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3,000 tonnes of illegally-exported of titanium to be auctioned
  • By Bich Diep | dtinews.vn | August 17, 2012 08:09 PM

The People’s Committee of Quang Nam Province has approved the starting price for auction of more than 3,061 tonnes of titanium confiscated by Maritime Police Zone 2 on August 14.

The information was confirmed by the Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin). The starting price is VND1.6 million (USD76.1) per tonne and the collected money will go to the state budget. Auction participants must be companies which operate in titanium exploitation and processing.

Maritime Police Zone 2 did not disclose the origins of titanium haul, but said that it had imposed an administrative fine on the violator on August 5.

Vietnam’s titanium ore reserves were estimated at 658 million by the end of January this year.

In the first half of this year, titanium mining and processing revenues hit VND2.07 trillion (USD95.2 million).


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