Financial Daily from THE HINDU group of publications
Tuesday, May 09, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 09, 2006 |
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Corporate
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New Projects Indian Rare Earths to expand capacity Our Bureau
Bhubaneswar , May 8 Indian Rare Earths Ltd (IREL) is all set to become a dominant player in the mineral sand industry both in the national and international market, according to Mr S. Sivasubramanian, Chairman and Managing Director of IREL. IREL, the industry leader in titanium minerals, has launched projects to expand capacity of mineral production from the existing level of 4.5 lakh tonnes of ilmenite and other associated minerals to 6.5 lakh tonnes shortly and further to one million tonnes in a couple of years, Mr Sivasubramanian said while speaking at a function at the company's Orissa Sands Complex (OSCOM) in Ganjam district recently. An investment of Rs 50 crore is in the pipeline at OSCOM, he added.
Challenges ahead
On the challenges that the company is facing from private companies following opening up of the mineral sand industry to private sector, Mr Sivasubramanian said the challenges could grow in the coming years since some of these minerals have been taken out of prescribed substances under the Atomic Energy Act.
Atomic energy
Mr Sivasubramanian said simultaneously IREL is focusing on the strategic activities connected with the atomic energy programmes. A monazite processing plant at an investment of Rs 90 crore to produce rare earth chemicals and recover thorium and uranium values is under consideration for which the project activities are under way, he said. Observing that Orissa holds great potential in the beach sand industry, Mr Sivasubramanian said the region is likely to witness large investment in the next couple of years as IREL and other private companies are planning to set up new projects.
More Stories on : New Projects | Minerals
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