Aricom completes titanium sponge jv with Chinalco; to contribute $69 mln

Aricom PLC. said it has signed and received relevant formal approvals for the joint venture contract with Aluminium Corporation of China ('Chinalco') to construct a titanium sponge plant in North East China.

Aricom and Chinalco will establish the plant in Jiamusi City, Heilongjiang province, China, with an initial production capacity of 15,000 tonnes a year of titanium sponge.

Aricom said ilmenite feedstock for the plant is to be sourced exclusively from its Kuranakh mine, and Chinalco will off-take the titanium sponge to be produced

by the joint venture.

The joint venture company will be owned 65 percent by Aricom and 35 percent by Chinalco with the parties contributing $69 million and $37 million respectively.

Aricom said it will fund its contribution from existing funds.

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