- The price for Mineral sands products can be volatile as it is determined by a global market place that considers the type of mineral, the quality of the mineral and current demand
- Marketing also depends on some other factors like defence policy, stock accumulation, approach planning to mineral or raw material users, the opening up of new mineral sands mining fields and scientific discoveries
- Recent marketing strategies involve direct negotiations between producers and consumers with a view to longer term contracts to stabilise price volatility
- Demand for mineral sands products is increasing due to the expansion of the ceramic industry owing to rapid urbanization and increased use of tiles and granites around the world
- The market for mineral sand was driven by substantial demand from the buildings and construction industry The market is anticipated to witness growth from needs of emerging industries such as new energy.
- The valuable minerals extracted from heavy mineral sands will be used by the Company to supply products to local industries in Bangladesh.
- Current Global Market Price per tonne of these minerals are: (Ref: Consensus Economics Inc. 14th November 2022)
- After fulfillment of the local industrial demand, EML Bangladesh will export to other countries which will create an avenue of Foreign currency earnings for the country as referred to in Rule 83(1A) of the Mines and Minerals Rule 2012
- Many industries in Bangladesh e.g., ceramic, glass, paint, refractory, shipbuilding etc. are importing and using heavy minerals as raw materials to support their industry
- Bangladesh imported US$ 5.02m of Zircon, Rutile, Garnet and Iron in the first 6 months (Jan-Jun) of the year 2019 (Source: Ministry of Planning, 2018-19)