Document:

<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

                                                                   EXHIBIT 10.10

**Confidential portions of this Exhibit have been omitted pursuant to the Rules
and Regulations of the Securities and Exchange Commission.  The symbol "[+++++]"
has been used to identify information which is the subject of a Confidential
Treatment Request.**

DATED 3rd July 1997

                       IMPERIAL CHEMICAL INDUSTRIES PLC

                                   -   AND -

                             TIOXIDE GROUP LIMITED

                               SUPPLY AGREEMENT
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

DATED 3rd July 1997

BETWEEN

1.   IMPERIAL CHEMICAL INDUSTRIES PLC trading  as ICI Paints whose Registered
     Office is at 9 Millbank, London SWIP 3JF ("ICI"); and

2.   TIOXIDE GROUP LIMITED whose Registered Office is at Lincoln House, 137/143
     Hammersmith Road, London W14 0QL ("Tioxide").

RECITAL
-------

The purpose of this agreement is to set out the terms on which the ICI Paints
Users in the specified Territories will purchase Titanium Dioxide from Tioxide
and Tioxide will supply Titanium Dioxide to the ICI Paints Users and is entered
into in recognition of ICI's status as Tioxide's largest customer.

1.   Definitions
     -----------

     In this agreement the following words shall have the following meanings:

     "ICI Paints User/s"      means any ICI Company/Companies or
                              business/businesses involved in the manufacture of
                              surface coatings in each of the Territories who
                              purchase Titanium Dioxide from Tioxide.

     "the Territory/ies"      means those countries set out in Schedule I hereto
                              or any of them.

     "Quarter"                means a period of 3 calendar months, the first
                              Quarter commencing on 1st July 1996.

     "[+++++]"                [+++++]

     "[+++++]"                [+++++]

     "ICI Paints"             means the ICI Paints Business.

     "Contract Year"          a period of 12 consecutive months, the first
                              commencing 1st July 1996.
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                                                CONFIDENTIAL TREATMENT REQUESTED

     "On Time and in Full"       means delivery within the agreed lead time and
                                 in the full and accurate quantity ordered.

     "TiO\\2\\"                  means Rutile Titanium Dioxide in a dry form.

     "Volume"                    means metric tonnes of TiO\\2\\.

     "B/L date"                  means Bill of Lading date.

     "Region(s)"                 means the areas of the world set out below
                                 containing the listed Territories.

                                 North America
                                 -------------

                                 containing USA, Canada, Puerto Rico, Mexico.

                                 Europe
                                 ------

                                 containing UK, Eire, France, Germany, Spain,
                                 Italy and Poland.

                                 ANZ
                                 ---

                                 containing Australia, New Zealand, Fiji, Papua
                                 New Guinea.

                                 Asia
                                 ----

                                 containing India, Pakistan, Malaysia, Singa-
                                 pore, Thailand, Indonesia, Taiwan, Peoples
                                 Republic of China, Sri Lanka, Vietnam, Philip-
                                 pines.

     " [+++++]"                  [+++++].

     "Confidential Information"  means all information disclosed by one party
                                 to the other in writing or otherwise provided
                                 that each such item of information would appear
                                 to a reasonable person to be confidential or
                                 either

                                       2
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                                               CONFIDENTIAL TREATMENT REQUESTED

                                 contains or bears thereon in either case a
                                 prominent position, or is accompanied by a
                                 written statement that the same is confidentia1
                                 or proprietary. Any information relating to
                                 [+++++] and [+++++] will be Confidential
                                 Information.

1.      TERRITORIES
        -----------

1.1     A list of the countries governed by this agreement at the date hereof is
        attached as Schedule I.

        Where a new company is established or acquired in a Territory by ICI
        with an ICI shareholding of more than 50%.

1.1.1.  If ICI is already a customer of Tioxide in that Territory as defined
        in Sched ule I hereto such company will, upon its acquisition or
        establishment, be subject to this Agreement.

1.1.2.  If ICI is not already a customer of Tioxide in that Territory as
        defined in Schedule I hereto such company will be so subject only by
        agreement between the parties hereto.

2.      TERM
        ----

        This agreement shall commence on 1st July 1996 and shall continue for a
        period of four years until lst July 2000, provided that 12 months notice
        of termination has been served by either party to take effect on that
        date. If not so terminated on that date then this agreement shall
        continue until terminated by either party on 12 months notice in writing
        to be given at any time.

3.      SUPPLY COMMITMENT
        -----------------

        (a)   Where Tioxide supplies [+++++] of an ICI Paints User's
              requirements in an individual Territory in any Contact Year than
              in the succeeding Contract Year Tioxide shall be obliged to supply
              [+++++] of the normal requirements of such ICI Paints User if
              called upon to do so. Notice shall be given by the ICI Paints User
              of such a requirement in accordance with the forecast schedule set
              out in Clause 4.

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                                                CONFIDENTIAL TREATMENT REQUESTED

        (b)   Where Tioxide supplies less than [+++++] of an ICI Paints User's
              total requirement in a Territory in any Contract Year then in the
              succeeding Contract Year Tioxide agrees it shall be obliged to
              supply up to [+++++] to the ICI Paints User if called upon to do
              so. Notice shall be given of such requirement in accordance with
              Clause 4.

4.      FORECAST AND COMMITMENT TO VOLUME
        ---------------------------------

4.1     (a)  By 30th June and 31st December in each Contract Year, ICI Paints
             Headquarters at Slough will supply to Tioxide at its London Head-
             quarters a two year demand forecast (current year plus the
             following year) detailing quantities and grade of Tioxide pigment
             expected to be required by each Region for each Quarter in each of
             those years.

        (b)  On receipt of this demand forecast Tioxide will assess it against
             its planned availability. If any potential problem in meeting this
             demand forecast is foreseen, Tioxide and ICI Paints will discuss
             the problem and its resolution.

        (c)  The forecast for each year's offtake will not exceed a volume
             [+++++].

        (d)  No Quarter's forecast in each year will exceed a volume [+++++].

4.2     ICI Paints will target to buy globally from Tioxide [+++++] metric
        tonnes of TiO\\2\\ per contract year.

        The division between Chloride and Sulphate grades will be as follows:

        (a)  Any ICI offtake over [+++++] metric tonnes will be taken as
             Sulphate product.

        (b)  Offtake at or below [+++++] metric tonnes will be as set out below
             [+++++].

