Chinese steelmaker Chongqing Iron and Steel Co. (Chongqing Steel) has announced that it will go ahead with its comprehensive program for the exploitation and utilization of vanadium and titanium resources, which is expected to cost a total investment of RMB 1.65 billion ($0.26 billion). Within the scope of the first phase of the project, work will start at the end of the current year on construction of direct reduced iron (DRI) production facilities with an annual output capacity of 500,000 mt.
The DRI production facilities will have an increased utilization rate of precious metals including vanadium and titanium, and at the same time will reduce waste emissions.
The project in question is to be constructed in Taihe mining area, located near the town of Taihe in the county of Shehong in Sichuan Province. The vanadium, titanium and magnetite ore reserves of the Taihe mining area, which belong to Chongqing Steel, are estimated at over 3 billion mt.