Jinchuan Group Ltd has signed a memorandum of understanding with Toronto-listed Tiomin Resources Inc. to invest RMB 170.88 million into the Canadian company’s Kenyan titanium project. The investment will give Jinchuan a 70% stake in the project. Tiomin hopes to mine an average of 330,000tns of titanium-bearing ilmenite, 77,000tns of rutile and 37,000tns of zircon a year from the Kwale Mineral Sands site. Capital costs of the project at the coastal site are estimated at USD 176 million.