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                                                CONFIDENTIAL TREATMENT REQUESTED

                               Chloride (Kt)      Sulphate (Kt)      TOTAL
     North America             [+++++]            [+++++]            [+++++]
     Canada and Mexico

     ANZ, Fiji, Papua          [+++++]            [+++++]            [+++++]
     New Guinea & Asia

     Europe                    [+++++]            [+++++]            [+++++]

     Chloride offtake by ICI may be taken anywhere in the Territories subject to
     grade and sourcing constraints.

4.3  On the basis of the forecasting arrangements set out in Clause 4.1 Tioxide
     undertakes to use all reasonable endeavours to supply in each Contract Year
     the volume of TiO\\2\\ in accordance with ICI's forecast for that year.
     ICI undertakes to use all reasonable endeavours to purchase volume in accor
     dance with its forecast.

4.4  If in any Region the actual demand from the ICI Paints User is in excess of
     the forecast then Tioxide will use all reasonable endeavours to supply the
     TiO\\2\\ required.

4.5  Both parties agree to work actively to develop and continually enhance a
     methodology that gives both parties the maximum visibility of short and
     medium term demand.

4.6  In the event that ICI shall acquire a new business in a Territory as
     defined in Schedule I hereto during the course of this agreement which is
     buying TiO\\2\\ from Tioxide at the date of such acquisition for the
     purpose of forecasting the following shall apply.  Such amount of TiO\\2\\
     as is being purchased from Tioxide by such business shall be added to the
     existing offtake by ICI to form a new base tonnage.

5.   PRICE
     -----

5.1  Price shall be [+++++] and, subject as hereinafter provided, [+++++].
     Where [+++++].

5.2  [+++++] shall only be applicable to purchases of TiO\\2\\ by ICI from
     Tioxide in any Contract Year if in that Year the following conditions are
     satisfied:

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                                                CONFIDENTIAL TREATMENT REQUESTED

5.2.1     The total volume of TiO\\2\\ purchased by ICI is at least [+++++]; and

5.2.2     The volume of TiO\\2\\ purchased by ICI in

              (a)  North America
              (b)  ANZ, Fiji, Papua New Guinea and Asia; and
              (c)  Europe

          is at least, respectively, [+++++] and [+++++].

          In the event that in any Contract Year any condition specified in this
          Clause is not satisfied then the price payable in that year shall be
          [+++++] for the TiO\\2\\ supplied.

          The [+++++] will however continue to apply to such purchases.

5.3       The parties hereto shall as soon as reasonably practicable after
          having signed this agreement, appoint a person, firm or corporation
          ("The Appointee") who shall be responsible for recommending to the
          parties [+++++] in every Territory for the purposes of this agreement.

5.4       The parties hereto shall endeavour to ensure that the duration of the
          contract under which the Appointee is engaged is consistent with the
          term of this agreement. The costs associated with the Appointee's
          engagement (includ ing, without limitation, fees and expenses payable
          to the Appointee) shall be borne equally between ICI and Tioxide.

5.5       Prior to each occasion on which, in accordance with the provisions
          hereof, [+++++] falls to be determined, each of ICI and Tioxide shall
          submit to the appointee in writing such information as its possesses
          and which it considers may be relevant for the purpose of enabling the
          Appointee to assess [+++++] in each territory. The Appointee shall be
          entitled to interrogate each party hereto with respect to the
          information which it has submitted and to request further information
          from each party.

5.6       The parties hereto shall, in submitting information to the Appointee
          pursuant to Clause 5.5 do so timeously and the Appointee shall make
          his recommenda tion of [+++++] for each Territory within 10 business
          days of the information from both such parties having been submitted.

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                                                CONFIDENTIAL TREATMENT REQUESTED

5.7       The Appointee shall keep confidential any information submitted to
          him by either party in accordance with the foregoing provisions of
          this clause and without prejudice to the generality, shall not reveal
          to either party hereto or any other party, any information submitted
          to him by the other party. The Parties may each appoint an independent
          auditor to verify the submissions of the other party to the Appointee
          if they so wish.

5.8       The Appointee, in recommending [+++++] in a Territory, shall have
          regard to the following principles:

5.8.1     [+++++] is based upon delivered duty paid in ICI Paints Users plant,
          except where CIF (or some other term) is the agreed delivery term. A
          list of Territo ries where CIF is the agreed delivery term is attached
          hereto as Schedule IV. Schedule V hereto lists the Territory in which
          "C and F" is the agreed delivery term.

5.8.2     If any of ICI Paints competitors in a territory do not pay on time to
          standard terms, full account shall be taken of that fact in assessing
          [+++++] for the Territory concerned.

5.9       Tioxide's usual small delivery surcharges applying to its other
          customers in a Territory will also apply to ICI Paints deliveries in
          that Territory.

5.10      During each quarter a reconciliation will be conducted (by the
          designated local senior Manager responsible from Tioxide and ICI
          Paints, respectively) in respect of the [+++++] to apply to the
          previous quarter in each Territory. The difference between the newly
          agreed [+++++] and that price at which TiO\\2\\ had previously been
          invoiced will be paid not later than 8 weeks after the end of the
          quarter in question by ICI Paints to Tioxide or by Tioxide to ICI
          Paints, as the case requires. At the end of any Contract Year in which
          a condition specified in Clause 5.2 has not been satisfied, a further
          reconcilia tion will be conducted to establish what (if any) payment
          is due from ICI to Tioxide in consequence thereof and any payment due
          shall be made by ICI not later than the expiration of the period of 8
          weeks next following the end of that Year.

5.11      [+++++] For certain major Territory groups [+++++]

          Territory groups for which this principle is presently agreed are:-

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                                                CONFIDENTIAL TREATMENT REQUESTED

          Group A     [+++++]

          Group B     [+++++]

          Group C     [+++++]

          Group D     [+++++]

          At the commencement of the contract the values of x and y will be as
          shown in the following table:
                         x        y

          Group A     [+++++]  [+++++]

          Group B     [+++++]  [+++++]

          Group C     [+++++]  [+++++]

          Group D     [+++++]  [+++++]

          The value of x in the Territory Group will be reviewed from time to
          time.

6.        PAYMENT
          -------

          A schedule of agreed payment terms is attached as Schedule III.  These
          terms can only be varied by written agreement between the parties.

          ICI shall ensure that payment is received by Tioxide on or before the
          relevant due date specified in Schedule III.

7.        [+++++]

7.1       [+++++]

7.2       [+++++]

7.2.1     [+++++]

7.2.2     [+++++] in the Territories or as requested by ICI  Paints by Tioxide
          [+++++].

