Nigeria's Ondo State Inks $362M Deal for West Africa's First Integrated Titanium Plant

【SMM Titanium Flash】On October 13th, the European Commission granted the strategic project status of the key raw material bill for the processing link of the Verde Magnesium Industries project in Romania. Together with the previously approved mining link, this project has become the only one in Europe to obtain CRMA strategic status across the entire value chain of primary magnesium. Its phased production roadmap shows that the annual production target is set at 360 tons in 2028, increasing to 30,000 tons in 2031, and further expanding to 90,000 tons in 2036. With the establishment of strategic status across the entire chain, the construction of local primary magnesium supply capacity in Europe is expected to accelerate.

[SMM Titanium Flash] Kenmare Resources reported on 15 October that its Moma mine in Mozambique produced 233,600 tonnes of ilmenite in the third quarter, up 12% year on year and 59% from the second quarter. Finished-product shipments totalled 242,900 tonnes. Despite the rebound, Kenmare lowered its 2026 ilmenite production forecast to 710,000–750,000 tonnes from about 800,000 tonnes, citing continuing commissioning difficulties at Wet Concentrator Plant A. Kenmare also expects full-year shipments of about 1.05 million tonnes, below its previous guidance of more than 1.1 million tonnes. Finished-product stocks rose to 284,200 tonnes at the end of September as production outpaced shipments. The company said titanium-feedstock prices remained pressured by surplus supply, particularly in China, and expects its average received ilmenite price to fall in the fourth quarter. Those shipment and price figures are forecasts, not completed results.

Monthly pricing regions saw a decline at the start of the month; after the holiday, sulphuric acid prices were raised in many areas, and expectations are for relative stability this month [SMM Sulphuric Acid Weekly Review]