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).