UMCC has earned an additional UAH 10 million from the sale of ore from Irshansk MCC

The ilmenite concentrate (which was arrested by the law enforcement agencies of NABU and SAP in the Odessa Sea Port) of Irshansk Mining and Concentration Combine, which is a part of JSC “United Mining and Chemical Company”, will be shipped to the new counterparty at a cost of more than UAH 10 million.

“Despite the spread of the coronavirus crisis and the collapse of the price on the titanium market by almost 15%, we have found a counterparty with whom we will work on favorable terms. The arrested products under the new agreement will be sold for UAH 10 million more expensive. Moreover, compared with the pre-signed contracts old management, deferral payment period is reduced from 120 to 15 days. The decision of the new management of the UMCC was to abandon all unreliable contractors and instead to search for alternative ways of distribution and it shows the first results”, – notices Peter Davis, Acting Head of the Management Board of JSC “UMCC”.

Now UMCC is gradually moving towards the scale of production capacities on the eve of privatization: Irshansk MCC carried out the capital repairs of the concentrating combine, which specializes in release of ilmenite concentrate; launched the process of concluding new agreements with contractors under the changed obligatory conditions, the key among which is a partial pre-payment and the absence of intermediaries.

* All information on the UMCC activities will be temporarily published on the official website of the State Property Fund of Ukraine, as access to the company's website and the official Facebook page of the UMCC has been blocked by former management.