Financial Daily from THE HINDU group of publications
Friday, Jun 24, 2005
Financial Daily from THE HINDU group of publications Friday, Jun 24, 2005 |
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New Projects Industry & Economy - Mining & Quarrying APMDC signs MoUs with Russian cos for titanium plant Our Bureau
Hyderabad , June 23 THE Andhra Pradesh Mineral Development Corporation (APMDC) will soon sign a memorandum of understanding (MoU) with two of the Russian titanium majors - AVISMA and VSMPO - for setting up titanium slag and sponge plant in the Kalingapatnam-Bhavanapadu sector of Srikakulam district. Announcing this at a press conference here on Thursday, the State Minister for Mines & Geology, Ms P. Sabita Reddy, said the equity holding pattern between the APIDC and the Russian consortium would be finalised at the time of signing of MoU. The APIDC-Russian consortium joint venture would be given mining lease of 2,500 hectares of coastline. The Minister said the Russian consortium, which accounts for 30 per cent of global titanium production, has evinced interest in setting up of titanium slag and sponge plant initially with a capacity of 2.5 lakh tonnes in the first phase, involving an investment of Rs 500 crore. Over the next four years, the capacity would be doubled, taking the total investments to over Rs 4,500 crore, she said. According to the Minister, the State was successful in luring the Russian consortium competing with neighbouring States such as Kerala, Tamil Nadu and Orissa, where mineral separation plants were already set up. Of 375-million tonnes of total national reserves of ilemenite in the country, AP alone has reserves of around 116-million tonnes. The quality of minerals in AP was also attractive in making ferro titanium alloys and pigments, she said.
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