our own high-grade titanium feedstock. Other chemicals used in the production of TiO2 are purchased from various companies under short and long-term supply contracts. In the past, we have been, and we expect that we will continue to be, successful in obtaining extensions to these and other existing supply contracts prior to their expiration. We expect the raw materials purchased under these contracts, and contracts that we enter into the near term, to meet our requirements over the next several years.

Marketing of TiO2

We supply and market TiO2 under the brand name TIONA® and CristalActiv® to approximately 1,200 customers in approximately 120 countries, including market leaders in each of the key end-use markets for TiO2, and we have supplied each of our top ten customers with TiO2 for more than 10 years. We have implemented a margin stabilization program which we believe provides relative certainty over availability of product and price stability to customers who choose to participate, and have also initiated a long-term partnership strategy that we believe will strengthen the commitments from our customers across all regions and products. The long-term partnership strategy and margin stabilization programs are key parts of our TiO2 marketing and sales strategy, enabling us to focus on predictability and reliability of TiO2 delivery across the supply and demand cycle.

The following sets forth the percentage of our TiO2 sales volume by end-use market for the year ended December 31, 2023:

In addition to price and product quality, we compete on the basis of technical support and customer service. We sell our products through both a direct sales force and third-party agents and distributors. Our direct sales, marketing and technical service organizations execute our sales and marketing strategy on a global basis. Due to the technical requirements of TiO2 applications, our technical service organization and direct sales offices are supported by a regional customer service staff located in each of our major geographic markets.

Our sales and marketing strategy focuses on aligning ourselves with customers growing faster than the market and effective customer management through the development and maintenance of strong relationships. We develop customer relationships and manage customer contact across multiple contact points within the organization including our sales, technical service and marketing, research and development, and customer service teams. These primary points of contact are supplemented by direct contact with plant operations personnel, supply chain specialists, and senior management. We believe that multiple points of customer contact facilitate efficient problem solving, supply chain support, formula optimization and co-development of products.

Competitive Conditions of TiO2 Pigment

The global market in which our TiO2 pigment business operates is highly competitive. Competition is based on a number of factors such as price, product quality and service. We face competition from both chloride process pigment producers and sulfate process pigment producers. Moreover, because transportation costs are minor relative to the cost of our product, there is also competition between products produced in one region versus products produced in another region.

We face competition from global competitors with headquarters in Europe, the United States and China, including Chemours, LB Group, Kronos Worldwide Inc., INEOS, and Venator. In addition, we compete with numerous regional producers particularly in Eastern Europe and China.

We have research and development facilities that aim to develop new products, service our products, and focus on applied research and development of both new and existing processes. The majority of scientists supporting our TiO2 pigment product development and testing are located in Oklahoma City, Oklahoma, USA and Stallingborough, UK, while the majority of scientists supporting our TiO2 ultrafine specialty business are located in Thann, France. In addition, the research and development personnel relating to our mineral sands operations are located in Australia and South Africa. Our research and development initiatives for concentration and separation of REOs is centered in Perth, Australia.

New process developments are focused on increased throughput, efficiency gains and general processing-related improvements for our customers. Ongoing development of process technology contributes to cost reduction, enhanced production flexibility, increased capacity, and improved consistency of product quality. Process technology research also pertains to concentration and separation of monazite into neodymium (Nd), praseodymium (Pr), terbium (Tb), and dysprosium (Dy), the types of REOs that are most in demand for EV and wind turbine applications.

Product development activities in paints and coatings were focused on product stewardship and sustainability improvements of the product line. Critical development efforts to address the changing regulatory environment were a key focus during 2023 extending across nearly all of the Company’s products and applications.

In order to enhance production flexibility, the Company continued to focus on technology transfer activities, including further expanding the product offerings at the Yanbu TiO2 production facility and creating options for the décor paper market in Europe. Moreover, specialty product development in plastics remains a primary objective, which along with an increased emphasis in higher volume plastics applications, are expected to drive further growth in these segments in the coming years. In line with Tronox’s sustainability goals, the Company’s process and product development teams continue to collaborate on more sustainable, lower carbon footprint technologies for all end use segments. In addition, the development of key competencies to support the rare earth initiatives continued to gain momentum. With regard to our TiO2 ultrafine specialty business, research and development activities are focused on a broad array of areas including direct lithium extraction, battery components, carbon capture and developing more effective materials for use in environmental catalysis.

Protection of our proprietary intellectual property is important to our business. At December 31, 2023, we held 90 patents and 6 patent applications in the U.S., and approximately 600 in foreign counterparts, including both issued patents and pending patent applications. Our U.S. patents have expiration dates ranging through 2043. Additionally, we have 11 trademark registrations in the U.S. and 3 trademark applications in the U.S., as well as 312 trademark counterpart registrations and applications in foreign jurisdictions.

We also rely upon our unpatented proprietary technology, know-how and other trade secrets. The substantial majority of our patents and trade secrets relate to our chloride products, surface treatments, chlorination expertise, and oxidation process technology, and this proprietary chloride production technology is an important part of our overall technology position. However, much of the fundamental intellectual property associated with both chloride and sulfate pigment production is no longer subject to patent protection. At Namakwa Sands, we rely on intellectual property for our smelting technology, which was granted to us in perpetuity by Anglo American South Africa Limited for use on a worldwide basis, pursuant to a non-exclusive license.

While certain of our patents relating to our products and production processes are important to our long-term success, more important is the operational knowledge we possess. We also use and rely upon unpatented proprietary knowledge, continuing technological innovation and other trade secrets to develop and maintain our competitive position. We conduct research activities and protect the confidentiality of our trade secrets through reasonable measures, including confidentiality agreements and security procedures. We protect the trademarks that we use in connection with the products we manufacture and sell, and have developed value in connection with our long-term use of our trademarks. See “Risk Factors—If our intellectual property were compromised or copied by competitors, or if competitors were to develop similar intellectual property, our results of operations could be negatively affected. Further, third parties may claim that we infringe on their intellectual property rights which could result in costly litigation."

Tronox employs approximately 6,500 people across six continents, and we believe it is our rich diversity and exceptional operational and technical expertise that, combined with our vertical integration model, position Tronox as the world's leading vertically integrated manufacturer of titanium dioxide pigment. Recognizing the importance of our human capital, we have made People, Culture and Capabilities one of our five strategic pillars, and placed a priority around developing leaders who will help us effectively (i) acquire, develop and nurture our talent, and (ii) foster a culture that embodies the values that are important to us, starting with safety and operating our business responsibly.

Because we operate both titanium ore mines and titanium dioxide pigment plants, and because our operations span the world, we require specialty skills in mining and TiO2 pigment manufacturing. We also need people who are willing to learn skills across both mining and chemicals operations and who can help us extract value from our integrated model. The below map sets forth the approximate number of employees as of December 31, 2023, in each of the global regions in which we operate.

Accordingly, we place a high priority on knowledge transfer (including by relocating skilled leaders across countries and between mining and TiO2 pigment operations, by staffing high-potential employees in regions on global projects, and by enabling collaboration in global centers of excellence), and we place a high priority on fostering diversity, equity and inclusion. We are committed to creating an organization where leaders encourage a diverse workforce, where people feel valued and respected, have access to opportunities, and in which a variety of different voices are encouraged and heard. For instance, during 2023, we created and launched a cultural awareness program in which employees were invited to attend panel-style webinars to learn more about the cultures of the countries where we operate. In addition, in 2023, our D&I regional chapters focused on implementing global initiatives around cultural awareness and young talent programs. Our young talent program was launched in all regions, providing opportunities for new talent to network and learn about other areas of the business.

We also place an uncompromising focus on operating safe, reliable, and responsible facilities, and we measure our progress with both safety metrics and leading indicators. We believe every employee and contractor has a responsibility for safety, and we proactively identify and manage risk, conduct ourselves responsibly, exercise good judgement, and take accountability for our actions. In 2023, our employees worked more than 12 million hours with 29 recordable injuries and no fatalities from our operations, and our contractors worked more than 9 million hours with 17 recordable injuries and one fatality from our operations.

We aim to create an organizational culture where employees unleash their full value through living our values, and fostering a high-performance culture. We apply an "outward mindset" by which we mean that each employee should be highly aware of the organization's goals and how his or her individual actions affect the entire organization. To this end, in 2023, we completed a global organization culture survey. As a result of such survey, we gained further insight of the performance measures that link our culture to high performance. We believe we can have the most success fostering a high performance culture by setting high expectations for each other and modelling ways of work done well, enrolling our people into fulfilling our vision and strategy, and investing the success and fulfillment of our people.

Nearly all of our employees have been through training and development courses which instill the principles of working with an outward mindset. The consistent training and reinforcement of the importance of acting with an outward mindset has enabled us to transform our culture. We believe this cultural transformation is reflected in our results, starting with safety: our people truly care for one another, and not only other employees, but also our contractors, visitors and communities. Shaped by an outward mindset, our people have embraced our global diversity and are naturally inclusive.

Today, we are a collaborative group of people who naturally want to be helpful to others, and we adjust our own efforts to make our colleagues’ work easier, however we can.

Building on the foundation of applying an outward mindset, we have adopted a set of core values that describes our expectations of one another, starting with safety. Every performance review starts with a self-assessment and manager’s assessment of our consistency in living our values. Employees are encouraged – and provided a toolkit – to develop in the values where they are weak, and to help coach others in the values where they are strong.

•We have an uncompromising focus on operating safe, reliable and responsible facilities.

•We honor our responsibility to create value for stakeholders.

•We treat others with respect, and act with personal and organizational integrity.

•We build our organization with diverse, talented people who make a positive difference and we invest in their success.

•We are adaptable, decisive and effective.

•We are trustworthy and reliable, and we build mutually rewarding relationships.

•We share accountability, and have high expectations for ourselves and one another.

•We do the right work the right way in every aspect of our business.

•We celebrate the joy of working together to accomplish great things.

At Tronox we lead with safety. To ensure we live this value with impact, a key focus of our strategy is to enhance the leadership capabilities of our workforce. In 2021, we launched a program in which approximately 100 of our leaders were trained in contemporary safety leadership practices. Further in 2022, an additional 350 supervisors and managers across all of our operating regions completed this hands-on leadership training. And in 2023, we provided such training to more of our regional leaders as well as continuing to educate the broader workforce.

In addition, our employees are further guided by our code of conduct and business ethics and we conduct annual global training to help them fully understand and comply with our code of conduct.

We also have a rigorous succession planning process with respect to key positions throughout the organization. We believe such process allows us to proactively develop the talent of the future and allows us to move with speed and agility when leadership changes are required. As part of the succession planning process, high potential leaders are identified and development plans are completed for each candidate.

Our business requires an unwavering focus on sustainable operating practices, and our commitment to sustainability supports our overall vision and strategy to be the world’s leading vertically integrated TiO2 producer. As such, we integrate sustainability into every aspect of our business—from our culture and our strategy to our operating practices. We believe sustainable operations enable us to better control costs and manage our environmental footprint. Sustainability also encompasses providing our employees with a safe, diverse workplace and offering them opportunities to grow and develop. Ultimately, safe, environmentally sustainable operations demonstrates our respect for our communities and supports our continued privilege to operate.

Our sustainability efforts are also focused on reducing Tronox’s carbon footprint. In 2022 we updated our carbon reduction roadmap first disclosed in 2021 that details our plans for reducing carbon emissions in the short-, medium- and long-term. Our roadmap covers 100% of our operations and is based on a detailed analysis of our carbon footprint and ways to reduce it. The roadmap is supported by well-resourced projects and initiatives. The majority of our greenhouse gas ("GHG") emissions are generated from our TiO2 slag furnaces in South Africa, synthetic rutile kiln in Western Australia, and TiO2 pigment plants in the United States, United Kingdom, France, Brazil, China, Netherlands, Australia, and Saudi Arabia.

