Trimex signs $850m titanium deal with Indonesia

Indian firm Trimex Sands announced on Tuesday that it has signed memorandum of understanding (MoU) with the Indonesian government to build a US$800-850 million integrated titanium complex in Indonesia.

The Indonesian government, represented by Industry Minister M.S. Hidayat, signed the MoU with Trimex on Tuesday in India.

?This MOU with Trimex Sands is a result of a mutual commitment to develop and implement the utilization of the natural resources in the region and promote industrialization, in order to bring prosperity and well-being to the people,? he said.

The 10-year project is expected to begin in July this year. The project will be divided into three stages. The first stage will take two years to complete with investment value of $150-200 million, the company said in press statement. In the second and third stage, the company will invest $350 million and between $300 million and $350 million respectively.

The project will involve the mining of ilmenite and the processsing of the mineral into downstream products such as titanium dioxide pigment (Ti02) which is widely used as raw materials in paint, ceramic, paper and plastic industries.

The end product will serve domestic demand, but the location of the factory and its production capacity were not stated. (kanti)