In a recent news article on Daily Pioneer, Mr. V. Subramanian explained how India is one of those countries that have no idea how much their natural resources are worth. In explaining this fact he considers the beach mineral ilmenite which is found in abundance along the Indian coast. According to AMDER India has about 348 million tonnes of ilmenite. This amount is equivalent to 24.85% of the global reserves. However, India presently contributes only about 6% of the world’s ilmenite production.
The Government of India and the people fail to understand the value of ilmenite which is used in making of TiO2. Titanium Dioxide is used in various applications in industries such as paints and coatings, plastics, paper, ink, fiber and many others.
VV Mineral is one of the premier companies that deal with ilmenite mining. This private company based in Tamil Nadu and owned by Mr. S. Vaikundarajan, is the first private company in India to export ilmenite to foreign markets.
Challenges like heavy export duties levied by Ministry of Finance deter them to carry out such mining activities. The only hope is that the newly elected BJP government will understand the challenges the industry faces and rectify the processes in order to make profits.