Varun Energy Corporation, a Madagascar unit of Mumbai-based Varun Industries, has signed an agreement with the Department of Atomic Energy to sell all its heavy minerals concentrate that that it will mine from its Madagascar blocks.
AP Dhurandhar, VP of the company, in an interview with CNBC-TV18’s Udayan Mukherjee and Mitali Mukherjee, said that they discovered 10 blocks of heavy mineral sand deposit in Southern Madagascar. He said, "Each of the block measures around 2.5 kilometres by 2.5 kilometres with a total area of 62.5 square kilometres."