Kyrgyzstan could earn as much as $88bn from the development of its giant deposit of titanomagnetite, a mineral containing oxides of titanium and iron, Akylbek Japarov, head of  the country’s Cabinet of Ministers, was reported as saying on September 26.

For comparison, the second poorest Central Asian country's GDP is expected by the IMF to amount to around $13.6bn this year.

Work at the Kyzyl-Ompol deposit, located in the northeastern region of Issyk-Kul, was on September 25 declared inaugurated by Japarov.

Referring to a Sputnik Kyrgyzstan article, 24.kg reported Japarov as saying that the country planned to move to the production of titanium sponge, which trades on the market at around $8,000/tonne, and export the valuable commodity to China.

Representatives of a plant in Urumqi, in Xinjiang, northwestern China, had expressed their readiness to purchase titanium concentrate, Japarov was further cited as saying, adding: “Currently, about 5,000 trucks that bring goods [to Kyrgyzstan] from China leave empty. They agree to deliver concentrate for $500. God willing, next year we will be able to extract titanium, and before that we will send raw materials.

“Titanium reserves in the Tash-Bulak [block, part of Kyzyl-Ompol deposit] alone are estimated at 13 million tonnes. Taking into account losses during mining and metallurgical extraction, the republic will be able to get about 11 million tonnes of metal, which at current prices can bring about $88 billion.”

The deposit will be exploited by state company Kyrgyzaltyn. It has permits to mine titanomagnetite, zirconium, phosphorus, thorium and uranium in Tash-Bulak area.

"This is a very significant event for Kyrgyzstan. The Kyzyl-Ompol deposit contains millions of tonnes of titanium magnetite. Titanium is a valuable metal used in various industries, including medicine, aviation and space exploration. The development of this deposit will not only boost our exports but also create new jobs, providing a stimulus for the country's economic development," Japarov said at the Kyzyl-Ompol inauguration ceremony.

Titanium, which can be reduced to produce a lustrous metal with a silver colour, low density, low weight and high strength, can be alloyed with iron, aluminium, vanadium and molybdenum, among other elements. Strong, lightweight and versatile titanium alloys are, for instance, found in jet engines, missiles and spacecraft. In medicine, corrosion-resistant titanium is considered one of the most biocompatible metals. It is used in medical applications including prostheses, surgical instruments and dental implants.

Japarov gave assurances that other minerals present in the deposit, including radioactive uranium and thorium, would be removed and transported from the site in strict accordance with international safety standards.

In the spring of 2019, a number of rallies were held in Kyrgyzstan against the development of uranium deposits in Tash-Bulak.