Interfax reported that VSMPO Avisma plans to increase investment in development, modernization and diversification 25% this year to USD 150 million from USD 120 million.

The Russian titanium producer said that the investment will allow the company to progress with its plans to be producing 44,000 tonnes of titanium sponge and 45,000 tonnes to 46,000 tonnes of semis and finished products by 2014 to 2015.

The company said at the end of June that it had almost finished building the premises for a new plant capable of producing 10,000 tonnes of titanium sponge per year at a cost of RUB 1 billion. It aims to commission 500 megavolt ampere substation at a cost of RUB 2 billion by the end of 2010.

VSMPO Avisma projects titanium product output will increase 15.8% to 22,000 tonnes in 2010 from 19,000 tonnes in 2009. The company turned out 10,000 tonnes of titanium product in the H1 of the year 10% to 15% more than planned

(Sourced from Interfax)