In March 2022 we announced a 200 MW solar energy project in South Africa that was expected to reduce our global Scope 1 and 2 emissions by approximately 13% commencing in the first quarter 2024. As of the date hereof, we currently expect this solar energy project to be fully on-line during the first-half of 2024. We believe this project will be among South Africa’s first large-scale renewable energy projects since deregulation of the private electricity market in February 2022. In addition, during 2024, we anticipate announcing a second large renewable energy project in South Africa. When we set our 2025 carbon reduction target of 35% we anticipated that this project would be on-line during 2025; however, the timeline for this second renewable energy project has been delayed by factors beyond the Company's control. We anticipate the timeline to achieve the 35% emissions intensity reduction by 2025 will be updated to reflect our latest views on various project timelines. It remains our long-term goal to achieve “net zero” carbon emissions by 2050. We believe the Company’s dedication to these significant renewable energy projects are just two examples of how Tronox is committed to being a leader when it comes to corporate sustainability and protection of the environment.

In 2023, we received a Gold Rating by EcoVadis in recognition of our sustainability efforts. This Gold Rating places Tronox in the Top 5% of the 85,000 companies evaluated around the world by EcoVadis on their sustainability performance. The EcoVadis assessment focuses on four themes: the environment, labor and human rights, ethics, and sustainable procurement.

EcoVadis is a leading third-party independent assessment organization that evaluates companies' sustainability performance. Their methodology is based on international sustainability standards including the Global Reporting Initiative (GRI), United Nations Global Compact (UNGC) and ISO 26000.

Our facilities and operations are subject to extensive general and industry-specific environmental, health and safety regulations in jurisdictions where we operate, but particularly South Africa and Australia. These regulations include those relating to mine rehabilitation, liability provision, water management, the handling and disposal of hazardous and non-hazardous materials, and occupational health and safety. The various legislation and regulations are subject to a number of internal and external audits. We believe our mineral sands operations are in compliance, in all material respects, with existing health, safety and environmental legislation and regulations.

The South African mining regulatory regime is comprehensive and requires regular reporting to applicable government departments. A failure to, among other things, comply with any such reporting requirements or the conditions of any mining license could result in extended mandatory shutdown periods, license and/or mining right suspensions or revocations all of which could impact our business.

In South Africa, the primary legislative enactments with which our mines are required to comply are the Mineral and Petroleum Resources Development Act (“MPRDA”) which governs the acquisition and retention of prospecting and mining rights. In addition, the Mine Health and Safety Act governs the manner in which mining must be conducted from a health and safety perspective, while the National Environmental Management Act (and its subsidiary legislation) provides the underlying framework with respect to environmental rules and regulation for which our operations must comply. For additional details regarding other South African legislative enactments that govern our mining licenses please see the section entitled “Risk Factors” set forth elsewhere in this Form 10-K.

Each Australian state and territory has its own legislation regulating the exploration for and mining of minerals. Our key exploration and mining operations are regulated by the Mining Act 1978 (WA), the Mining Act 1992 (NSW) and their related regulations.

In Western Australia, State Agreements are contracts between the State and the proponents of major resources projects within Western Australia, and are intended to foster resource development and related infrastructure investments. These agreements are approved and ratified by the Parliament of Western Australia. The State Agreement relevant to the development of certain of our Western Australian operations is the agreement authorized by the Mineral Sands (Cooljarloo) Mining and Processing Agreement Act 1988 (WA). This agreement concluded in March 2020 and Tronox's rights and obligations are now covered by the Western Australian Mining Act.

Our business is subject to extensive regulation by federal, state, local and foreign governments. Governmental authorities regulate the generation and treatment of waste and air emissions at our operations and facilities. At many of our operations, we also comply with worldwide, voluntary standards developed by the International Organization for Standardization (“ISO”), a nongovernmental organization that promotes the development of standards and serves as a bridging organization for quality and environmental standards, such as ISO 9002 for quality management and ISO 14001 for environmental management.

As a chemical manufacturer with global operations, we are subject to a wide array of regulations regarding the import, export, labelling, use, storage and disposal of our products. We are obliged to comply with the regulation of chemical substances and inventories under the Toxic Substances Control Act in the United States and the Registration, Evaluation and Authorization of Chemicals (“REACH”) regulation in Europe, as well as a growing list of analogous regimes in other parts of the world, including China, South Korea and Taiwan. Manufacturers and importers of chemical substances must register information regarding the properties of their existing chemical substances with the European Chemicals Agency (“ECHA”). REACH regulations require chemical substances which are newly imported or manufactured in the EU to be registered before being placed on the market, assessed for human health or environmental risk and for registrations to be updated periodically such as when new information emerges relevant to human health or environmental risks associated with the production or use of the substance. For additional information on this topic, see section entitled "Risk Factors - Risks Relating to our Legal and Regulatory Environment - Our TiO2 products are subject to increased regulatory scrutiny that may impede or inhibit widespread usage of TiO2 and / or diminish the Company's ability to sustain or grow its business or may add significant costs of doing business." Globally, our operations are subject to regulations that seek to reduce emissions of GHGs.

We currently report and manage GHG emissions as required by law for sites located in jurisdictions requiring such managing and reporting of GHGs, primarily the European Union and Australia. For additional information on this topic, see section entitled “Risk Factors – Risks Relating to our Legal and Regulatory Environment - ESG issues, including those related to climate change and sustainability, may subject us to additional costs and restrictions, including increased energy and raw material costs, which could have an adverse effect on our business, financial condition and results of operations, as well as damage our reputation.”

Our public internet site is http://www.tronox.com. The content of our internet site is available for information purposes only and is included as an inactive textual reference. It should not be relied upon for investment purposes, nor is it incorporated by reference into this annual report on Form 10-K unless expressly noted. We make available, free of charge, on or through the investor relations section of our internet site, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers, as well as any amendments to those reports filed or furnished pursuant to the U.S. Securities and Exchange Act of 1934, as amended (the “Exchange Act”) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the “SEC”).

We file current, annual and quarterly reports, proxy statements and other information required by the Exchange Act with the SEC. Our SEC filings are also available to the public from the SEC’s internet site at http://www.sec.gov. The content of the SEC's internet site is available for informational purposes only and is included as an inactive textual reference. It should not be relied upon for investment purposes, nor is it incorporated by reference into this annual report on Form 10-K unless expressly noted.

Our revenue and results of operations are significantly dependent on sales of TiO2 products and zircon. Demand for these products historically have been linked to global, regional and local GDP and discretionary spending, which can be negatively impacted by regional and world events or economic and market conditions. Such events can cause a decrease in demand for our products and market prices to fall, which may have an adverse effect on our results of operations and financial condition. A substantial portion of our products and raw materials are commodities that reprice as market supply and demand fundamentals change. Accordingly, product margins and the results of operations tend to vary with changes in the business cycle.

A significant portion of the demand for our TiO2 products comes from manufacturers of paint and plastics. A significant portion of the demand for zircon comes from the construction and other industrial end markets. Our customers may experience significant fluctuations in demand for their own end products because of economic conditions, changes in consumer demand, or increases in raw material and energy costs. In addition, with respect to the zircon market, we believe that China currently accounts for approximately 50% of the world’s demand for zircon. As such, any prolonged economic downturn in China could result in reduced zircon and TiO2 demand in China which could have a material adverse effect on our business and financial results.

The price of our products, in particular, TiO2, zircon, and pig iron, have been, and in the future may be, volatile. Price declines for our products will negatively affect our financial position and results of operations.

Historically, the global market for TiO2, zircon and pig iron have been volatile, and those markets are likely to remain volatile in the future. Prices for TiO2, zircon and pig iron may fluctuate in response to relatively minor changes in the supply of, and demand for, these products, market uncertainty and other factors beyond our control. Factors that affect the price of our products include, among other things:

•overall economic conditions;

•the level of customer demand particularly in the paint, plastics and construction industries;

•the level of production and exports of our products globally, including the impact of competitors increasing their capacity and exports;

•the level of production and cost of materials, such as chlorine, sulfuric acid and anthracite, used to produce our products, including rising prices of raw materials due to inflation;

•the cost of energy consumed in the production of TiO2 and zircon, including the price of natural gas, electricity and pet coke;

•domestic and foreign governmental relations, tariffs or other trade disputes, regulations and taxes;

•political conditions or hostilities and unrest in regions where we manufacture and/or export our TiO2, zircon and feedstock/other products; and

•major public health issues, such as COVID-19, which could cause, among other things, macroeconomic disruptions.

Pricing pressure with respect to our TiO2 products, zircon and pig iron can make it difficult to predict the cash we may have on hand at any given time, and a prolonged period of price declines may materially and adversely affect our financial position, liquidity, ability to finance planned capital expenditures and results of operations.

Each of our markets is highly competitive. Competition in the TiO2 industry is based on a number of factors such as price, product quality, and service. We face significant competition from major international and smaller regional competitors, especially producers in China. Chinese producers have significantly expanded their TiO2 production capacity in recent years and the volume of their exports, including via chloride technology, as well as have publicly announced their intention to continue to expand their TiO2 production capacity and aggressive exports efforts. We regard their product quality and technology as substantially on par with non-Chinese producers, particularly with respect to their chloride TiO2. Moreover, the increased Chinese TiO2 production capacity, along with the current economic downturn in China, is resulting in increasing quantities of TiO2 being exported to other regions of the world in which we compete. Currently, the United States government, pursuant to Section 301 of the Trade Act of 1974, has imposed a 25% duty on TiO2 products imported into the United States from China. Although we expect such 25% duty to continue to be imposed, there is no assurance that it will not be removed in the future. Any removal of the existing duty could cause additional imports of Chinese-produced TiO2 into the U.S. which may impact our business, financial condition and results of operations. In addition, in November 2023, the European Commission officially initiated an anti-dumping proceeding to investigate whether imports of TiO2 from China have been dumped into the European Union market and whether they have caused material injury to the EU TiO2 industry. We understand that the investigative process typically takes 12-14 months and there is no assurance that the outcome will result in duties being imposed on TiO2 imports from China.

We compete with a large number of mining companies with respect to zircon. Zircon producers generally compete on the basis of price, quality, logistics, delivery, payment terms and consistency of supply. Moreover, the increased Chinese zircon production capacity, along with the current economic downturn in China, is resulting in increasing quantities of zircon being exported to other regions of the world in which we compete.

Within the end-use markets in which we compete, competition between products is intense. We face substantial risk that our customers could switch to our competitors’ products in response to any number of developments including lower price offerings by our competitors for substantially the same products, new product development by competitors, increased commercial production of TiO2 via chloride technology by Chinese producers, greater acceptance of TiO2 produced via sulfate technology in end-market applications previously characterized by TiO2 produced via chloride technology, or with respect to zircon customers, switching to lower priced substitute products. Our inability to develop, produce or market our products to compete effectively against our competitors could have a material adverse effect on our business, financial condition, results of operations and cash flow.

