Sri Lanka’s State-owned Lanka Mineral Sands Limited is to sell 25, 000 metric tonnes of ilmenite to the United Arab Emirates-based Rescom Mineral Trading FZE.
Government spokesman, Gayantha Karunathileka, who is also the Land and Parliamentary Reforms Minister, said the ilmenite stock would be sold at US$145.25 per tonne.
The Cabinet of Ministers last week approved the sale on a proposal made by Industries Minister Rishad Bathiudeen, under whom Lanka Mineral Sands Limited comes.
Rescom, or Resources and Commodities International, headquartered in Dubai, is one of the region’s leading marketers and producers of various industrial minerals.
Ilmenite, also known as Manaccanite, is a titanium-iron oxide mineral with the idealized formula FeTiO.
From a commercial perspective, ilmenite is the most important ore of titanium.
Ilmenite is the main source of titanium dioxide, which is used in paints, fabrics, plastics, paper, sunscreen, food and cosmetics.