Australian based minerals sands producer Iluka Resources Limited (ASX:ILU) has inked an agreement with Brazil based global diversified mining company Vale SA.
Under the deal both companies will team up for the staged evaluation and potential development of a major titanium deposit located at Tapira in Minas Gerais State in Brazil.
Iluka says it now hopes to undertake research programs, a market assessment and pilot design for a plant with view to the development of a long life, large scale titanium feedstock operation.
Managing Director David Robb says this opportunity will allow Iluka to participate in the potential commercialisation of one of the largest known underdeveloped titanium mineral deposits.
Mr Robb says the news shows Iluka’s focus on alliancing and joint venture activities to indentify and potentially develop new mineral resources needed over the long term by the industry.
Iluka Resources’ net profit dropped to $18.5 million over the 2013 calendar year.