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                                                CONFIDENTIAL TREATMENT REQUESTED

7.2.3     [+++++]

8.        CHANGE IN CIRCUMSTANCES
          -----------------------

          Both parties will consult with each other in the event of any
          significant change in circumstances in their businesses affecting this
          Agreement.

9.        SERVICE AND DELIVERY
          --------------------

          Tioxide will use its best endeavours to supply all orders "On Time
          and In Full".

10.       GRADE AVAILABILITY
          ------------------

          Tioxide's products are made to globally consistent specifications, but
          not all grades are made in all regions of the world.

          Nevertheless Tioxide will use its best endeavours to meet ICI Paints
          Users' technical requirements for TiO\\2\\.

11.       TECHNICAL AND COST REDUCTION CO-OPERATION
          -----------------------------------------

11.1      In each Region, the Tioxide regional coatings technical service and
          product development teams will maintain regular contact with ICI
          Paints Users in that Region.

11.2      Tioxide's central Research and Technology surface coatings team will
          also maintain regular contact with its designated opposite numbers
          in ICI Paints.

11.3      Through these contracts, ICI Paints' technical requirements will be
          taken into account by Tioxide in setting up its global and local
          Research programmes.

11.4      A formal technical review of matters arising from these contracts, and
          appropriate actions, will be arranged between the parties at least
          once a year.

11.5      Tioxide will give ICI Paints the first customer appraisal prior to
          disclosure to any other party of any relevant new developments it
          makes relating to TiO\\2\\ in surface coatings provided that such
          development has not been initiated by another of Tioxide's customers.
          Upon Tioxide presenting ICI with a new development, ICI will report
          back to Tioxide within 120 days of receiving

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                                                CONFIDENTIAL TREATMENT REQUESTED

          adequate information from Tioxide on its views on such developments
          and pending such report Tioxide will not disclose such development to
          any other party. The parties may extend such period by agreement.

11.6      When a new product is developed by Tioxide for the surface coatings
          market, with ICI's technical co-operation, then ICI shall enjoy an
          exclusive lead time from the date when it's surface coating containing
          the new product is brought to market - the length of lead time to be
          agreed on a case by case basis. During that lead time Tioxide will not
          supply or sample such new product to any other party. Such new product
          shall be available for purchase by any ICI Paints User.

11.7      Specifications for all grades supplied by Tioxide to ICI Paints will
          be agreed between the parties, and will be consistent worldwide.

11.8      There may occasionally be a need for local funding by Tioxide of
          technical costs incurred by ICI Paints Users e.g. in reformulation to
          a Tioxide grade. Such funding will be a matter of local negotiation
          between the ICI Paints User and Tioxide.

11.9      SERVICE
          -------

          It is agreed that ICI will implement a supplier assessment programme
          based on the Dulux Australia "Supplier of the Year" programme. This
          will provide a basis for review of specific relationship and service
          issues.

11.10     COST REVIEW
          -----------

          It is expected that effective management of the supply chain between
          Tioxide and ICI Paints will result in operational cost savings which
          the parties agree will be shared by both businesses. Tioxide agrees
          with ICI to fully address possible cost, product evaluation and
          development efficiencies and any other possible sources of cost
          savings throughout the term of this contract and to implement
          identified savings by mutual agreement.

12.       CONFIDENTIALITY
          ---------------

          Each party will take all proper steps to keep confidential all
          Confidential Information of the other which is disclosed to or
          obtained by it pursuant to or as a result of this Agreement, and will
          not divulge the same to any third party

                                      10
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                                                CONFIDENTIAL TREATMENT REQUESTED

          and will allow access to the same to only such staff as may be
          involved in carrying out this agreement and then on the basis that
          they will respect such Confidential Information except to the extent
          that any such Confidential Information becomes public through no fault
          of that party. Upon termination of this Agreement each party will
          return to the other any equipment and written data (without retaining
          copies thereof) provided for the purposes of this Agreement.
          Notwithstanding the termination or expiry of this Agree ment for
          whatever reason the obligations and restriction in this clause shall
          be valid for a period of five years from the date of signature hereof.

13.       FORCE MAJEURE
          -------------

          If either party is prevented from carrying out any of its obligations
          under this Agreement by circumstances beyond its control (such
          circumstances hereinaf ter being referred to as "Force Majeure") then
          for so long as such Force Majeure circumstances continue neither shall
          be liable to the other for a failure to perform such obligations as a
          result of Force Majeure PROVIDED THAT each party shall as soon as
          reasonably practicable on becoming aware of circumstances constituting
          Force Majeure notify the other of the nature of the Force Majeure and
          its likely duration. The force majeure affecting Tioxide having been
          so notified ICI may, if it so elects, employ another company business
          or person to perform any obligations so affected by Force Majeure.

14.       DISPUTES
          --------

          In the event of a dispute between the parties the senior managers of
          either party responsible for purchasing and selling TiO\\2\\ shall
          attempt to resolve the dispute. Failing that the CEO's of ICI Paints
          and Tioxide for the time being shall attempt to resolve the dispute.
          If that process fails to resolve the dispute then parties may have
          recourse to law in accordance with the Agreement.

15.       LIABILITY
          ---------

          Tioxide will indemnity ICI and its subsidiaries for any losses,
          actions, costs, demands, expenses or liabilities of any kind which ICI
          may incur which shall arise:

          (a)  From Tioxide's default under this contract or

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                                                CONFIDENTIAL TREATMENT REQUESTED

          (b)  by the supply of TiO\\2\\ by Tioxide which is not of a
          satisfactory quality or not fit for the purpose for which ICI will
          use the TiO\\2\\.

          (c)  Fails to be delivered on time to any ICI Paints User.

          Tioxides liability under this clause or as a result of any legal
          action taken by ICI or its subsidiaries shall be limited to the sum of
          [+++++] for each individ ual incident and to an aggregate sum in each
          contract year for multiple incidents of [+++++].

          Subject to the foregoing provisions of this clause. Tioxide gives no
          warranty as to the merchantable quality or fitness for purpose of any
          TiO\\2\\ which is sold to ICI under this agreement and any condition
          or warranty as to its merchant able quality or fitness for purpose,
          whether express or implied by law under the Sale and Supply of Goods
          Act or otherwise, is excluded.

16.       OTHER TERMS AND CONDITIONS
          --------------------------

(i)       Any detailed supply arrangements not covered in this agreement will be
          covered by local agreements in each Territory as necessary. Should
          there be any conflict in the terms and conditions of this agreement
          and any such local agreements then the terms and conditions of this
          agreement shall prevail. This agreement supersedes all previous
          agreements in force between the parties relating to the subject matter
          hereof.

