India, Kazakhstan to set up a JV in critical minerals sector

India and Kazakhstan, rich with rare earth and critical minerals, have signed an agreement to establish a joint venture company, IREUK Titanium Limited, for the production of Titanium Slag in India. This will be India’s first such JV in Central Asia.

Indian Rare Earths Limited, (IREL) and Kazakhstan’s Ust-Kamenogorsk Titanium and Magnesium Plant have signed an agreement to establish an Indo-Kazakh joint venture company, IREUK Titanium Limited.

The JVC will help in developing the titanium value chain within India as it will beneficiate low grade Ilmenite into high grade titanium feedstock and also result in employment generation opportunity in the state of Odisha.

IRE, a public sector undertaking under the Department of Atomic Energy (DAE), generates surplus Ilmenite at Odisha. UKTMP is one of the world's largest vertically integrated titanium producers, from raw material extraction to high value-added products that includes titanium sponge and ingots.

The agreement was signed by Deependra Singh, chairman and managing director, IREL (India) Limited and Assem Mamutova, president UKTMP.

Kazakhstan besides oil and uranium possesses big reserves of critical minerals.

According to the United States Geological Survey, Kazakhstan is the world's leading producer of uranium (with 40% of global production), the second largest producer of chromite (13%) and the fifth largest producer of cadmium (5.9%). It is also reported to have abundant rhenium, zinc and manganese mines.