India and Kazakhstan are all set to start a joint venture (JV) called IREUK Titanium Limited. This new partnership aims to manufacture titanium slag in India which marks India’s first JV in Central Asia focused on rare earth and critical minerals. Both countries have prominent reserves of these minerals due to which this collaboration is beneficial for developing India’s titanium industry.
Joint Venture Partners
Indian Rare Earths Limited (IREL), a public sector company under India’s Department of Atomic Energy, has partnered with Kazakhstan’s Ust-Kamenogorsk Titanium and Magnesium Plant (UKTMP) to establish this venture. IREL is known for its production of Ilmenite, a mineral rich in titanium, especially in the state of Odisha. UKTMP, on the other hand, is one of the world’s top titanium producers, handling all stages from raw material extraction to high-value titanium products like titanium sponge and ingots.
Benefits of the JV for India
IREUK Titanium Limited is all set to be established in Odisha and will work on upgrading low-grade Ilmenite into high-quality titanium feedstock, which is important for industries like aerospace, electronics, and defense. This new JV will also create new job opportunities and support the local economy,thus, making it significant for India’s titanium industry.
Kazakhstan’s Mineral Wealth
According to the United State Geological Survey,Kazakhstan is the largest producer of uranium in the whole world by contributing 40% of global production. Due to its vast reserves of critical minerals, oil and uranium producers, Kazakhstan is a valuable partner for India. The country has reserves of other rare minerals like rhenium, zinc, and manganese, and all these minerals are essential for several industries.
Agreement Signing
The agreement to establish IREUK Titanium Limited was signed by Deependra Singh, the chairman and managing director of IREL, and Assem Mamutova, the president of UKTMP. This partnership is expected to strengthen the relationship between India and Kazakhstan in the critical minerals sector, promoting sustainable development and strategic resource collaboration between the two countries.
