The Conversation (0)
Mining Weekly reported that Industrial Development Corporation of Orissa Ltd. (Idcol) and Indian Rare Earths Ltd. (IREL) plan to establish a joint venture (JV) for the extraction of rare earth minerals from beach sand along the Orissa coastline.
Mining Weekly reported that Industrial Development Corporation of Orissa Ltd. (Idcol) and Indian Rare Earths Ltd. (IREL) plan to establish a joint venture (JV) for the extraction of rare earth minerals from beach sand along the Orissa coastline.
As quoted in the market news:
According to the JV agreement, $72-million would be invested to establish a new rare earth mineral extraction plant in Orissa close to IREL’s existing plant, with Idcol and IREL holding a respective 49% and 51% equity stake in the JV.
Idcol Chairperson Vishal Dev stated:
The JV would be set up for the project since Idcol held the prospecting licence for three beach sand mines across 1 257 ha along the Orissa coast and IREL was the country’s leading and sole expert in separating rare-earth minerals from sands.