In late Dec. 2016, Pangang Group Mining Co., Ltd. (Pangang Group Mining) revealed that its titanium concentration plant produced 481.5 thousand tonnes of ilmenite in 2016, with unit cost down by USD4.85/t (RMB33.68/t) compared with that in 2015. What’s more, the plant achieved an operating profit of USD20.72 million (RMB144 million) in 2016, the figure in 2015 was USD16.55 million (RMB115 million).

An official of the plant states that vanadium and titanium resources are the core for the future development of Pangang Group Co., Ltd. (Pangang Group), so the plant focused on producing ilmenite in 2016. What’s more, it paid attention to increase the recovery rate of ilmenite and optimise production process and reduce costs last year.

Founded in 1994, Pangang Group Mining is mainly engaged in ore selection and technology development, and it was previously a fully-owned subsidiary of Pangang Group Vanadium & Titanium Resources Co., Ltd. (Pangang Vanadium Titanium). As Pangang Vanadium Titanium had continuously suffered heavy losses since 2014, it sold Pangang Group Mining to Pangang Group in Dec. 2016.