Our mining, beneficiation, smelting and production processes consume significant amounts of energy and raw materials, the costs of which can be subject to worldwide, as well as, local supply and demand, as well as other factors beyond our control. Fuel and energy linked to commodities, such as diesel, natural gas, heavy fuel oil and pet coke, and other consumables, such as chlorine, sulfuric acid, illuminating paraffin, electrodes, sulfur and anthracite, consumed in our TiO2 manufacturing and mining operations form an important part of our TiO2 operating costs. We have no control over the costs of these consumables, many of which are linked to some degree to the price of oil, and the costs of many of these raw materials may fluctuate widely for a variety of reasons, including changes in availability, major capacity additions or reductions, or significant facility operating problems. Moreover, the ongoing Russia and Ukraine conflict has resulted in, and may continue to result in, increased uncertainty with respect to the supply of energy and other energy-dependent commodities for our TiO2 production facilities located in the European Union and the United Kingdom, as well as other raw materials, such as anthracite, for our slag furnaces located in South Africa. Increased costs of electricity and disruptions in the supply of electricity due to long-standing operational issues at the sole, state-owned energy supplier in the Republic of South Africa, Eskom, could increase the costs of production, or disrupt operations, at our mines and beneficiation operations in that country. Availability of such consumables could also be impacted by transportation capacity constraints or other interruptions. These fluctuations could negatively affect our operating margins, our results of operations or planned capital expenditures. In addition, due to our global footprint and reliance on key raw materials from around the world, we are particularly reliant on shipping vessels to transport such raw materials as well as our finished goods. As a result of the current Middle East conflict, there is increasing pressure on shipping vessels to potentially avoid key shipping routes through the Red Sea and the Suez Canal which could result in a reduction of available shipping vessels and/or increased shipping costs. As the costs of raw materials, utilities, transportation and similar costs rise, our operating expenses will increase and could adversely affect our business, especially if we are unable to pass price increases relating to raw materials, utilities, transportation and similar costs through to our customers.

Historically, the demand for our products is subject to seasonal fluctuations. TiO2 is widely used in paint and other coatings where demand increases prior to the painting season in the Northern Hemisphere (spring and summer). Additionally, although zircon is generally a non-seasonal product, it is negatively impacted by the winter and Chinese New Year celebrations due to reduced zircon demand from China. We may be adversely affected by existing or future cyclical changes, and such conditions may be sustained or further aggravated by anticipated or unanticipated changes in regional weather conditions. For example, poor weather conditions in a region can lead to an abbreviated painting season, which can depress consumer sales of paint products that use TiO2.

We compete with other chemical and mining companies, and other companies generally, in the countries in which we operate to attract and retain key human resources at all levels with the appropriate technical skills and operating and managerial experience necessary to continue operating and expanding our businesses. These operations use modern techniques and equipment and accordingly require various types of skilled workers. The success of our business will be materially dependent upon the skills, experience and efforts of our key officers and skilled employees. Competition for skilled employees may cost us in terms of higher labor costs or reduced productivity. In addition, certain of our production facilities and mining operations are situated in remote locations which may make it more difficult to attract and retain the skilled workers required. As a result, we may not be able to attract, retain and deploy skilled and experienced employees. Should we lose any of our key personnel or fail to attract, retain and deploy key qualified personnel or other skilled employees, our business may be harmed and our operational results and financial condition could be affected.

Our business is exposed to, among other things, industrial accidents the occurrence of which could delay production, suspend operations, increase repair, maintenance or medical costs and, due to the vertical integration of our operations, could have an adverse effect on the productivity and results of operations of a particular manufacturing facility or on our business as a whole. Furthermore, during operational breakdowns resulting from any such industrial accident, the relevant facility may not be restored to full operations within the anticipated timeframe, which could result in further business losses. Over our operating history, we have incurred incidents of this nature. For instance, in 2023, as a result of a fire at the supplier of 100% of our Botlek, Netherlands TiO2 pigment plant's steam needs, such plant was forced to be taken offline for several months which impacted our 2023 financial results.

If any of the equipment on which we depend were severely damaged or were destroyed by fire or otherwise, we may be unable to replace or repair it in a timely manner or at a reasonable cost, which would impact our ability to produce and ship our products, which would have a material adverse effect on our business, financial condition and results of operations.

Our operations depend upon critical equipment that must be periodically maintained and upgraded in order to avoid suffering unanticipated breakdowns or failures. The occurrence of equipment failures or deterioration of assets could delay production, suspend operations, increase repair, maintenance or medical costs and, due to the vertical integration of our operations, could have an adverse effect on the productivity and results of operations of a particular manufacturing facility or on our business as a whole. In addition, assets critical to our mining and chemical processing operations may deteriorate due to wear and tear or otherwise sooner than we currently estimate. Such deterioration may result in additional maintenance spending and additional capital expenditures. If these assets do not generate the amount of future cash flows that we expect, and we are not able to refurbish them or procure replacement assets in an economically feasible manner, our future results of operations may be materially and adversely affected.

We rely on information technology systems across our operations to manage our business including, but not limited to, our accounting, finance, and supply chain functions. Our information technology is provided by a combination of internal and external services and service providers. Further, our business involves the use, processing, storage and transmission of information about customers, suppliers and employees using such information technology systems. Our ability to effectively operate our business depends on the security, reliability and capacity of these systems.

Like most major corporations, during the normal course of business, we have been the target of cyberattacks, including phishing or ransomware attacks, from time to time, and we expect to be the target of such cyberattacks in the future. For instance, the Cristal business we acquired in April 2019 was subject to a significant cybersecurity attack in 2017. Failure to effectively prevent, detect and recover from security breaches, including attacks on information technology and infrastructure by hackers; viruses; breaches due to employee error or actions; or other disruptions could seriously harm our operations as well as the operations of our customers and suppliers. Such serious harm can involve, among other things, misuse of our assets, business disruptions, loss of data, unauthorized access to trade secrets and confidential business information, unauthorized access to personal information, legal claims or proceedings, reporting errors, processing inefficiencies, negative media attention, reputational harm, loss of sales, remediation and increased insurance costs, and interference with regulatory compliance. We have experienced, and expect to continue to experience, these types of cybersecurity threats and incidents, which may be material.

We have put in place training and security measures designed to protect against cyberattacks, phishing, security breaches and misappropriation or corruption of our systems, intentional or unintentional disclosure of confidential information, or disruption of our operations. As these threats continue to evolve, particularly around cybersecurity, we may be required to expend significant resources to enhance our control environment, processes, practices and other protective measures. Despite these efforts, we may not be able to prevent cyberattacks and other security breaches and such events could materially adversely affect our business, financial condition and results of operations.

The mineral resource and reserve estimates are estimates of the quantity and ore grades in our mines based on the interpretation of geological data obtained from drill holes and other sampling techniques, as well as from feasibility studies. The accuracy of these estimates is dependent on the assumptions and judgments made in interpreting the geological data in accordance with established guidelines and standards. Our mineral reserves represent the amount of ore that we believe can be economically mined and processed, and are estimated based on a number of factors.

There is significant uncertainty in any mineral reserve or mineral resource estimate. Factors that are beyond our control, such as the ability to secure mineral rights, the sufficiency of mineralization to support mining and beneficiation practices and the suitability of the market may significantly impact mineral resource and reserve estimates. The actual deposits encountered and the economic viability of mining a deposit may differ materially from our estimates. Since these mineral resources and reserves are estimates based on assumptions, we may revise these estimates in the future as we become aware of new developments. To maintain TiO2 feedstock and zircon production beyond the expected lives of our existing mines or to increase production materially above projected levels, we will need to access additional reserves through exploration or discovery.

Our industries and the end-use markets into which we sell our products experience periodic technological change and product improvement. Our financial condition and results of operations could be adversely affected if we are unable to gauge the direction of commercial and technological progress in key end-use markets or if we fail to fund and successfully develop, manufacture and market products in such changing end-use markets.

In addition, new technologies or processes have the potential to replace or provide lower-cost alternatives to our products, such as new processes that reduce the amount of TiO2 or zircon content in consumer products which in turn could depress the demand and pricing for TiO2 or zircon, respectively. We cannot predict whether technological innovations will, in the future, result in a lower demand for our products or affect the competitiveness of our business. We may be required to invest significant resources to adapt to changing technologies, markets and competitive environments.

We have operations in jurisdictions around the globe which subjects us to a number of risks, including:

•adapting to unfamiliar regional and geopolitical conditions and demands, including political instability, civil unrest, expropriation, nationalization of properties by a government, imposition of sanctions, changes to import or export regulations and fees, renegotiation or nullification of existing agreements, mining leases and permits;

•increased difficulties with regard to political and social attitudes, laws, rules, regulations and policies within countries that favor domestic companies over non-domestic companies, including customer- or government-supported efforts to promote the development and growth of local competitors;

•economic and commercial instability risks, including those caused by sovereign and private debt default, corruption, and new and unfamiliar laws and regulations at national, regional and local levels, including taxation regimes, tariffs and trade barriers, exchange controls, repatriation of earnings, and labor and environmental and health and safety laws and regulations;

•implementation of additional technological and cybersecurity measures and cost reduction efforts, including restructuring activities, which may adversely affect our ability to capitalize on opportunities;

•major public health issues, such as COVID-19, which could cause, and have caused, disruptions in our operations or workforce;

•war, political conditions, hostilities, including, but not limited to, the ongoing Russia and Ukraine and Middle East conflicts, or terrorist activities;

•difficulties enforcing intellectual property and contractual rights in certain jurisdictions; and

•unexpected events, including fires or explosions at facilities, and natural disasters, including as a result of climate-related events.

In South Africa, we currently operate two significant mining assets, as well as accompanying separation plants and smelting operations, and derive a significant portion of our profit from the sale of zircon. Our mining and smelting operations depend on electrical power generated by Eskom, the sole, state-owned energy supplier. Eskom has not been able to reliably provide electrical power and as a result “load-shedding” (planned and unplanned rolling power outages) is expected for the foreseeable future. In addition, in 2021, Eskom received a governmental order to reduce by one-third its operating capacity to limit its greenhouse gas emissions. Although Eskom is currently appealing the government order, there is no assurance that Eskom will be successful in its appeal. We have also experienced increased electricity prices and future price increases are expected to occur. Capacity reductions, load shedding, and/or electricity price increases could have a material adverse effect on our business, financial conditions and results of operations.

Our operations in South Africa are reliant on services provided by the State-owned, sole provider of rail transport, Transnet Freight Rail and ocean transport, Transnet National Port Authority (collectively "Transnet"). Furthermore, Transnet provides extensive dockside services at both the ports of Richards Bay and Saldanha Bay from where we export bulk quantities of TiO2 feedstock to our pigment plants worldwide and pig iron. Like Eskom, Transnet faces chronic operational and financial challenges. In 2021, Port of Richards Bay, which is owned and operated by Transnet, was impacted by two separate events, including a significant fire, which damaged part of the Port's infrastructure, causing increased shipment delays. Such shipment delays at the port of Richards Bay continued in 2022 and 2023, and we believe such delays may continue in 2024 and beyond.

Delays or interruptions at either the rail service or the ports in which we receive and/or export material could have a negative impact on our business, financial condition and results of operations.

In addition, our KZN Sands operations currently use approximately 280,000 gigajoules of Sasol gas, which is available only from Sasol Limited. As such, an interruption in the supply of Sasol gas could have a material adverse effect on our business, financial conditions and results of operations.

In addition, under South African law, our South African mining operations are subject to water-use licenses that govern each operation. These licenses require, among other conditions, that mining operations achieve and maintain certain water quality limits for all water discharges, where applicable. Changes to water-use licenses could increase our costs of operations thereby affecting our operational results and financial condition.

The aforementioned operational risks, as well as any other foreseen or unforeseen operational risks primarily related to doing business in South Africa, could have a material adverse effect on our business, financial condition and results of operations.

South Africa continues to undergo political, social and economic challenges. For example, in 2021, unprecedented and politically motivated civil unrest in South Africa resulted in significant damage to the national supply chains and logistics. The primary area of unrest was near to our KZN operations. Changes to, or instability in, the economic, social or political environment in South Africa which cause civil unrest, shortages of production materials, interruptions to transportation networks, or labor unrest could result in production delays and production shortfalls, and materially impact our production and results of operations.

