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| Trimex Inds to invest Rs 2,250 cr in ilmenite mining |
| BS Reporter / Kolkata Nov 05, 2008, 00:20 IST |
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Trimex Industries, part of the metals and minerals conglomerate Trimex group, today announced that it will commence ilmenite mining operations in the next two months at Srikurmam in Andhra Pradesh, where it plans to invest Rs 2,250 crore.
The area has proven reserves of 5.5 million tonnes of ilmenite and about 50 per cent of the land specified for mining is government-owned. Trimex will be executing mining operations and related projects through its wholly-owned subsidiary, Trimex Sands.
Its current capital expenditure at Rs 250 crore is expected to rise to Rs 2,250 crore in five years. Trimex will get the mining lease for 30 years from the date of the lease award which is renewable for another 30 years.
Ilmenite is used to produce titanium dioxide, a key ingredient in creating white pigments in high quality paints, paper and plastics. Ilmenite is also used as an intermediate feedstock for manufacturing titanium metals.
Pradeep Koneru, executive director, Trimex, said, “Through this secure supply of ilmenite, the company will be one of the lowest-cost titanium dioxide manufacturers globally by adding value and integrating our operations throughout the supply chain. To this end, we are working to ensure that prices remain competitive to benefit end-users.”
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