(ii)      In the event that a change of control of the ownership of either party
          occurs in such a way so as to raise issues of compliance with Anti-
          Trust Competition Legislation in any country of the world then this
          contract shall be reviewed and such amendments made to bring its
          provisions into compliance with such laws whilst maintaining the terms
          of this agreement to the greatest extent legally possible.

17.       NOTICES
          -------

          Notices, reports or communication shall be deemed to have been given
          only if given in writing and delivered by hand or by courier service
          or sent by telex or facsimile transmission and confirmed by first
          class airmail to the other party at the following address:

          In the case of ICI Paints:  The Secretary

                                      12
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                                                CONFIDENTIAL TREATMENT REQUESTED

                              ICI Paints
                              Wexham Road
                              Slough
                              SL2 5DS
                              England

     In the case of Tioxide:  The Secretary
                              Tioxide group Ltd.
                              Lincoln House
                              137/143 Hammersmith Road
                              London
                              W14 0QL

18.  The law of England and the jurisdiction of the English courts shall apply
     to this agreement.

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                                                CONFIDENTIAL TREATMENT REQUESTED

                                  SCHEDULE I

                              LIST OF TERRITORIES
                              -------------------

UK/Eire
Germany
France
Spain
Italy
USA
Canada
Mexico
Australia
New Zealand
Fiji
Papua New Guinea
India
Pakistan
Malaysia
Singapore
Thailand
Indonesia
Taiwan
Peoples Republic of China
Vietnam
Philippines
Puerto Rico
Poland
Sri Lanka

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                                  SCHEDULE II

                       LIST OF MAJOR TiO\\2\\ PRODUCERS
                       --------------------------------

 [+++++]

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                                                CONFIDENTIAL TREATMENT REQUESTED

                                 SCHEDULE III

                             AGREED PAYMENT TERMS
                             --------------------

<TABLE>
<CAPTION>
<S>                                                           <C>
        TERRITORY                                             TERMS
-----------------------------------------------------------------------------------------------------

UK/EIRE                     20th of the month following invoice
-----------------------------------------------------------------------------------------------------
FRANCE                      30 days from end of month of invoice 1% discount for payment on 10th
                            of following month
-----------------------------------------------------------------------------------------------------
GERMANY                     30 days net
                            2% discount for payment within 14 days
-----------------------------------------------------------------------------------------------------
ITALY                       90 days net
-----------------------------------------------------------------------------------------------------
SPAIN                       90 days net
-----------------------------------------------------------------------------------------------------
USA                         60 days net
                            1% discount for payment within 30 days
-----------------------------------------------------------------------------------------------------
CANADA                      60 days net
                            1% discount for payment with in 30 days
-----------------------------------------------------------------------------------------------------
MEXICO                      60 days net
-----------------------------------------------------------------------------------------------------
NEW ZEALAND                 30 days from month end
-----------------------------------------------------------------------------------------------------
AUSTRALIA                   45 days from month end
-----------------------------------------------------------------------------------------------------
FIJI                        30 days from month end
-----------------------------------------------------------------------------------------------------
PAPUA NEW GUINEA            60 days after B/L date
-----------------------------------------------------------------------------------------------------
INDONESIA                   90 days after B/L date
-----------------------------------------------------------------------------------------------------
SINGAPORE                   60 days from month end
-----------------------------------------------------------------------------------------------------
MALAYSIA                    30 days from month end
-----------------------------------------------------------------------------------------------------
THAILAND                    90 days from B/L date
-----------------------------------------------------------------------------------------------------
TAIWAN                      90 days from month end
-----------------------------------------------------------------------------------------------------
PEOPLE REPUBLIC OF CHINA    60 days from month end
-----------------------------------------------------------------------------------------------------
INDIA                       90 days after B/L date
-----------------------------------------------------------------------------------------------------
PAKISTAN                    150 days from B/L date
-----------------------------------------------------------------------------------------------------
VIETNAM                     90 days after B/L date
-----------------------------------------------------------------------------------------------------
PHILIPPINES                 90 days after B/L date
-----------------------------------------------------------------------------------------------------
Sri Lanka                   90 days after B/L date
-----------------------------------------------------------------------------------------------------
Puerto Rico                 60 days net
-----------------------------------------------------------------------------------------------------
</TABLE>

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                                  SCHEDULE IV

               TERRITORIES WHERE CIF IS THE AGREED DELIVERY TERM
               -------------------------------------------------

India

Pakistan

Thailand

Indonesia

Peoples Republic of China

Poland

Papua New Guinea

Philippines

Singapore

Sri Lanka

Vietnam

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                                  SCHEDULE V

              TERRITORY WHERE C AND F IS THE AGREED DELIVERY TERM
              ---------------------------------------------------

Pakistan

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SIGNED FOR AND ON BEHALF OF
IMPERIAL CHEMICAL INDUSTRIES PLC:

SIGNED    /s/ [Authorized Officer]
          ------------------------
TITLE     Chief Financial Officer, ICI Paints

WITNESS   /s/ [Authorized Person]
          -----------------------
TITLE     Senior Legal Counsel, ICI Paints

SIGNED FOR AN ON BEHALF OF
TIOXIDE GROUP LIMITED

SIGNED    /s/ [Authorized Officer]
          ------------------------
TITLE     Chairman & CEO

WITNESS   /s/ [Authorized Person]
          -----------------------
TITLE     Finance Director

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                                                CONFIDENTIAL TREATMENT REQUESTED

                                                                   EXHIBIT 10.11

**Confidential portions of this Exhibit have been omitted pursuant to the Rules
and Regulations of the Securities and Exchange Commission.  The symbol "[+++++]"
has been used to identify information which is the subject of a Confidential
Treatment Request.**

                             SLAG SALES AGREEMENT
                             --------------------

     THIS AGREEMENT is made as of this 10th day of July, 1997 by and between
RICHARDS BAY IRON AND TITANIUM (PROPRIETARY) LIMITED, a South African
corporation with offices at Richards Bay, Natal, South Africa (hereafter
"RBIT"), and TIOXIDE S.A. (PTY) LIMITED, a company with an office in
Umbogintwini, South Africa (hereafter, the "Buyer").

