UMCC began a new phase of works to obtain mining licenses

JSC “United Mining and Chemical Company”and the State Service of geology and subsoil of Ukraine will establish joint working groups on obtaining UMCC new mining licenses. On June 11, 2020, agreements were reached during the meeting of the UMCC’s management with the Head of the State Service of geology and subsoil of Ukraine Roman Opimah.

From the side of the State Service of geology and subsoil of Ukraine, technical experts will be involved to work on obtaining licenses for UMCC. New licenses will ensure minerals extraction at least for 10 years in advance and this will allow to increase the level of company’s investment appeal and its capitalization before preparations for the privatization.

 “One of the most important UMCC’s problems is obtaining permissions to develop new mineralfields. During the negotiations with the State Service of geology and subsoil of Ukraine we managed to agree the action plan on obtaining special permissions to subsoil use on new sites of Mezhyrichne ilmenite deposit”, - the Deputy of the temporarily acting Chairman of the UMCC’s Board Artur Somov informed.

Obtaining licenses to use new sites of Mezhyrichne deposit will be guarantee for the long-term development of Irshansk Mining and Processing Plant that is a part of UMCC.

Reference

JSC “United Mining and Chemical Company” is a state enterprise, one of the largest titanium raw materials producers in the world.  In 2018, company’s net profit totaled UAH 114.9 million, asset value was UAH 3.4 billion. The structure of UMCC includes Vilnohirsk Mining and Metallurgical Plant and Irshansk Mining and Processing Plant.

*All information concerning the activities of JSC “UMCC” temporarily will be published on the State Property Fund of Ukraine’s official website since access to the company’s website and its official Facebook page is blocked by former management.