Mining for Rare Earths in Madagascar
Varun Energy Corporation, a group subsidiary has discovered 10 blocks of world class Ilmenite and rare earth deposits in Madagascar. These concessions cover an area of 62.5 sq. kms. The mining concession has reserves of 266.8 million tons of rare earths including Ilemenite, Spinel, Sillimanite, Garnet, Monazite, Zircon, Rutile and Leucoxene. These products are in short supply around the world and we have recently signed an agreement for sale of these rare earths with a Public Sector Undertaking under the Department of Atomic Energy, Government of India. The company plans to set up a processing plant in the coming 8-10 months with an investment of about Rs. 300 crores to produce approximately 5 lac metric tones per annum of heavy minerals concentrate. Rare earths are an essential component in the manufacture of Energy Applications, Hydride batteries, Compact Fluorescent Lamps, Defense applications, Medical Diagnostics etc.