     WHEREAS in consideration for RBIT's undertaking to produce a special
[+++++] titanium-bearing slag product and to supply Buyer's [+++++] for its
pigment plant at Umbogintwini, South Africa with this special product, Buyer
wishes to enter into an Agreement to satisfy such slag requirements [+++++] from
RBIT;

     WHEREAS Buyer has equipped its pigment plant at Umbogintwini, South Africa
with special facilities to enable the transportation, delivery, handling and use
of the special slag product and RBIT has equipped its facility at Richards Bay,
South Africa to produce, handle and ship the special slag product;

     WHEREAS RBIT agrees to sell such quantities of the special slag product as
Buyer requests and Buyer agrees to fulfill from RBIT [+++++] requirements to
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                                                CONFIDENTIAL TREATMENT REQUESTED

[+++++] during the term of this Agreement, within a specified range of annual
volumes;

     WHEREAS both Buyer and RBIT require long notice of any cancellation of
supply or purchase of the special slag product as both parties would be required
to make significant changes to their facilities and operations to produce or
accept alternative products;

     NOW THEREFORE, for and in consideration of the covenants and conditions
herein contained, the parties hereto agree as follows, effective January 1,
1997:

                                  ARTICLE I.

                                    SCOPE

     RBIT agrees to sell and deliver, and Buyer agrees to buy and take delivery
of, a special titanium-bearing slag (hereinafter "Product"), produced at RBIT's
plant at Richards Bay, Kwazulu Natal, South Africa (hereinafter "RBIT's plant"),
for use at Buyer's pigment plant at Umbogintwini, South Africa (hereinafter
called "Buyer's plant"), in the quantities and at the times specified herein and
in accordance with the terms of this Agreement (the "Agreement").

                                  ARTICLE II.
                                  DEFINITIONS

     Unless otherwise indicated, a "ton" is a metric ton of one thousand
kilograms dry weight, a "month," "quarter" and a "year" are a calendar month, a
calendar

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                                                CONFIDENTIAL TREATMENT REQUESTED

quarter and a calendar year, respectively, and "dollars," "cents" and the dollar
and cents signs ("$" and "c") refer to lawful money of the United States of
America. "Official Samples" has the meaning given to it in Article XI and all
percentages are based on dry weights. "Party" means RBIT as one party and Buyer
as one party. "STEM" shall mean that Product will be available and ready for
loading at the point of shipment on the date stated and in the quantity
specified.

                                 ARTICLE III.
                                     TERM

A.   Unless terminated earlier in accordance with provisions hereof, this Agree
     ment shall be for an initial term of three (3) years commencing on January
     1, 1997 and ending on December 31, 1999 and shall automatically continue in
     full force and effect for additional periods of one (1) month each until
     terminated by either party giving to the other party not less than three
     (3) years prior written notice.

B.   In the event either party shall become bankrupt, insolvent, commit any act
     of bankruptcy or insolvency, or compromise with its creditors, then the
     other party shall have the option, without notice or demand, to cancel this
     Agree  ment and demand damages hereunder.  The preceding rights are without
     prejudice to any other rights and remedies as are available to the parties
     hereunder or otherwise under the law.

                                       3
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

C.   In the event of permanent closure of Buyer's plant, Buyer or Seller shall
     have the right to terminate this Agreement.  If regulatory conditions
     prescribed by government preclude consumption of Product at Buyer's plant,
     both parties undertake to adapt their Product or process, as the case may
     be, to permit compliance with such regulations within a reasonable time,
     failing which Buyer or Seller shall have the right to terminate this
     Agreement.  Buyer shall inform RBIT at the earliest opportunity of either
     circumstance.

                                  ARTICLE IV.
                                   QUANTITY

A.   In consideration of RBIT's agreement to supply Product in such quantities
     as Buyer may request pursuant to Article IV.B  Buyer shall [+++++].

B.   Buyer shall, no later than September 30 in each year of the Agreement,
     advise RBIT in writing of its total requirement for Product for Buyer's
     plant in the coming year, subject to an annual maximum of [+++++] tons and
     an annual minimum amount of [+++++] tons (the "Contracted Quantity").  Such
     Contracted Quantity shall be binding on the parties.

                                       4
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

                                  ARTICLE V.

                                    PRICE

A.   Basic Price
     -----------

     1. The basic price for Product of [+++++] TiO\\2\\ for [+++++] shall be
        [+++++] per ton, Ex Works RBIT's plant at Richards Bay (the "Basic
        Price"). For each successive year of the Agreement the Basic Price shall
        be [+++++].

     2. The term "Escalation" as it relates to this Agreement is defined as the
        percentage increase in the All Items, All Urban Consumer Price Index as
        reported in the Detailed CPI Report issued by the US Department of Labor
        ("AUCPI"), for the period of December to December imme diately preceding
        the applicable year, multiplied by the price to which such Escalation
        must be added. If there is no increase, or if there is a decrease in the
        AUCPI, Escalation shall be zero. For the year 1998, reference shall be
        made to the period of December 1996 to December 1997. For each
        subsequent year, reference shall be made to the period of December to
        December immediately preceding the applicable year.

                                       5
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

B.   Adjustment for TiO\\2\\ Content
     -------------------------------

     1. The Basic Prices established under this Article V. are for Product which
        meets the specifications set forth in Paragraphs A and B of Article IX
        (hereinafter the "Specifications"). If the TiO\\2\\ content of Product
        exceeds eighty-five percent (85%), the price shall be adjusted upwards
        by one-one hundred seventieth (1/170th) of the Basic Price for each
        whole increment of one-half percent (0.5%) by which the TiO\\2\\ content
        of Product exceeds eighty-five percent (85%). If the TiO\\2\\ content of
        Product is less than eighty-five percent (85%), the price shall be
        adjusted downwards by one-one hundred seventieth (1/170th) of the Basic
        Price for each whole decrement of one-half percent (0.5%) or part
        thereof by which the TiO\\2\\ content of Product is less than eighty-
        five percent (85%).

     2. If the insoluble TiO\\2\\ content of Product exceeds two percent (2%),
        the price shall be adjusted downwards by one-one hundred seventieth
        (1/170th) of the Basic Price for each increment of one-half percent
        (0.5%) or part thereof by which the insoluble TiO\\2\\ content exceeds
        two percent (2%).

                                       6
<PAGE>

                                               CONFIDENTIAL TREATMENT REQUESTED

                                  ARTICLE VI.
                                   SHIPMENTS

     Shipments shall be made by railcars provided by Buyer.  The terms and
conditions of shipments shall be mutually agreed upon by the parties.  Shipments
shall be spread more or less evenly over the year.  Cleanliness of railroad cars
shall be solely Buyer's responsibility.

