Varun Ind discovers 10 blocks of rare earth deposit

MUMBAI: Varun Industries Ltd on Tuesay said it has discovered 10 blocks of world class ilmenite and rare earth deposit in Madagascar having reserves of about 266.8 million tonnes.

Varun Industries, listed on NSE and BSE has evolved from being India's leading steelware exporter to a highly proactive multi-dimensional global conglomerate with business interests that include steelware, agri products, oil and natural gas, wind energy, uranium, gold mining and gems and jewellery.

Varun Industries through its overseas arm has discovered ten Heavy Mineral Sand (HMS) mining blocks covering an area of 62.5 sq. km. in Ankilimitraha, Belay and Analapatsy areas of Anosy region in Republic of Madagascar, a company statement said here.

The Total Heavy Mineral (THM) resources in these permit areas is about 266.8 million tonnes which contains 221 million tonnes of ilmenite, 1.84 million tonnes of rutile, 1.84 million tonnes of leucoxene, 9.2 million tonnes of monazite, 18.4 million tonnes zircon, 9.2 million tonnes of garnet, 2.76 million tonnes sillimanite and 9.2 million tonnes of spinel, it said.