VSMPO-Avisma picks up titanium assets

The company announced the takeover of Titan Mining Company holding a license to tap an ilmenite deposit with reserves totaling some 1.3 mln tn.

The Tambov regional administration closed a transaction to sell Titan Mining Company, which holds a license to develop a section of the Tsentralnoe field which contains an ilmenite deposit with reserves of 1.6 bln t of mine sand, 27 mln tn of ilmenite, 4.9 mln t of zirconium and 20 mln tn of titanium oxide. The license to tap the other 93.5% of the field is held by Norilsk Nickel.

For the record, in autumn 2007, VSMPO-Avisma was assigned a 20% stake in the JV Kamskaya Mining Company, which is expected to meet the corporation’s needs for carnallite – the most important component used in titanium sponge production.