                                 ARTICLE VII.
                            TITLE AND RISK OF LOSS

     Title to and risk of loss in Product shall pass to Buyer upon loading on
board railcars at RBIT's plant.  Once the title to and risk of loss in Product
has passed to Buyer, RBIT shall not be responsible for any loses or damages of
any kind and howsoever arising in connection with Product or otherwise, except
as expressly provided in this Agreement.

                                 ARTICLE VIII.
                             INVOICING AND PAYMENT

A.   Regular payments
     ----------------

     RBIT shall invoice buyer for shipments on a monthly basis, on the assump
     tion that the TiO\\2\\ content of each shipment is [+++++] and payment
     shall be made within fifteen (15) days of the date RBIT's invoice in South
     African rands converted at the spot rate of exchange for U.S. dollars as

                                       7
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

     reported by the First National Bank Limited at the close of business on the
     last day of the previous month for deliveries during any month.  RBIT shall
     accept payment from any of Buyer's affiliate companies, but Buyer shall
     remain primarily and separately liable for all sums due under this
     Agreement.

B.   Final Invoice
     -------------

     Any price adjustment which may be necessary as a result of the outcome of
     RBIT's analysis of the Official Sample shall be embodied in a final
     invoice. In the case of a debit to Buyer, the final invoice shall be
     presented, and payment by Buyer shall be effected, in the same manner as in
     Article VII.A above.  In the case of credit to Buyer, RBIT shall remit the
     relevant amount to Buyer by telegraphic transfer within thirty (30) days of
     preparation of the final invoice.

C.   Other Invoices and Payments
     ---------------------------

     Payment of other amounts due hereunder, such as the fees referred to in
     Article XI.A, XI.B.2 and XI.B.5 herein, shall be made by Buyer to RBIT upon
     receipt of an invoice for such amounts.

                                  ARTICLE IX.
                                SPECIFICATIONS

A.   The Product shall contain a minimum of [+++++] TiO\\2\\ by weight
     determined as set forth in Article XI of this Agreement.

                                       8
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

B.   The Product shall meet the following specifications:

     1. Maximum [+++++] content of [+++++] by weight;

     2. Maximum [+++++] content of [+++++] by weight;

     3. Maximum [+++++] content of [+++++] by weight;

     4. Maximum [+++++] content of [+++++] by weight;

     5. Maximum [+++++] of [+++++] and typically of [+++++] by weight.

C.   The specifications set out in Article IX.A and B above shall be referred to
     in this Agreement as the "Specifications."

                                   ARTICLE X.
                                    WARRANTY

A.   RBIT warrants that Product sold and delivered hereunder shall conform to
     the Specifications set forth in Article IX hereof.

B.   In the event that any shipment of Product sold and delivered hereunder does
     not conform to the Specifications and in the event the parties are unable
     to agree on an equitable price adjustment, RBIT shall, at its cost and
     expense, remove or otherwise dispose of such non-conforming Product and
     replace it as soon as practicable but in any event within ninety (90) days
     of notification, with an equivalent quantity of Product which meets the
     Specifications.  The obligation to remove or dispose of and replace non-
     conforming Product shall

                                       9
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

     not be applicable in the event Buyer fails to give notice of such
     non-conforming Product as provided for in Article XI.C.

     The warranty and remedy expressed in this Article X is the sole and
     exclusive warranty made by RBIT with respect to the product to be delivered
     under this Agreement.  RBIT makes no other warranty, express, implied
     (including any warranty of merchantability or fitness for a particular
     purpose), statutory or otherwise.

C.   RBIT shall not be responsible for any damages whatsoever, whether direct,
     indirect, consequential or incidental, relating directly or indirectly to
     the use, sale and/or resale of any product.  RBIT's sole obligation in the
     event of sale and delivery of non-conforming product shall be that set
     forth in this Article X.  Buyer agrees to indemnify and hold RBIT harmless
     from and against any claims, losses, damages, costs, expenses or liability
     of whatsoever nature from third parties arising out of or in connection
     with such use, sale and/or resale of any product.

                                  ARTICLE XI.
                   INSPECTION, WEIGHING, SAMPLING AND ANALYSIS

A.   Inspection and Weighing
     -----------------------

     1. RBIT shall determine the weight of Product by weighing the railroad car,
        before and after loading, on RBIT's government approved,

                                       10
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

        inspected and certified track scale. The weight so determined shall
        then be adjusted for moisture content and the resulting dry weight will
        be the final weight on which payment shall be made. The cost of
        weighing shall be for RBIT's account.

     2. Buyer shall be entitled, at its own expense, to verify the accuracy of
        the weighing equipment referred to in paragraph XI.A.1. In the event
        such verification reveals a weight discrepancy of more than one percent
        (1%), the parties shall negotiate a mutually acceptable price
        adjustment, failing which, the matter shall be referred to arbitration.

B.   Sampling
     --------

     1. Sampling - Each shipment of Product loaded onto railcars at RBIT's Plant
        at Richards Bay shall be sampled by Bureau Veritas or such other
        independent testing laboratory as may be agreed between Buyer and RBIT.
        Such independent laboratory shall take and distribute representative
        samples consisting of a monthly composite of individ ual shipment
        samples (herein called "Official Sample(s)") in accor dance with the
        "SATP Slag Sampling and Sample Preparation Proce dure," as set forth in
        Exhibit "A" Procedure "SAM 080," attached hereto and made a part hereof.

                                       11
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

     2. Lab Fees - The fees for services of such independent testing laboratory
        shall be borne equally by RBIT and Buyer. Buyer shall pay RBIT for
        Buyer's one-half of such fees within seven (7) days after receipt of an
        invoice therefor.

C.   Analysis
     --------

     1. Methods of Analysis - All analyses shall be made by the methods outlined
        in Exhibit "B" Procedure "SAM 004," Exhibit "C" Procedure "SAM 006,"
        Exhibit "D" Procedure "SAM 008," Exhibit "E" Proce dure "SAM 001,"
        Exhibit "G" Procedure "SAM 051," which are attached hereto and made a
        part hereof.

     2. Analysis by RBIT - RBIT shall analyse the Official Samples and the
        results of such analysis shall be provided to Buyer not later than
        twenty-one (21) days following the end of the month in which the
        shipments were made.

