Kyrgyzstan could earn $88 billion thanks to Kyzyl-Ompol titanomagnetite deposit. Sputnik Kyrgyzstan reports, citing the Chairman of the Cabinet of Ministers Akylbek Japarov.
According to the official, the discovered reserves allow to count on significant income from titanium production. At the first stage, it is planned to export raw materials to China.
As Akylbek Japarov noted, representatives of an Urumqi plant have already expressed their readiness to purchase concentrate. In the future, the country plans to switch to the production of sponge titanium, the cost of which on the market reaches $8,000 per ton.
«Currently, about 5,000 trucks that bring goods from China leave empty. They agree to deliver concentrate for $500. God willing, next year we will be able to extract titanium, and before that we will send raw materials. Titanium reserves in Tash-Bulak area alone are estimated at 13 million tons. Taking into account losses during mining and metallurgical extraction, the republic will be able to get about 11 million tons of metal, which at current prices can bring about $88 billion,» the head of the Cabinet concluded.
At the end of July 2024, the Cabinet of Ministers granted Kyrgyzaltyn OJSC the rights to use subsoil in Kyzyl-Ompol area. In particular, the company received permission to mine titanomagnetite, zirconium, phosphorus, thorium and uranium in Tash-Bulak area.
