UAE firm gets $ 3.67 b Lankan ilmenite deal

 The Government has decided to award ilmenite tender to Rescom Mineral Trading FZE, based in the United Arab Emirates.

Earlier, State-owned Lanka Mineral Sands Ltd. called tenders to sell 25,000 metric tons of ilmenite, where the technical committee evaluated the rate offered by Rescom Mineral Trading FZE at $ 145.25 a ton to be the best price.

Accordingly, the proposal made by Industry and Commerce Minister Rishad Bathiudeen was approved by the Cabinet of Ministers, Cabinet Co-Spokesman Gayantha Karunathilaka said yesterday. The total value of the tender is set at $ 3.676 billion including royalty fees, he added. 

Rescom is one of the largest mineral and metal conglomerates in the Middle East and Asia Pacific regions. It says its competency in the minerals business is in prospecting, mining, sourcing, processing, trading and delivering minerals and metals to the world›s leading oil-drilling, ceramic, glass, construction, energy and fertiliser industries. Headquartered in Dubai, UAE, the group has an industrial presence in India, Hong Kong, Kuwait, Indonesia, Malaysia and Thailand.