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Aricom's Chinese JV clears hurdle

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Mining company Aricom’s joint venture with Chinalco passed a milestone with the Chinese government approving the construction of a titanium sponge plant in Jiamusi City, in the Heilongjiang province.

Ilmenite feedstock for the plant is to be exclusively sourced from Aricom’s Kuranakh mine in the eastern part of Russia, while Chinalco, more formally known as the Aluminium Corporation of China, will take the titanium sponge to be produced by the joint venture.

Aricom has 65% ownership of the venture with Chinalco owning the remainder. Aricom will be contributing RM474.5m (US$69m) to the venture, while Chinalco will chip in with about U$37m.

The plant will have an initial production capacity of 15,000 tonnes per annum (tpa) of titanium sponge. Both companies are studying the possibility to further expand the production capacity to 30,000 tpa.

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