The South African government has recently embarked on a process of identifying and securing land for persons who were previously dispossessed of such land as a result of Apartheid policies. In December 2019, the South African government released a draft land expropriation bill for public comment. The land expropriation bill contemplates that, where it is in the “public interest”, land may be expropriated by the South African government, without compensation being payable to the current owners. While the South African government has indicated that such measures will be applied initially to state-owned land, it is possible that such measures may extend to agricultural and mining areas. In the event that the land on which the Namakwa Sands and KZN Sands operations are situated areas become the subject of a land claim under any such proposed or future land expropriation bill, it may have a material adverse effect on our business, financial condition and results of operations.

The South African government's exchange control regulations require resident companies to obtain the prior approval of the South African Reserve Bank to raise capital in any currency other than the Rand, and restrict the export of capital from South Africa. While the South African government has relaxed exchange controls in recent years, it is difficult to predict whether or how it will further change or abolish exchange control measures in the future. These exchange control restrictions could hinder our financial and strategic flexibility, particularly our ability to use South African capital to fund acquisitions, capital expenditures, and new projects outside of South Africa.

Our South African operations have been affected by inflation in South Africa in recent years. Employment costs and wages in South Africa have increased in recent years, resulting in significant cost pressures for the mining industry. Prolonged or heightened inflation and associated cost pressures could have a material adverse effect on our business, financial condition and results of operations.

Our South African operations have entered into various collective agreements with organized labor regulating wages and working conditions at our mines and smelter operations. There have been periods when various stakeholders have been unable to agree on dispute resolution processes, leading to threats of disruptive industrial action disputes. Due to the high level of employee union membership, our South African operations are at risk of production stoppages for indefinite periods due to strikes and other labor disputes. Although we believe that we have good labor relations with our South African employees, we may experience labor disputes in the future.

In addition, although we believe that our relationships with our various local communities are good, the areas in which our South African operations are situated are the traditional homelands of various tribal groupings that are historically politically volatile. This volatility persists today and frequently results in violent, destructive behaviors. In addition, the physical security situation continues to deteriorate and we have been the victim of immaterial theft and are aware that other industrial mining operations near ours are frequently the target of sophisticated mineral syndicates capable of stealing industrial minerals on a relatively large scale. Increased volatility, related civil unrest and further deterioration in the security situation may result in production stoppages and/or the destruction and theft of assets, any of which could have a material adverse effect on our business, financial condition and results of operations.

Our operations in KSA have been affected in the past, and may be affected in the future, by political, social and economic conditions from time to time prevailing in, or affecting, KSA or the wider Middle East region, including by rocket attacks from armed rebel groups. For example, since 2011, a number of countries in the Middle East region have witnessed, and are currently witnessing, significant social unrest, including widespread public demonstrations, and, in certain cases, armed conflict, terrorist attacks, diplomatic disputes, foreign military intervention and a change of government. In addition, there has recently been an increasing number of attacks on commercial shipping vessels in and around the Red Sea which could ultimately impact the availability of shipping routes and/or ocean freight, as well as increase the shipping costs, for raw material to our Yanbu pigment plant as well as TiO2 exports out of our Yanbu plant. Specifically, KSA faces a number of challenges arising mainly from the relatively high levels of unemployment among the Saudi youth population, requests for political and social changes, and the security threat posed by certain groups. Should KSA experience similar political and social unrest as found in other countries in the Middle East, the Saudi Arabian economy could be adversely affected, our TiO2 plant located in Yanbu could be temporarily disrupted or materially adversely affected and our business and operating results could be materially adversely affected.

The financial condition and results of operations of our operating entities outside the U.S. are reported in various foreign currencies, primarily the South African Rand, Australian Dollars, Euros, Pound Sterling and Brazilian Real and then converted into U.S. dollars at the applicable exchange rate for inclusion in the financial statements. A significant portion of our costs are denominated in currencies other than the U.S. dollar. As a result, any volatility of the U.S. dollar against these foreign currencies creates uncertainty for, and may have a negative impact on, reported sales and operating margin. In addition, our operating entities often need to convert currencies they receive for their products into currencies in which they purchase raw materials or pay for services, which could result in a gain or loss depending on fluctuations in exchange rates. In order to manage this risk, we have from time to time, entered into forward contracts to buy and sell foreign currencies.

All of our operations are conducted, and all of our assets are owned, by our operating companies, which are our subsidiaries. We intend to continue to conduct our operations at the operating company level. Consequently, our cash flow and our ability to meet our obligations or make cash distributions depends upon the cash flow of our operating companies, and the payment of funds by our operating companies in the form of dividends or otherwise. The ability of our operating companies to make any payments to us depends on their earnings, the terms of their indebtedness, including the terms of any credit facilities, or indentures, and legal restrictions regarding the transfer of funds.

Our ability to service our debt and fund our planned capital expenditures and ongoing operations will depend on our ability to generate and increase cash flow, and our access to additional liquidity sources. Our ability to generate and increase cash flow is dependent on many factors, including many of other risks described in this section entitled “Risk Factors”.

As of December 31, 2023, our total principal amount of debt was approximately $2.8 billion. Our credit facilities contain covenants that could adversely affect our ability to operate our business, our liquidity, and our results of operations. These covenants may restrict, among other things, our and our subsidiaries' ability to:

•incur or guarantee additional indebtedness;

•complete asset sales, acquisitions or mergers;

•make investments and capital expenditures;

•prepay other indebtedness;

•enter into transactions with affiliates; and

•fund additional dividends or repurchase shares.

Certain of our indebtedness facilities and senior notes include requirements relating to the ratio of adjusted EBITDA to indebtedness or certain fixed charges. The breach of any covenants or obligations in our credit facilities, not otherwise waived or amended, could result in a default under the applicable debt obligations (and cross-defaults to certain other debt obligations) and could trigger acceleration of those obligations, which in turn could trigger other cross defaults under other existing or future agreements governing our long-term indebtedness. In addition, the secured lenders under the credit facilities could foreclose on their collateral, which includes equity interests in our subsidiaries, and exercise other rights of secured creditors. Any default under those credit facilities could adversely affect our growth, our financial condition, our results of operations and our ability to make payments on our credit facilities, and could force us to seek the protection of bankruptcy laws.

Our business is capital intensive, and our success depends to a significant degree on our ability to maintain our manufacturing operations and invest in those operations to expand capacity and remain competitive from a cost perspective. We may require additional capital in the future to finance capital investments, for a variety of purposes, including (i) replacement of mines that are end of life, (ii) expansion or optimization of existing production facilities or mining operations, (iii) ongoing research and development activities, (iv) business development opportunities in rare earth or other critical minerals, and (v) general working capital needs. For instance, in 2020 we began the implementation of a multi-year global business transformation that includes the acquisition and implementation of new operational and financial systems, technology and processes, including a global ERP system. The implementation of our business transformation involves numerous risks, including (i) new information and operational technologies and systems not being properly designed, integrated, managed and implemented or a delay in such implementation, (ii) diversion of management's attention away from normal daily business operations, (iii) significant or material weaknesses in our financial controls or delays in timely reporting our results of operations, and (iv) initial dependence on unfamiliar systems while training personnel to use new systems. Such risks could significantly increase the program’s costs, cause us to fail to achieve the anticipated benefits from the program, and negatively impact our operations, including, our plant’s system safety, functionality and effectiveness. Although we have taken, and will continue to take, significant steps to mitigate the potential negative impact of the implementation of such new digital systems, there can be no assurance that these procedures will be completely successful.

Additionally, if we undertake these projects, they may not be completed on schedule, at the budgeted cost, or at all. Moreover, our revenue may not increase immediately upon the expenditure of funds on a particular project. As a result, we may not be able to realize our expected investment return, which could adversely affect our results of operations and financial condition.

Black economic empowerment (“BEE”) legislation was introduced into South Africa as a means to seek to redress the inequalities of the previous Apartheid system by requiring the inclusion of historically disadvantaged South Africans in the mainstream economy. Under BEE legislation, certain of our operations are required to be partially owned by historically disadvantaged South Africans --- known as “empowerment” --- and comply with other provisions of applicable BEE legislation that relate to matters such as mandatory procurement and employment opportunities for the communities in which we operate. On March 1, 2019, a new set of BEE rules and regulations relevant to our operation came into effect known as "Mining Charter III". Under the “empowerment” rules of Mining Charter III, certain of our operations require a 30% BEE shareholding that must be structured through a special purpose vehicle comprised of black entrepreneurs, the local community surrounding the relevant mining area and eligible employees. In addition, Mining Charter III sets forth more stringent requirements applicable to all of our South African operations, including: the procurement of goods and services from BEE compliant entities; race, age and gender based employment quotas; and, workers’ housing and living conditions. Uncertainty over the status of Mining Charter III arose when in September 2021, the South African High Court ruled that certain provisions of Mining Charter III were unconstitutional and that Mining Charter III cannot be considered binding legislation. Although the DMRE determined not to appeal such ruling, there is no assurance that all the provisions of Mining Charter III will take effect or that the DMRE as result of such ruling will not attempt to enforce the same or more onerous provisions through legislative amendments.

Prior to Mining Charter III, BEE in the South African mining sector was governed by Mining Charter II. Under Mining Charter II, our South African operations were “empowered” by a 26% ownership interest in two of our South African subsidiaries by Exxaro Resources Limited ("Exxaro") which prior to 2017 was greater than 50% owned by historically disadvantaged South Africans.

We believe that under Mining Charter III the two South African subsidiaries in which Exxaro previously held 26% became permanently “empowered” --- so-called, “once empowered always empowered”.

“Once empowered always empowered” means that a South African company that has had the requisite shareholding base consisting of historically disadvantaged South Africans as at December 31, 2014 will always qualify as an “empowered” entity for purposes of the retention of an existing mining right for the duration of that right. The question of whether the “once empowered always empowered” principle applies in the mining industry in South Africa has been subject to litigation between the Minerals Council of South Africa (the “Minerals Council”) (formerly the Chamber of Mines, an industry body that represents approximately 90% of the South African Mining Industry) and the DMRE. The South African High Court decided in the affirmative for the Minerals Council and such decision was subsequently confirmed on appeal. Thus, based on the High Court's ruling, the “once empowered always empowered” principle applies to our existing mining rights. In addition, the South African High Court in connection with its September 2021 decision with respect to the unconstitutionality of Mining Charter III also confirmed that “once empowered always empowered” applies to the renewal and transfer of mining rights. However, there is no assurance that DMRE may not enact new legislation that would undermine the court's ruling regarding the applicability of "once empowered always empowered" to the renewal and transfer of mining rights. In the event that "once empowered always empowered" does not ultimately apply to the renewal or transfer of mining rights it could have a material adverse effect on our business, financial condition and results of operations.

Doing business on a global basis requires us to comply with the laws and regulations of the U.S. government and those of various international jurisdictions, and our failure to successfully comply with these rules and regulations may expose us to liabilities. In particular, our operations are subject to U.S. and foreign anti-corruption laws and regulations, such as the U.S. Foreign Corrupt Practices Act (“FCPA”), the U.K. Bribery Act 2010 (“U.K. Bribery Act”), as well as anti-corruption laws of the various jurisdictions in which we operate. Our global operations may expose us to the risk of violating, or being accused of violating, the foregoing or other anti-corruption laws. Such violations could be punishable by criminal fines, imprisonment, civil penalties, disgorgement of profits, injunctions, and exclusion from government contracts, as well as other remedial measures. Investigations of alleged violations can be very expensive, disruptive, and damaging to our reputation. Although we have implemented anti-corruption policies and procedures, there can be no guarantee that these policies, procedures, and training will effectively prevent violations by our employees or representatives in the future. Additionally, we face a risk that our distributors and other business partners may violate the FCPA, the U.K. Bribery Act, or similar laws or regulations. Such violations could expose us to FCPA and U.K. Bribery Act liability and/or our reputation may potentially be harmed by their violations and resulting sanctions and fines.

