Sichuan Vanadium Titanium Industry Investment and Development Co., Ltd. has won the auction for a 30-year mining claim of Hongge vanadium-titanium magnetite mine in Yanbian, Sichuan for RMB6.1 billion (USD848 million), according to a notice issued by the Sichuan Public Resources Trading Platform.

Hongge V-Ti magnetite mine is located in Xinjiu, Yanbian, with mineral reserves including approximately 3.256 billion tonnes of iron ore, 285 million tonnes of titanium dioxide, 5.99 million tonnes of vanadium pentoxide and 488,400 tonnes of cobalt.