Russia-based steelmaking and mining giant Evraz has announced that Evraz Highveld Steel and Vanadium, Evraz's South African subsidiary, and Arkein International have signed an agreement to establish a joint venture, Nyanza Light Metals (PTY) Limited. The joint venture has been set up to perform feasibility studies around the possible extraction of titanium from the waste steel slag produced by Evraz Highveld and its beneficiation to produce titanium dioxide pigment. Evraz Highveld will initially own a 20 percent share in the joint venture.
At present, the project is at an early stage and does not require significant capital investment. Evraz Highveld's future level of participation and actual share in the project will depend on the results of feasibility studies and on decisions by Evraz Highveld's future owner.
The entry into the joint venture project will not affect the ongoing negotiations for the sale of Evraz Highveld, which is expected to be completed by the end of the third quarter of 2013.