Our operations and production facilities are subject to extensive environmental and health and safety laws and regulations at national, international and local levels in numerous jurisdictions relating to use of natural resources, pollution, protection of the environment, mine site remediation, transporting and storing raw materials and finished products, and storing and disposing of hazardous wastes among other materials. Moreover, certain environmental laws impose joint and several and/or strict liability for costs to clean up and restore sites where pollutants have been disposed or otherwise spilled or released. We cannot be certain that we will not incur significant costs and liabilities for remediation or damage to property, natural resources or persons as a result of spills or releases from our operations or those of a third party.

The costs of compliance with the extensive environmental, health and safety laws and regulations or the inability to obtain, update or renew permits required for operation or expansion of our business could negatively impact our results of operations or otherwise adversely affect our business. If we fail to comply with the conditions of our permits governing the production and management of regulated materials, mineral sands mining licenses or leases or the provisions of the relevant jurisdictional laws in which we operate, these permits, mining licenses or leases and mining rights could be canceled or suspended, and we could be prevented from obtaining new mining and prospecting rights, which could materially and adversely affect our business, operating results and financial condition. Additionally, we could incur substantial costs, including fines, damages, criminal or civil sanctions and remediation costs, or experience interruptions in our operations, for violations arising under these laws and regulations, including operating without the required permits, mining licenses or leases and/or mining rights. In the event of a catastrophic incident involving any of the raw materials we use, or chemicals or mineral products we produce, we could incur material costs as a result of addressing the consequences of such event.

Changes to existing laws governing operations, especially changes in laws relating to transportation of mineral resources, the treatment of land and infrastructure, contaminated land, the remediation of mines, tax royalties, waste handling and management, exchange control restrictions, environmental remediation, mineral rights, ownership of mining assets, or the rights to prospect and mine may have a material adverse effect on our future business operations and financial performance.

There is risk that onerous conditions may be attached to authorizations in the form of mining rights, water-use licenses, miscellaneous licenses and environmental approvals, or that the grant of these approvals may be delayed or not granted.

Our TiO2 products are subject to increased regulatory scrutiny, that may impede or inhibit widespread usage of TiO2 and / or diminish the Company’s ability to sustain or grow its business or may add significant costs of doing business.

Current regulatory and societal demands for increased protection against products which may cause cancer, genetic mutations or other long-term health problems are resulting in increased pressure for more stringent regulation of our TiO2 products. We expect these trends to continue and the ultimate cost of compliance could be material. In particular, changes to product safety regulations could limit the use of, and demand for, our TiO2 products, require investment in new product development or the way we manufacture our existing products, and increase regulatory compliance expenditures for us and our suppliers.

For instance, in 2020, the European Commission adopted a regulation classifying certain forms of TiO2 with a particular aerodynamic diameter as a Category 2 carcinogen by inhalation. However, in November 2022, the European Court of Justice annulled the European Commission's classification of TiO2 as a carcinogen primarily on the basis that there was no evidence that TiO2 may cause cancer when inhaled. The European Commission is currently appealing such decision. In the event that the European Commission's appeal is ultimately successful, the classification of TiO2 as a Category 2 Carcinogen could impact our business by inhibiting the marketing of products containing TiO2 to consumers, and subject our manufacturing operations to new regulations that could increase costs. In addition, notwithstanding the European Court of Justice decision, the proposed Category 2 classification and labelling requirements could have additional effects under other EU laws (e.g., those affecting medical and pharmaceutical applications, cosmetics, food packaging and food additives) and/or trigger heightened regulatory scrutiny in countries and local jurisdictions outside the EU based on health and safety grounds. For instance, the Health and Safety Executive in the U.K. has published the U.K.’s mandatory classification and labelling list, which includes the classification of TiO2 as a suspected carcinogen (in a powder form containing 1% or more of particles with aerodynamic diameter ≤ 10 μm). The classification became mandatory in the U.K. in October 2021.

In May 2021, the European Food Safety Authority (EFSA) announced new guidelines which concluded that a certain digestible form of TiO2 known as E171 is no longer considered safe as a food additive due to uncertainty for genotoxicity. Though we do not manufacture E171, the EFSA guidelines indicate additional regulatory review of our TiO2 products is likely which could result in more stringent qualifications and use-restriction being applied or to the introduction of further classifications. It is also possible that heightened regulatory scrutiny could lead to claims by consumers or those involved in the production of such products alleging adverse health impacts. In addition, there is no assurance that other materials which we add to our TiO2 products could also be subject to increased regulation which could impact the cost of labelling or the sales of our products. For instance, certain of our plastic grades are used in food contact materials and in October 2022, the European Commission launched a public consultation aiming to revise the European Union regulations on food contact materials. While the outcome of such consultation remains uncertain, any additional regulatory requirements on the use of food contact materials ultimately imposed by the European Commission could have a material adverse effect on our business, financial condition and results of operations.

Climate change resulting from increased concentrations of carbon dioxide and other greenhouse gases in the atmosphere could present risks to our present and future operations from natural disasters and extreme weather conditions, such as flooding, hurricanes, earthquakes and wildfires. Such extreme weather conditions could pose physical risks to our facilities and disrupt the operation of our supply chain, increase operational costs and have a material adverse effect on our business and results of operations. In addition, if any of the equipment on which we depend were severely damaged or were destroyed by environmental hazards or otherwise, we may be unable to replace or repair it in a timely manner or at a reasonable cost, which would impact our ability to produce and ship our products, which would have a material adverse effect on our business, financial condition or results of operations. For instance, in the fourth quarter of 2022, the region of New South Wales, Australia where our Eastern Operations mining operations are located experienced historic flooding which resulted in, among other things, a delay in the commissioning of our new Atlas Campaspe mine as well as prevented feedstock mined at such sites from being transported to our Australian pigment plants in a timely manner. Such flooding had an adverse effect on our business, financial condition and results of operations in 2022 and 2023. Moreover, the impacts of climate change on global water resources may result in water scarcity, which could impact our ability to access sufficient quantities of water in certain locations and result in increased costs. For instance, we use significant amounts of water in our South Africa operations. Certain regions of South Africa have experienced in the past, and are prone to, drought conditions resulting in water restrictions being imposed in such areas. A prolonged drought in a region of South Africa where our operations are located may lead to water use restrictions which could have a material adverse effect on our business, financial condition and results of operations.

The majority of our greenhouse gas emissions are generated from our TiO2 slag furnaces in South Africa, synthetic rutile kiln in Australia, and TiO2 pigment plants in the United States, United Kingdom, France, Brazil, China, Netherlands, Australia, and Saudi Arabia. Concerns about the relationship between greenhouse gases and global climate change, and an increased focus on carbon neutrality, may result in new or increased legal and regulatory requirements on both national and supranational levels, to monitor, regulate, control and tax emissions of carbon dioxide and other greenhouse gases. A number of governmental bodies have already introduced, or are contemplating, regulatory changes in response to climate change, including regulating greenhouse gas emissions. Any laws or regulations that are adopted to reduce emissions of greenhouse gases could, among other things, (i) cause an increase to our raw material costs, (ii) increase our costs to operate and maintain our facilities including potentially causing the operation or maintenance of certain sites to be uneconomical, and (iii) increase costs to administer and manage emissions programs.

In addition, companies across all industries are facing increasing scrutiny relating to their ESG policies. Increased focus and activism related to ESG may hinder the Company’s access to capital, as investors may reconsider their capital investment as a result of their assessment of the Company’s ESG practices. In particular, customers, investors and other stakeholders are increasingly focusing on environmental issues, including climate change, water use, and other sustainability concerns. Moreover, increased regulatory requirements, including in relation to various aspects of ESG including disclosure requirements, may result in increased compliance or input costs of energy, raw materials or compliance with emissions standards, which may cause disruptions in the manufacture of our products or an increase in operating costs. Any failure to achieve our ESG goals or a perception of our failure to act responsibly with respect to the environment or to effectively respond to new, or changes in, legal or regulatory requirements concerning environmental or other ESG matters, or increased operating or manufacturing costs due to increased regulation, could adversely affect our business, financial condition and results of operations, as well as our reputation.

Our success depends to a significant degree upon our ability to protect and preserve our patents and unpatented proprietary technology, operational knowledge and other trade secrets (collectively "intellectual property rights"). The undetected or unremedied unauthorized use of our intellectual property rights or the legitimate development or acquisition of intellectual property related to our industry by third parties could reduce or eliminate any competitive advantage we have as a result of our intellectual property rights. If we must take legal action to protect, defend or enforce our intellectual property rights, any suits or proceedings could result in significant costs and diversion of our resources and our management’s attention, and we may not prevail in any such suits or proceedings. A failure to protect, defend or enforce our intellectual property rights could have an adverse effect on our financial condition and results of operations.

Although there are currently no pending or threatened proceedings or claims known to us that are material relating to alleged infringement, misappropriation or violation of the intellectual property rights of others, we may be subject to legal proceedings and claims in the future in which third parties allege that their patents or other intellectual property rights are infringed, misappropriated or otherwise violated by us or our products or processes. In the event that any such infringement, misappropriation or violation of the intellectual property rights of others is found, we may need to obtain licenses from those parties or substantially re-engineer our products or processes to avoid such infringement, misappropriation or violation. We might not be able to obtain the necessary licenses on acceptable terms or be able to re-engineer our products or processes successfully. Moreover, if we are found by a court of law to infringe, misappropriate or otherwise violate the intellectual property rights of others, we could be required to pay substantial damages or be enjoined from making, using or selling the infringing products or technology. We also could be enjoined from making, using or selling the allegedly infringing products or technology pending the final outcome of the suit. Any of the foregoing could adversely affect our financial condition and results of operations.

The nature of our operations exposes us to possible litigation claims, including disputes with competitors, customers, equipment vendors, environmental groups and other non-governmental organizations, and providers of shipping services. Some of the lawsuits may seek fines or penalties and damages in large amounts, or seek to restrict our business activities. Because of the uncertain nature of any litigation and coverage decisions, we cannot predict the outcome of these matters or whether insurance claims may mitigate any damages to us. Litigation is very costly, and the costs associated with prosecuting and defending litigation matters could have a material adverse effect on our results of operations and financial condition. See Note 18 of notes to our consolidated financial statements, included elsewhere in this Form 10-K for further information regarding our commitments and contingencies.

The vast majority of our employees are located outside the U.S. In most of those countries, labor and employment laws are more onerous than in the U.S. and, in many cases, grant significant job protection to employees, including rights on termination of employment. Moreover, many of our workforce outside the U.S. belong to unions and/or are represented by a collective bargaining agreement. As such, in such jurisdictions we are required to consult with, and seek the consent or advice of, various employee groups or works’ councils that represent our employees for any changes to our activities or employee benefits. This requirement could have a significant impact on our flexibility in managing costs and responding to market changes.

We have a significant amount of intangible assets and other long-lived assets on our consolidated balance sheets. Under U.S. GAAP, we review our intangible assets and other long-lived assets for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. Factors that may be considered a change in circumstances, indicating that the carrying value of our intangible assets and other long-lived assets may not be recoverable, include, but are not limited to, a significant decline in share price and market capitalization, changes in the industries in which we operate, particularly the impact of a downturn in the global economy, as well as competition or other factors leading to reduction in expected long-term sales or results of operations. We may be required to record a significant noncash charge in our financial statements during the period in which any impairment of our intangible assets and other long-lived assets is determined, negatively impacting our results of operations.