     3. Analysis by Buyer - Buyer may, but shall not be obligated to, analyse
        the Official Samples. Unless Buyer notifies RBIT, within sixty (60) days
        of receipt of an Official Sample, that Buyer's analysis indicates that
        Product fails to meet the Specifications or that the TiO\\2\\ content is
        more than [+++++] different from RBIT's analysis, the results of RBIT's
        analysis shall be final and conclusive.

                                       12
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

     4. Umpire Procedure - Should Buyer's analysis of the Official Samples
        indicate that Product does not meet the Specifications or that the
        TiO\\2\\ content of Products is more than [+++++] different from RBIT's
        analysis, Buyer may so advise RBIT, who will then request the
        independent testing laboratory referred to above to forward for analy
        sis its retained Official. Sample to such umpire analyst (being an
        independent testing laboratory) as shall be agreed to from time to time
        by the parties. The parties hereby agree that Inspectorate Griffith
        Limited, 2 Perry Road, Witham, Essex, CN8 3TU, U.K., shall be the
        initial umpire analyst.

     5. Settlement - The umpire's analysis as to TiO\\2\\content and that of
        Buyer or RBIT, whichever is in closer agreement to the umpire's
        analysis, shall be averaged to establish the revised analysis for the
        shipment. If the umpire's analysis is exactly halfway between Buyer's
        and RBIT's analyses, such umpire's analysis shall then be used to
        establish the revised analysis for the shipment. If such revised
        analysis results in a price adjustment in accordance with the procedures
        described in this Agreement, RBIT shall issue a credit or debit invoice
        as the case may be. If an umpire's analysis is required on any
        Specifications other than TiO\\2\\, the umpire's analysis

                                       13
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

        and that of Buyer or RBIT, whichever is in closer agreement to the
        umpire's analysis, shall be averaged as the basis for final settlement;
        provided, however, that if the umpire's analysis is exactly halfway
        between Buyer's and RBIT's analyses, the umpire's analysis shall be the
        basis for final settlement. If such analysis determines that Product
        does not meet each of such Specifications, the parties shall proceed as
        described in Article X of this Agreement. The cost of an umpire's
        analysis shall be paid by the party whose analysis varies most from
        umpire's analysis unless such variations are equal, whereupon, the cost
        shall be borne equally by the parties.

D.   Revisions of Sampling and Analytical Procedures
     -----------------------------------------------

     The procedures set forth in the Exhibits referred to in this Article XI are
     believed to be the most satisfactory ones now available.  In the event
     better procedures become available, each of said Exhibits may be revised
     with the written approval of Buyer and RBIT.

                                 ARTICLE XII.
                                 ARBITRATION

Any dispute between RBIT and Buyer arising out of or in any way connected with
this Agreement, its negotiation, performance, breach, existence or validity
shall, unless settled by mutual agreement, be referred first, for conciliation
and, failing

                                       14
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

settlement thereunder, for final and binding arbitration, in London, England,
under the Rules of Conciliation and Arbitration of the International Chamber of
Commerce. The arbitration shall be presided over by three (3) arbitrators of
which RBIT shall appoint one and Buyer shall appoint another, and the two
appointed arbitrators shall appoint the Chairman of the arbitral tribunal within
sixty (60) days following their appointment by the parties hereto, failing which
the Chairman shall be appointed by the International Court of Arbitration of the
International Chamber of Commerce. The language of the arbitration shall be
English.

                                 ARTICLE XIII.
                               TAXES AND DUTIES

All taxes or duties now or hereafter imposed in connection with this Agreement
shall be for the sole account of Buyer.

                                 ARTICLE XIV.
                                    PATENTS
A.   RBIT agrees to protect and hold Buyer harmless against any and all claims
     that Product in the state or form as sold under this Agreement infringes or
     allegedly infringes any product claims of any South African patent owned by
     third parties.  RBIT will, at its own cost and expense, defend any and all
     suits which may be brought against Buyer on account of alleged infringement
     of such South African patent or patents, and RBIT shall pay any and all
     fees,

                                       15
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

     costs and damages awarded in said suits; provided, however, that the total
     liability for damages under this Article XIV shall in no event exceed the
     aggregate sales price of Product sold to buyer during the previous year in
     which such alleged infringement commenced.

B.   RBIT's obligations pursuant to this Article XIV shall be conditional upon
     Buyer giving prompt notice to RBIT of any claims by third parties of any
     such alleged infringement and of all information available to Buyer in
     respect of such alleged infringement or claim.

                                  ARTICLE XV.
                                 FORCE MAJEURE

In the event of any contingency which is beyond the reasonable control of RBIT
or Buyer, including, but not limited to (i) any strike, lockout, industrial
dispute, difference with workmen, accident, fire, explosion, earthquake, flood,
mobilization, war (whether declared or undeclared), act of any belligerent in
any such war, civil commotion, riot, rebellion, revolution or blockade, (ii) any
requirement, regulation, restriction, or other act of any Government, whether
legal or otherwise, (iii) any inability to secure or delay in securing export
licenses or import licenses, cargo space or other transportation facilities
necessary for the shipment or receipt of Product or fuel or other supplies or
material including ilmenite ore, water or electric power necessary for the
operation of the mines and plants where Product is produced or

                                       16
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

consumed, (iv) any delay in or interruption to transportation by rail, water or
otherwise, (v) any damage to or destruction of such mines or plants or any break
down of plants or machinery of RBIT or Buyer, or (vi) any other contingency,
excluding market conditions of any kind, which is beyond the reasonable control
of RBIT or Buyer, whether or not of the nature or character hereinbefore
specifically enumerated, which event delays or interferes with the performance
of this Agreement or the consumption of Product (an event of "Force Majeure"),
then such event shall be considered sufficient justification for delay in making
shipment or delivery or taking delivery or performance hereunder (other than the
payment of money), in whole or in part, until such event ceases to exist, and
this Agreement shall be deemed suspended for so long as such event delays or
interferes with the performance hereof, provided that prompt notice of any such
event be given by the party affected to the other party. Any delay or
interference which affects RBIT's supply of Product to customers shall entitle
RBIT to allocate equitably any available Product among customers in its
discretion.

     Anything to the contrary herein notwithstanding, if such event of Force
Majeure occurs, the obligation of RBIT to sell and deliver and of Buyer to buy
and to take the Contracted Quantity of Product with respect to any year shall
terminate (unless otherwise agreed between the parties) at the end of the year
as to quantities of Product which have not been loaded aboard Buyer's railcar at
Richards Bay by the

                                       17
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

end of the year due to such event of Force Majeure. Nothing contained in this
Article shall require Buyer to pay for, or RBIT to make up or compensate for,
any Product not delivered due to the application of this Article XV.

