Last Updated 13 years ago by Kenya Engineer
Days after the release of a report by Old Mutual Limited indicating that the country’s economy could hit about 5.4 per cent in 2014 owing largely to the mining sector among other sectors, titanium miner, Base Resources, has announced plans to start exporting the mineral this month.
The titanium miner indicates that sales of the mineral amounting to $4 million will be made in January and February. The $305 million project is seen as integral to Kenya’s plans to derive a bigger share of earnings from its relatively modest mining sector.
“The initial containerized consignment is being exported to Japan. Other destinations include the U.S., Europe, China and the Middle East,” said Joe Schwarz, general manager for external affairs and development at Australian miner Base Resources in a statement.
Mr.Schwarz also pointed that indicative market prices for titanium minerals from the mine were $180 per tonne for ilmenite, $1,200 per tonne for rutile and $1,000 per tonne for zircon.
Kenya’s first large-scale international mining project located in Kwale began production in October after being delayed since 2006 due to cash constraints, environmentalist protests, compensation disputes with local farmers and government red tape.
Some 330,000 tonnes of ilmenite a year, about 10 percent of world supply, will be produced at the mine. The mine will also churn out 80,000 tonnes of rutile per year and 30,000 tonnes of zircon. The minerals are used as pigments in paper, plastics, ceramics and titanium metal.
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