Our ability to use net operating losses (“NOLs”) and Section 163(j) interest expense carryforwards generated by us could be substantially limited if we were to experience an “ownership change” as defined under Section 382 of the U.S. Internal Revenue Code of 1986, as amended ("the Code"). In general, an ownership change would occur if our “5-percent shareholders,” as defined under Section 382 of the Code and including certain groups of persons treated as “5-percent shareholders,” collectively increased their ownership in us by more than 50 percentage points over a rolling three-year period. Although we believe we have sufficient protection of our approximately $4.3 billion of NOLs and/or approximately $646 million of Section 163(j) interest expense carryforwards, there can be no assurance that an ownership change for U.S. federal and applicable state income tax purposes will not occur in the future. A corporation that experiences an ownership change will generally be subject to an annual limitation on the use of certain pre-ownership change losses and/or credits. Such a limitation could, for any given year, have the effect of increasing the amount of our U.S. federal and/or state income tax liability, which would negatively impact our financial condition and the amount of after-tax cash available for distribution to holders of our ordinary shares if declared by our board of directors.

We are subject to taxation in all of the jurisdictions in which we operate. Our future effective tax rate could be affected by, among other things, changes in statutory rates and other legislative changes, or changes in determinations regarding the jurisdictions in which we are subject to tax or changes in the valuation of our deferred tax assets and liabilities. From time to time, the U.S. federal, state and local and foreign governments make substantive changes to tax rules and their application, which could result in higher corporate taxes than would be incurred under existing tax law and could have an adverse effect on our results of operations or financial condition. From time to time, we are also subject to tax audits by various taxing authorities. Although we believe our tax positions are appropriate, the final determination of any future tax audits could be materially different from our income tax provisions, accruals and reserves and any such unfavorable outcome from a future tax audit could have a material adverse effect on our results of operations or financial condition.

From time to time, we may announce certain key financial and non-financial targets that are expected to serve as benchmarks for our performance for a given time period, such as, projections for our future revenue growth, Adjusted EBITDA, Adjusted diluted earnings per share and free cash flow. Our failure to meet one or more of these key financial targets may negatively impact our results of operations, stock price, and shareholder returns. The factors influencing our ability to meet these key financial targets include, but are not limited to, changes in the global economic environment relating to our TiO2 products and zircon, changes in our competitive landscape, including our relationships with new or existing customers, our ability to introduce new products, applications, or technologies, our inability to complete strategic projects on budget or on schedule, our undertaking an acquisition, joint venture, or other strategic arrangement, and other factors described within this Item 1A – Risk Factors, many of which are beyond our control.

As of December 31, 2023, Cristal International Holdings B.V. (formerly known as Cristal Inorganic Chemical Netherlands Cooperatief W.A.), an affiliate of the National Titanium Dioxide Company Limited ("Cristal"), owned approximately 24% of our outstanding ordinary shares. As such, Cristal International may be able to influence fundamental corporate matters and transactions. This concentration of ownership, may delay, deter or prevent acts that would be favored by our other shareholders. The interests of Cristal International may not always coincide with our interests or the interests of our other shareholders. Also, Cristal International may seek to cause us to take courses of action that, in their judgment, could enhance their investment in us, but which might involve risks to our other shareholders or adversely affect us or our other shareholders.

In addition, under the shareholders agreement (the “Cristal Shareholders Agreement”) we entered into at the closing of the Cristal transaction with Cristal, as long as Cristal International and the three shareholders of Cristal (collectively, the “Cristal Shareholders”) collectively beneficially own at least 24,900,000 or more of our ordinary shares, they have the right to designate for nomination two directors of our board of directors (the “Board”). As long as the Cristal Shareholders collectively beneficially own at least 12,450,000 ordinary shares but less than 24,900,000 ordinary shares, they have the right to designate for nomination one director of the Board. The Cristal Shareholders Agreement also provides that as long as the Cristal Shareholders collectively beneficially own at least 12,450,000 ordinary shares they have certain preemptive rights. Also, pursuant to the Cristal Shareholders Agreement, we have filed a universal shelf registration statement which is currently effective and which would cover shares owned by Cristal.

As a result of these or other factors, including as a result of any offering of shares by Cristal, or the perception that such sales may occur, the market price of our ordinary shares could decline. In addition, this concentration of share ownership may adversely affect the trading price of our ordinary shares because investors may perceive disadvantages in owning shares in a company with significant shareholders or with significant outstanding shares with registration rights.

Certain provisions of the U.K. Companies Act 2006 (the “Companies Act”) and our articles of association may have the effect of delaying or preventing a change in control of us or changes in our management. For example, our articles of association include provisions that:

•maintain an advance notice procedure for proposed nominations of persons for election to our board of directors;

•provide certain mandatory offer provisions, including, among other provisions, that a shareholder, together with persons acting in concert, that acquires 30 percent or more of our issued shares without making an offer to all of our other shareholders that is in cash or accompanied by a cash alternative would be at risk of certain sanctions from our board of directors unless they acted with the prior consent of our board of directors or the prior approval of the shareholders; and

•provide that vacancies on our board of directors may be filled by a vote of the directors or by an ordinary resolution of the shareholders.

In addition, public limited companies are prohibited under the Companies Act from taking shareholder action by written resolution. These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our management.

The U.K. City Code on Takeovers and Mergers (the “Takeover Code”) applies, among other things, to an offer for a public company whose registered office is in the U.K. (or the Channel Islands or the Isle of Man) and whose securities are not admitted to trading on a regulated market in the U.K. (or on any stock exchange in the Channel Islands or the Isle of Man) if the company is considered by the Panel on Takeovers and Mergers (the “Takeover Panel”) to have its place of central management and control in the U.K. (or the Channel Islands or the Isle of Man). This is known as the “residency test.” The test for central management and control under the Takeover Code is different from that used by the U.K. tax authorities. Under the Takeover Code, the Takeover Panel will determine whether we have our place of central management and control in the U.K. by looking at various factors, including the structure of our board of directors, the functions of the directors and where they are resident.

Given that currently all of the members of our Board of Directors reside outside the United Kingdom, we do not anticipate that we will be subject to the Takeover Code. However, if at the time of a takeover offer, the Takeover Panel determines that we have our place of central management and control in the U.K., we would be subject to a number of rules and restrictions, including but not limited to the following: (1) our ability to enter into deal protection arrangements with a bidder would be extremely limited; (2) we might not, without the approval of our shareholders, be able to perform certain actions that could have the effect of frustrating an offer, such as issuing shares or carrying out acquisitions or disposals; and (3) we would be obliged to provide equality of information to all bona fide competing bidders.

The Companies Act generally provides that a board of directors of a public limited company may only allot shares (or grant rights to subscribe for or convertible into shares) with the prior authorization of shareholders, such authorization stating the maximum amount of shares that may be allotted under such authorization and specifying the date on which such authorization will expire, being not more than five years, each as specified in the articles of association or relevant shareholder resolution. We obtained previous shareholder authority to allot additional shares for a period from May 3, 2023 through the end of the Company's 2024 annual general meeting of shareholder, or if earlier, the close of business on the date that is fifteen (15) months after May 3, 2023.

The Companies Act generally provides that existing shareholders of a company have statutory pre-emption rights when new shares in such company are allotted and issued for cash. However, it is possible for such statutory pre-emption right to be disapplied by either shareholders passing a special resolution at a general meeting, being a resolution passed by at least 75% of the votes cast, or by inclusion of relevant provisions in the articles of association of the company. Such a disapplication of statutory pre-emption rights may not be for more than five years. We obtained previous shareholder authority to disapply statutory pre-emption rights for a period from May 3, 2023 through the end of the Company's 2024 annual general meeting of shareholder, or if earlier, the close of business on the date that is fifteen (15) months of May 3, 2023.

The Companies Act generally prohibits a public limited company from repurchasing its own shares without the prior approval of its shareholders by ordinary resolution, being a resolution passed by a simple majority of votes cast, and subject to compliance with other statutory formalities. Such authorization may not be for more than five years from the date on which such ordinary resolution is passed. We obtained previous shareholder authority to repurchase shares for a period from May 3, 2023 through the end of the Company's 2024 annual general meeting of shareholder, of if earlier, the close of business on the date that is fifteen (15) months after May 3, 2023.

Except for ordinary shares received by a holder deemed to be an affiliate of us for purposes of U.S. securities laws, our ordinary shares have been issued to a nominee for The Depository Trust Company (“DTC”) and corresponding book-entry interests credited in the facilities of DTC. On the basis of current law and HM Revenue and Customs (“HMRC”) practice, no charges to U.K. stamp duty or stamp duty reserve tax (“SDRT”) are expected to arise on the issue of the ordinary shares into DTC’s facilities or on transfers of book-entry interests in ordinary shares within DTC’s facilities.

Shareholders are strongly encouraged to hold their ordinary shares in book entry form through DTC. Transfers of shares held in book entry form through DTC currently do not attract a charge to stamp duty or SDRT in the U.K. A transfer of title in the shares from within the DTC system out of DTC, including to certificate shares, and any subsequent transfers that occur entirely outside the DTC system will attract a charge to stamp duty at a rate of 0.5% of any consideration, which is payable by the transferee of the shares.

Any such duty must be paid (and the relevant transfer document, if any, stamped by HMRC) before the transfer can be registered in our books. However, if those shares are redeposited into DTC, the redeposit will attract stamp duty or SDRT at the rate of 1.5% to be paid by the transferor.

We have put arrangements in place such that directly held ordinary shares cannot be transferred into the DTC system until the transferor of the ordinary shares has first delivered the ordinary shares to a depositary specified by us so that SDRT may be collected in connection with the initial delivery to the depositary. Any such ordinary shares will be evidenced by a receipt issued by the depositary. Before the transfer can be registered in our books, the transferor will also be required to put the depositary in funds to settle the resultant liability to SDRT, which will be charged at a rate of 1.5% of the value of the shares.

Our articles of association provide that the courts of England and Wales have exclusive jurisdiction to determine any dispute brought by a shareholder in that shareholder's capacity as such, or related to or connected with any derivative claim in respect of a cause of action vested in us or seeking relief on our behalf, against us and/or the board and/or any of the directors, former directors, officers, employees or shareholders individually, arising out of or in connection with our articles of association or (to the maximum extent permitted by applicable law) otherwise. This choice of forum provision may limit a shareholder's ability to bring a claim in a judicial forum that the shareholder believes is favorable for disputes with us or our directors, former directors, officers, employees or shareholders which may discourage lawsuits against us and our directors, former directors, officers, employees or shareholders.

We are incorporated under the laws of England and Wales and a substantial portion of our assets are located outside of the U.S. The U.S. and the U.K. do not currently have a treaty providing for the recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters. The enforceability of any judgment of a U.S. federal or state court in the U.K. will depend on the laws and any treaties in effect at the time, including conflicts of laws principles (such as those bearing on the question of whether a U.K. court would recognize the basis on which a U.S. court had purported to exercise jurisdiction over a defendant). In this context, there is doubt as to the enforceability in the U.K. of civil liabilities based solely on the federal securities laws of the U.S. In addition, awards for punitive damages in actions brought in the U.S. or elsewhere may be unenforceable in the U.K.. An award for monetary damages under U.S. securities laws would likely be considered punitive if it did not seek to compensate the claimant for loss or damage suffered and was intended to punish the defendant.

None.