                                  ARTICLE XVI.
                          DEFAULT & LIMITS OF LIABILITY

For purposes of this Article XVI, a "default" shall mean any failure by either
party to make any payment or to perform any obligation under or pursuant to this
Agreement for any reason other than an event of Force Majeure as defined in
Article XV. No default shall be deemed to have occurred unless the party in
default shall have first been given notice of such default and shall have failed
to cure such default within thirty (30) days in the event of a failure to pay
and in all other events of default, within ninety (90) days after receipt of
such written notice. In the event of a default arising from a breach of Buyer's
duty to pay for Product delivered for the total amount of the Contracted
Quantity in any particular year, RBIT shall have the right to seek damages for
all loss or damage actually sustained as a direct result of the default. In
addition, RBIT shall have the right (subject to Buyer's right to cure its
default pursuant to this Article) to terminate this Agreement forthwith by
providing notice to such effect to Buyer. Notwithstanding anything contained
herein to the contrary, in no event shall Buyer be liable for consequential,

                                       18
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

indirect or special damages as a result of a default for failure to pay under
this Agreement.

     In the event of any default by RBIT arising form a failure to deliver
Product pursuant to this Agreement, RBIT (subject to RBIT's rights to cure its
default pursuant to this Article) shall compensate Buyer for all loss or damage
actually sustained as a direct result of the failure to deliver but excluding
indirect, consequen  tial, punitive or contingent damages of the default Buyer
may suffer therewith including, but not limited to, loss of revenue or profits
as a result of Buyer's inability to operate, or shut down of its operations,
loss of use of equipment, or cost of substitute equipment, claims of third
parties, and the like.  Buyer shall not, however, be entitled to terminate its
obligations to purchase Product under this Agreement.

                                 ARTICLE XVII.
                               WAIVER OF DEFAULT

Any failure by either party to give notice in writing to the other party of any
breach or default in any of the terms or conditions of this Agreement shall not
constitute a waiver therefor, nor shall any delay by either party in enforcing
any of its rights

                                       19
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

hereunder be deemed a waiver of such rights nor shall a waiver by either party
of any defaults of the other party be deemed a waiver of any other or subsequent
defaults.

                                ARTICLE XVIII.
                                    NOTICE

Any notice to be given to any party under the terms of this Agreement shall be
deemed to have been delivered by courier service or transmitted by telefax and
subsequently confirmed by prepaid registered mail to the respective addresses or
telefax numbers given below:

     TO RBIT:       Attention:        General Manager, Marketing
                    ---------

                    Richards Bay Iron and Titanium (Proprietary) Limited
                    P.O. Box 401
                    Richards Bay
                    South Africa 3900
                    Telefax:  (27) 351 9013160

     WITH COPY TO:  Attention:  Director, Sales & Marketing,
                    ----------  Titania Slag and Rutile

                    Rio Tinto - Iron & Titanium Inc.
                    770 Sherbrooke West
                    Suite 1800
                    Montreal, Quebec
                    Canada, H3A 1G1
                    Telefax:  1 (514) 286-9336

     TO BUYER:      Attention:  Group Minerals Manager
                    ---------

                    Tioxide S.A. (Pty) Limited
                    Private Bag X 504
                    Umbogintwini, South Africa 4120
                    Telefax:  27 3194 2416

                                       20
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

or to such other address or telefax number as either party shall so designate by
providing notice of such other address telefax or telex number in accordance
with the provisions of this Article.  All notice shall be deemed to have been
received on the day of delivery, if delivered by courier service or on the day
of transmission, if sent by telefax, during normal business hours (9:00 a.m to
4:00 p.m.) of the recipient, failing which, such notice shall be deemed to have
been received on the next busi  ness day.

                                 ARTICLE XIX.
                                  ASSIGNMENT

A.   No party may assign its rights or obligations under this Agreement without
     the prior written consent of the other party.  The preceding sentence shall
     not apply to assignments made to parents, subsidiaries, or related
     corporations, partnerships or other entities of the parties hereto,
     providing that the party executing this Agreement shall remain primarily
     responsible for performance of its obligations hereunder unless such is
     waived in writing by the other party.  In the event of a non-agreed
     assignment, the party not so assigning shall have the right to terminate
     this Agreement by giving thirty (30) days written notice of its intent to
     terminate.

B.   In the event of a sale by Buyer or Buyer's plant to a third party, Buyer
     agrees to obtain as an integral part of such sale the assumption by the
     purchaser of

                                       21
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

     the obligation to purchase Product from RBIT upon the same terms and
     conditions as in this Agreement.

                                  ARTICLE XX.
                    ENTIRE AGREEMENT; AMENDMENT, MODIFICATION

This Agreement states the entire understanding between the parties hereto with
respect to the subject matter hereof, and there are no agreements or
understandings, oral or written, express or implied with reference to the
subject matter hereof that are not merged herein or superseded hereby.  This
Agreement may not be changed, modified or supplemented in any manner orally or
otherwise except by an instrument in writing signed by a duly authorized
representative of each of the parties hereto. The parties recognize that, for
administrative purposes, documents such as purchase orders, acknowledgments,
invoices and similar documents may be used during the time this Agreement is in
force.  In no event shall any term or condition contained in any such
administrative document be interpreted as amending or modifying the terms of
this Agreement whether such administrative documents are signed or not.

                                 ARTICLE XXI.
                                 GOVERNING LAW

This Agreement shall, in all respects, be governed by and construed in
accordance with the laws of South Africa, to the exclusion of the United Nations
Convention on the International Sale of Goods.

                                       22
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

                                  ARTICLE XXII.
                                 CONFIDENTIALITY

This Agreement and information obtained by one party from the other by virtue of
this Agreement, shall remain confidential and shall not be disclosed to any
third party without the prior written consent of the other party, unless such
information is publicly available, or previously known to the recipient or is
required to be disclosed by law.

                                       23
<PAGE>

                                                CONFIDENTIAL TREATMENT REQUESTED

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their duly authorized respective representatives, as of the day and year
first above written.

RICHARDS BAY IRON AND TITANIUM                    TIOXIDE S.A. (PTY) LIMITED
(PROPRIETARY) LIMITED

By:     /s/B.J. Grierson                         By:      /s/ D.M. Callon
        ----------------                                  ---------------
Name:   B.J. Grierson                            Name:    D.M. Callon

Title:  Chairman                                 Title:   Managing Director

                                       24

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