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The Cabinet of Ministers approved the sale of the largest titanium ore mining plant

Photo: umcc.com.ua

The Cabinet of Ministers decided to sell the state’s stake in the United Mining and Chemical Company.

An auction was held in Ukraine for the privatization of the state-owned United Mining and Chemical Company, the country’s largest titanium ore mining plant. Prime Minister Denis Shmygal announced this at a meeting of the Cabinet of Ministers on Friday, October 11.

“This week an auction was also held for the privatization of the state-owned United Mining and Chemical Company. This is Ukraine’s largest enterprise for the extraction and enrichment of titanium ores,” the head of government said.

According to him, the winner of the auction offered a price of $4 billion. He will also need to invest at least 400 million hryvnias in the technical modernization of the business.

“Now the government is making a decision to sell the state’s stake in UMCC for this amount is the basis of systematic policy,” said Shmygal.

The United Mining and Chemical Company is a state-owned strategic enterprise. UMCC began operations in August 2014, when the government of Ukraine transferred to its management the property complexes of the Volnogorsk Mining and Metallurgical Combine (Dnepropetrovsk region) and the Irshansky Mining and Processing Plant (Zhytomyr region).
The company is included in the big privatization list and is being prepared for sale to private investors in 2020. Due to the quarantine, the privatization has been postponed. Since 2019, UMCC is under the management of the State Property Fund of Ukraine.

Let’s recall that on September 16-20, the State Property Fund of Ukraine held 16 privatization auctions, where it raised 2.574 billion Hryvnias.

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Source: korrespondent

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