Risk Management and Strategy

As part of our overall risk management system we maintain comprehensive policies and processes for assessing, identifying and managing material risks from cybersecurity threats, including risks relating to production, safety, reputation, intellectual property, procurement and business continuity. Cybersecurity risk management is included as part of our overall annual Enterprise Risk Management program. As part of this program, our enterprise risk professionals consult with internal cybersecurity subject matter experts to identify cyber risks and evaluate their severity and the efficacy of our mitigation efforts, with the results being reported to the executive leadership team and the Board of Directors.

Our cybersecurity risk management processes and policies include the following:

•We seek to deploy best practice cybersecurity standards promulgated by the National Institute of Standards and Technology Cybersecurity (NIST), the International Organization for Standardization and the Center for Internet Security.

•We employ a dedicated cybersecurity team who routinely conduct specific risk assessments and endeavor to mitigate identified risks. This team is responsible for implementing measures to detect, prevent and respond to threats and malicious activity. We also maintain a Security Operations Center (SOC) that provides a mechanism for addressing cyberthreats before they comprise data security.

•The cybersecurity team operates, maintains and monitors an integrated eco-system of security tools designed to detect, prevent and respond to threats and malicious activity. These tools include, but are not limited to, next generation firewalls, anti-malware, IPS / IDS, end point protection, encryption, email and cloud app security, privileged access management, vulnerability scanning / patching. These are a blend of on-premise, cloud and network hosted tools. Monitoring activities include threat hunting and use of multiple intelligence sources to manage and respond to events.

•Access to information is subject to authorization, review, classification and substantially controlled through multi-factor authentication.

•All employees and contractors who are issued a Tronox user account for our IT system must complete and pass cybersecurity training before being provided full system access.

•All employees and contractors with access to our IT systems must complete and pass a mandatory annual cybersecurity awareness training and acknowledgement of Tronox’s Acceptable Use Policy. Failure to complete the training successfully may result in further system access restrictions and HR escalation.

•We periodically orchestrate simulated phishing attacks on all IT system users and those who fall victim to the simulated attacks are required to take additional mandatory cybersecurity training.

•To reduce the risk of phishing attacks, we have identified groups of Tronox employees and contractors who do not require access to external emails in order to perform their work responsibilities and begun a process of blocking their external emails.

•We have a written Incident Response Plan that encompasses a range of activities to detect, respond to and recover from cybersecurity incidents, including compliance with applicable legal obligations and mitigation damage.

•We work closely with a number of regional and international bodies from which we draw intelligence and contribute to cybersecurity initiatives such as incident simulation exercises and development working groups.

•We regularly evaluate the appropriateness of cyber insurance coverage in light of the cyber risks we face and we do not currently carry cyber insurance.

Additionally, in connection with our cybersecurity risk management processes, we engage third-party subject matter experts to supplement our dedicated internal resources and to provide independent review of the Tronox-specific threat landscape as well as our mitigation efforts to counter known threats. These activities include:

•External penetration testing by certified third parties.

•Independent review of the Tronox Information Security Management System (ISMS).

•Participating in industry and government cyber incident exercises run by the National Cyber Security Center (UK Security Services).

•Utilizing a third party (KnowBe4) for the cybersecurity training and phishing tests described above.

•Regularly engaging with statutory auditors in support of specific activities such as SOX 404 audits.

•Engaging outside counsel with expertise in the field to advise on critical IT contracts as well as reporting and disclosure requirements.

Our cybersecurity risk management policies and processes extend to cyber risks posed by our third-party service providers. To manage that risk we have implemented a process to identify critical vendors and perform a reasonable level of due diligence on the adequacy of their cybersecurity policies, processes and capabilities.

Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previous cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks and any future material incidents. Like most major corporations we have been the target of cyberattacks from time to time and we expect to be the target of such attacks in the future. In the past three years, however, we have not experienced a material information security breach. As such, we have not incurred any material expenses from cybersecurity breaches or any expenses from fines, penalties or settlements related to a cybersecurity breach. See “Risk Factors” in Item 1A of this Annual Report on Form 10-K for more information on risks from cybersecurity threats that are reasonably likely to materially affect our business strategy, results of operations and financial condition.

Governance

Our entire Board of Directors provides oversight of the Company’s cybersecurity policies, processes and capabilities as part of their overall oversight of risk management. Once a year, our Vice President, Cyber Security reports to the Audit Committee providing a detailed update on the threat landscape, emerging trends and the Company’s mitigation efforts. This report also includes Tronox’s performance as measured by the NIST Cybersecurity Framework Scorecard. As needed on a periodic basis, our Vice President, Cyber Security updates the Audit Committee on specific cybersecurity events and newly emerging risks and the actions taken by the Company in response to those events and risks. The Audit Committee updates the full board on these matters as necessary. The full Board reviews and assesses cybersecurity risks in connection with its annual Enterprise Risk Management review.

In 2020, Tronox established an IT Security Council to help set corporate risk tolerance and related policy. The council meets quarterly, is chaired by the General Counsel and managed by our Vice President, Cyber Security with senior level representation from key functions and business units. On an annual basis, the Tronox Cybersecurity team reviews and updates the core governance documents, including the Acceptable Use Policy, the Information Security Policy, and the Incident Response Plan. These are then subject to review and approval by the Tronox Security Council with a summary provided to the Audit Committee as a component of the annual cybersecurity Enterprise Risk Management.

Day to day cybersecurity risk oversight governance is the responsibility of our Vice President, Cyber Security who has been with Tronox since 2017 and reports to our Senior Vice President, Integrated Supply Chain and Digital Transformation. Tronox’s Vice President, Cyber Security has over 30 years of IT experience, 20 years of security experience and was awarded a Member of the British Empire honor with respect to his work in the field. Previous roles include Interim Chief Information Security Office for Pacnet (Hong Kong) and Director of Security for Level 3 Communications along with multiple engagements for the UK government. He oversees a dedicated security team distributed globally with more than 15 members and over 100 years of aggregate cyber security experience.

Below are our primary offices and facilities at December 31, 2023. We believe our properties are in good operating condition, and are well maintained. Pursuant to separate financing agreements, substantially all our material U.S., European and Australian properties are pledged or encumbered to support or otherwise provide security for our indebtedness.

Our primary office locations consisted of the following:

Location

Owned/Leased

Offices

Stamford, Connecticut

Leased

263 Tresser Boulevard, Suite 1100

Stallingborough, United Kingdom

Owned

Laporte Road

Oklahoma City, Oklahoma

Owned

3301 NW 150 Street

Tronox is the world's leading vertically integrated manufacturer of TiO2 pigment. We produce the majority of our internal TiO2 pigment feedstock requirements internally at our mine and mineral processing facilities. Our supply chain consists of mining operations in South Africa and Australia, separation and upgrading facilities located near our mines where we separate and process raw ore and then “upgrade” the titanium content of the raw ore to produce specialized chloride TiO2 feedstock materials (titanium slag and synthetic rutile) and nine TiO2 pigment production facilities located on six continents. The internal TiO2 feedstocks we produce include titanium slag, synthetic rutile, natural rutile, leucoxene, chloride ilmenite and sulfate ilmenite.

As part of our TiO2 value chain, we explore, acquire, mine and process heavy mineral sands to produce Heavy Mineral Concentrate (“HMC”) from which the Valuable Heavy Mineral (VHM) titanium and zircon products are made. HMC is produced from heavy mineral sands primarily through spiral gravity concentration at our mines. Mined material is transported to our nearby integrated mineral separation plants (MSP) to separate and concentrate VHMs by gravity, magnetic and electrostatic techniques. Multiple grades of titanium minerals and zircon may be produced from each MSP. The three titanium feedstocks which result from the MSP process (natural rutile, leucoxene and ilmenite) are each handled differently. Natural rutile and leucoxene are ordinarily shipped from the MSP to one of our TiO2 pigment production facilities. Depending on the TiO2 content of mined ilmenite, we either use it directly to produce TiO2 pigment or we upgrade it to produce titanium slag at our two South African smelter operations and synthetic rutile (SR) at our Chandala metallurgical complex in Western Australia. Our internally sourced titanium mineral products provide a secure, long-term low-cost supply of high-grade feedstock for our TiO2 pigment manufacturing facilities.

There is a high degree of substitutability among natural rutile, synthetic rutile, titanium slag, leucoxene and chloride ilmenite as titanium feedstocks for chloride pigment production. The commercial value of titanium feedstock is a function not only of TiO2 content and supply and demand balances, but also particle size, trace element geochemistry, logistics and other factors. The global TiO2 industry is a value-added supply chain, with final product prices for TiO2 pigment, typically significantly higher than that of chloride or sulfate ilmenite, the backbone of the global titanium mineral supply. The revenue assumptions for titanium feedstocks we applied to determine our reserve estimates, as described below, are based on market intelligence gathered from internal and external experts, sales contracts and historic pricing. The economic assessment is done on a minerals only basis and no value of downstream upgrading is attributed to the minerals units.

In 2023, we produced concentrates of ilmenite, rutile, leucoxene, and zircon from five operations:

–Namakwa Sands, Western Cape, South Africa;

–KwaZulu-Natal (“KZN”) Sands, KwaZulu-Natal, South Africa;

–Northern Operations, Western Australia;

–Southern Operations, Western Australia; and

–Eastern Operations, Murray Basin, New South Wales, Australia.

Ilmenite from our Namakwa and KZN Sands mines in South Africa is converted to titanium slag at our smelters at Saldanha Bay, Western Cape and Empangeni, KwaZulu-Natal, respectively. Ilmenite from our Cooljarloo mine in Western Australia is converted to SR at our Chandala metallurgical complex which is most commonly used as feedstock to our TiO2 pigment plants at Kwinana and Kemerton, both of which are south of Perth in Western Australia.

Tronox owns and operates six mining and mineral processing operations, each including one or more heavy mineral sand (“HMS”) mines producing HMC which is separated into valuable co-products, primarily zircon and TiO2 feedstocks --- ilmenite, natural rutile or leucoxene --- in a dedicated mineral separation plant.

In South Africa, the Namakwa Sands operations include two open-pit mines at Brand-se-Baai, each with a dedicated primary gravity concentration plant and a secondary concentration plant (SCP) that processes the HMC from both primary plants. Products from the SCP are further processed to finished mineral products at a nearby MSP in Koekenaap. Ilmenite product is further processed into titanium slag and pig iron at a two-furnace smelter at Saldanha, Western Cape, South Africa which is two hundred kilometers south of Koekenaap. The KZN operations have an open pit hydraulic mine at Fairbreeze with a primary gravity concentration plant, a MSP at nearby Empangeni alongside a two-furnace smelter complex, and export facilities at the port of Richards Bay.

In Australia, the Northern Operations consist of the Cooljarloo dredge mine and floating primary gravity concentration plant, and the Chandala metallurgical complex, consisting of a mineral separation plant and SR plant. The Southern Operations consist of a dry open pit mine and primary concentration at Wonnerup and a mineral separation plant at Bunbury.

The Eastern Operations in the Murray Basin of Australia includes one operating dredge mine at Ginkgo which is supplemented by a dry open pit mine at Crayfish, a dry open pit mine at Atlas Campaspe and a mineral separation plant at Broken Hill, NSW. The Snapper mine ceased production in April 2022 after 12 years of production. The Gingko and Crayfish mines are expected to be mined until mid-2024. Construction at Atlas commenced in 2022 and ramped up to full production in the first quarter of 2023. The Atlas Campaspe mine is abundant in natural rutile and high value zircon and will be a significant source of high-grade ilmenite suitable for direct use or upgraded feedstock production.

Figure 1 Showing global site and offices including locations with resources and reserves.

