The park will accommodate large titanium processing projects waiting to kick into gear in the province. Binh Thuan Provincial Industrial Zones Management Authority deputy head Giang Cong Tuyen said the 250 hectare Song Binh Industrial Park (IP), to be situated in Bac Binh district, was set to process titanium zircon for export and serving domestic industries.

"Hoang Quan, a domestic large real estate company, would be selected among many other applicants to develop the IP,” Tuyen said, adding the company had invested VND290 billion ($13.9 million) in building the 146.2ha Ham Kiem 1 IP in the province.

Besides, Thang Hai industrial cluster in Ham Tan district will be expanded from 40ha to 100 hectares to serve businesses exploiting and sorting titanium zircon which then supply titanium materials to the proposed Song Binh IP. Thang Hai is currently being developed by Bidico.

According to the Ministry of Natural Resources and Environment, Binh Thuan has titanium reserves of 599 million tonnes, accounting for 92 per cent of Vietnam’s total titanium reserves, while Bac Binh district, covering 150 kilometres, has titanium reserves of 142 million tonnes.

According to the provincial Department of Industry and Trade (DIT), 17 titanium processing projects are waiting to be operated at Song Binh IP, including large projects such as the $350 million project by Russia’s Geopromining Group, the $650 million project by Binh Minh Ex-Import, the $620 million project by Hanoi Technology or the $130 million project by Him Lam Minerals.

"From now to 2015, Binh Thuan will develop infrastructure at Song Binh and Thang Hai, and call for investment in constructing titanium processing factories. From 2015 onwards, titanium processing operations will take place,” said the DIT’s director Tran Van Nhut.

Previously, the southern coastal area of the province was home to 18 titanium exploiting projects but they were scattered and caused bad effects on the environment. Therefore, local authorities decided to move these projects to Thang Hai industrial cluster. For more than one year, the province has halted licencing new titanium exploiting projects until an overall titanium exploiting and processing plan was approved.

Vietnam Titanium Association vice chairman Nguyen Thuong Dat said Vietnam’s titanium reserves accounted for some 5 per cent of the world’s total titanium reserves, just behind Canada, the US, Norway, India and Australia.

Russia-backed VSMPO-AVISMA Corporation, the world’s leading titanium manufacturer, recently signed a memorandum of understanding with Vietnam’s mining group Vinacomin for establishing a joint venture exploiting and processing titanium in Binh Thuan.