Our pigment production facilities utilize the titanium mineral feedstock from our mining and processing operations to produce TiO2 pigment products. The following table lists our TiO2 pigment production facilities and capacity (in metric tonnes per year), by location:

Product						2023						2022						2021
Rutile(1)
Australia
Cooljarloo						15,453						18,850						25,519
Atlas-Campaspe						61,576						—						—
South Africa
Namakwa Sands						27,929						31,304						28,994
KZN Sands						18,427						16,326						21,478
All Other Properties						29,154						92,644						65,603
Total						152,539						159,124						141,594
Ilmenite(2)
Australia
Cooljarloo						126,675						143,049						185,481
Atlas-Campaspe						172,079						—						—
South Africa
Namakwa Sands						532,538						567,050						408,471
KZN Sands						318,771						290,407						429,271
All Other Properties						94,649						155,593						167,758
Total						1,244,712						1,156,099						1,190,981
Zircon(3)
Australia
Cooljarloo						18,995						21,694						27,490
Atlas-Campaspe						25,763						—						—
South Africa
Namakwa Sands						89,803						107,967						112,844
KZN Sands						30,974						31,839						40,368
All Other Properties						14,376						38,233						39,123
Total						179,911						199,733						219,825
HMC(4)
Australia
Cooljarloo						231,969						265,982						316,942
Atlas-Campaspe						398,607						—						—
South Africa
Namakwa Sands						2,350,156						1,576,618						1,663,243
KZN Sands						509,778						429,521						498,502
All Other Properties						202,249						321,902						436,146
Total						3,692,759						2,594,023						2,914,833

________________

(1)    includes natural rutile + leucoxene

(2)    includes multiple grades of TiO2 grades of ilmenite

(3)     includes multiple grades of zircon

(4) HMC = Heavy Mineral Concentrate S-K Subpart 1300 requires us to describe our rights to access and mine the minerals we report as reserves and to disclose any change in mineral tenure of material significance.

Our heavy mineral exploration and mining activities in South Africa and Australia are regulated by the South African Department of Mineral Resources, the Western Australia Department of Mines, Industry Regulation and Safety and the New South Wales Department of Planning, Industry and Environment. All exploration and mining activities are subject to multiple levels of environmental regulatory review, including approvals of environmental plans and public comment periods as pre-conditions to granting of mineral tenure.

Our two South African mineral sand mining processing chains are operated by Namakwa Sands and KZN Sands, both indirect, wholly-owned subsidiaries of Tronox Holdings plc. The South African Department of Mineral Resources and Energy (“DMRE”) is the regulatory administrator of mineral rights in South Africa, subject to the provisions of the Mineral and Petroleum Resources Development Act (“MPRDA”), No. 28 of 2004, as amended in 2016. The MPRDA vests all mineral rights in South Africa in the national government and establishes conditions for the acquisition and maintenance of prospecting and mining rights. Prospecting rights and mining rights may only be granted by the DMRE. Prospecting rights are granted for a maximum period of five years and can be renewed once for an extension of up to three years. Prospecting rights may be revoked for non-compliance with the terms of the prospecting right.

Mining right applications require additional approvals by the Department of Environmental Affairs (“DEA”) of an Environmental Management Program (“EMP”) and an Integrated Water and Land Use License.

Mining rights are valid for up to 30 years and may be extended by 30-year renewals, subject to compliance with conditions established in the EMP and by the MPRDA. Environmental permitting and compliance are co-administered by the regional offices of DEA and Development Planning. All rights, licenses and permits for Namakwa Sands and KZN Sands are in good standing.

On the Western Cape of South Africa, Tronox holds mining rights over an area of 19,205 hectares (47,457 acres) and surface rights totaling 17,111 hectares (43,542 acres) at the active mining site near Brand-se-Baai, commonly referred to as our Namakwa Sands operation. On the Eastern coast of South Africa, Tronox controls mining and prospecting rights covering approximately 4,041 hectares (9,986 acres) at KZN, where surface access rights are either owned directly by KZN Sands or secured by agreements with Mondi Ltd. A further 4,790 hectares (11,836 acres) of prospecting rights are held by a direct, wholly-owned subsidiary of KZN Sands at the nearby Port Durnford and Waterloo project areas which we are currently in the process of converting into a mining right.

Our Australian mineral properties are divided into the Northern and Southern Operations on the Swan Coastal Plain of Western Australia and the Eastern Operations in the Murray Basin of New South Wales and Victoria. Mining tenements in Australia are managed at the State or Territorial level. In Western Australia, Mining Leases, Exploration Licenses and Retention Licenses are granted and administered by the Western Australian Department of Mines, Industry Regulation and Safety, and in New South Wales by the NSW Department of Planning, Industry and Environment, under the authority of the Western Australian Mining Act 1978 and the New South Wales Mining Act 1992, respectively. Principal environmental authorities are the Western Australian Department of Water and Environmental Regulation and the NSW Environment Protection Authority.

At the Northern Operations in Western Australia, Tronox controls mining leases, exploration and other licenses and rights covering a total 50,838 hectares (125,623 acres). Mining and Public Environmental Review plans are approved for the Cooljarloo mine and approval to extend the environmental plans for Dongara were recently approved. Environmental Protection Agency approval of Cooljarloo West has also been approved. The main Cooljarloo deposit covers 9,744 hectares (24,078 acres). We hold 14 mining leases at the Dongara project. Three older mining leases are held at our Jurien property, the site of a former heavy minerals open pit mine operated by another party in the 1970’s.

Tronox holds mining and exploration licenses totaling 533,500 hectares (1,318,307 acres) in the South Perth Basin and Murray Basin heavy mineral provinces of Australia.

The Southern Operations in the southwest of Western Australia comprises 29 mining leases, 3 exploration licenses, 3 retention licenses, 2 general purpose leases and 2 miscellaneous licenses totaling 9,100 hectares.

Tronox holds 5 mining leases, 16 exploration licenses and 2 retention licenses in our Eastern Operations in the Murray Basin of New South Wales, Victoria and South Australia. The tenements cover approximately 524,400 hectares (2,025 sq miles). Three mining leases west of Pooncarie, NSW cover approximately 6,720 hectares (16,605 acres) surrounding our active mines at Ginkgo, Crayfish and rehabilitation site at Snapper. One mining lease of 2,330 hectares is at the Atlas Campaspe mining project in NSW.

HMS deposits are natural concentrations of granular minerals of high density (conventionally above about 2.85 gm/cm3). Titanium-rich HMS deposit source rocks are typically granitic and/or high-grade metamorphic crystalline rocks. The heavy mineral assemblage of a particular HMS deposit generally reflects the ilmenite, leucoxene, natural rutile and zircon contained in local and regional source rocks. Factors that influence the formation of HMS deposits include erosion of crystalline source rocks, fluvial transport to the coastline, longshore drift, coastal geomorphology, deposition of heavy minerals, and prolonged natural sorting of heavy minerals by water and wind, according to the density, size and shape of HM grains. Post-depositional geological processes that can affect the economic viability of a HMS deposit include in situ weathering, induration of the host sands, and natural preservation or destruction of the HMS deposit.

Not all heavy minerals have commercial value, and a distinction is made between the Total Heavy Minerals (“THM”) and VHM. Typical VHM assemblages include the titanium-iron oxide mineral, ilmenite (FeTiO3); rutile, a premium TiO2 feedstock mineral; leucoxene, a natural alteration product of weathered ilmenite; and zircon, a zirconium silicate (ZrSiO4) valuable for its use in a diverse range of industrial and construction applications. Other HM of commercial value, such as garnet, staurolite, kyanite and monazite, may be recovered as by-products.

Of interest recently is the potential use of monazite, both in contained ore bodies and in stockpiled sources located near the mineral separation processes at Namakwa Sands. Monazite has increasing commercial value due to a high concentration of rare earth metals which can be separated by well-established methods. Rare earths are expected to remain in high demand as demand grows for electric vehicles, wind turbines, and consumer goods that require rare earth-containing permanent magnets. We currently do not know the metallurgical recovery potential for the monazite as our processes have historically focused on traditional value minerals. Given the increasing importance of monazite, we are evaluating new processes to better understand the grade and recoverability of monazite in our mining tenements.

The following tables summarize our reserves and resources as well as their contained in situ total heavy minerals (THM) and heavy mineral (HM) assemblages as of December 31, 2023 based on long-term price assumptions. The sole purpose of the operational and related financial data presented is to demonstrate the economic feasibility of the mineral reserves for the purpose of reporting in accordance with subpart 1300 of Regulation S-K, and should not be used for other purposes. The information presented originates from comprehensive techno-economic modelling, which is subject to change as assumptions and inputs are updated, and as a result does not guarantee future operational or financial performance. Consistent with industry standards, Tronox values its mineral reserves based on the prices at which its titanium and zircon mineral products would sell on freely traded markets, as forecasted by third-party industry consultancies.

All of our reserves are reported on the basis of our 100% ownership of in-place, economically extractable ore, determined from comprehensive geological, mining, processing and economic models. Reserve classifications of proven or probable are based on the level of confidence in the appropriate resource estimates. Our residual resources are those areas of mineralized ground which have either had insufficient drilling to confidently define the shape, grade and recoverability of the valuable minerals as well as not yet having been subjected to a detailed assessment of the impact of validated “modifying factors” on the revenue generating potential of a deposit.

Our mineral resource and reserve estimates are based on extensive geological resource models modified by various mining and processing factors and assessed in a techno-economic model for commercial viability. This constitutes a Life-of-Mine-Plan (LOMP) for each operation. Our LOMP and reserve estimates are optimized with respect to anticipated revenues and costs. Assumptions are developed from our extensive experience and include mining parameters, processing recoveries, operating costs, foreign exchange, and rehabilitation. Each of our operations reconcile predicted mining and processing metrics with actual production and recovery data on a monthly basis. Our models are updated as necessary and used to determine ore boundaries based on economic assumptions, certain of which are set forth below the following tables. For reserves where there is substantial asset investment post the minerals production stage, parameters that best utilize the whole value chain may take precedence over maximizing value from the minerals business unit, therefore impacting the optimal mining shell and effective cut-off grade.

Not all HMS deposits are alike. Our reserves, as set forth in the table below, have a higher confidence level because we have undertaken sufficient drilling density and validation. Resources present unconfirmed continuity and variability in grade, HM assemblage, or other characteristics, as well as the indeterminate impact of modifying factors, and hence are not classified as reserves.

Within the broad category of resources, inferred resources have a lower level of geological confidence than do indicated resources with measured resources being the highest confidence level from a geological perspective. Only indicated resources and measured resources can be converted to reserves with proven reserves having a higher level of economically exploitable confidence than probable reserves. The following tables have been determined to be economically- exploitable by individuals competent and qualified to act under the new disclosure requirements as “Qualified Persons.” Each of the Qualified Persons is an employee of an indirect, wholly owned subsidiary of the Company.

For clarity, in the tables below, our reserves have been excised from the resources as they can be proven to be profitably mined and processed. The remaining deposit that exceeds cut-off grade, but have not yet been demonstrated to be profitable by virtue of either recoverable grade, operating cost or capital required to develop, are separately defined as resources.

The decrease in resources at all operating sites in 2023 as compared to 2022 is primarily attributed to mining depletion. In addition, as of December 31, 2023 the remaining resources for Crayfish, Ginkgo and Wonnerup were removed from the resources table because they were considered unlikely to ever be economically viable due to their being either too low in grade, too deeply buried, sterilized by previous mining operations or located within environmentally sensitive locations.

The decrease in reserves at all operating sites in 2023 as compared to 2022 is primarily attributed to mining depletion. In July 2023, mining ceased at Crayfish due to poor project economics. The remaining Crayfish material was removed from reserves.

TRONOX MINERAL SANDS - 2023-2022 RESOURCES(1)