On July 12, the Prime Minister of Ukraine Denys Shmyhal and Vice-President of the European Commission Maroš Šefčovič paid a visit to the town of Irshansk, Zhytomyr Region, where they got acquainted with the production of the Irshansky Mining and Processing Plant of the United Mining and Chemical Company (UMCC).
The Irshansky Mining and Processing Plant branch is a leading Ukrainian titanium ore mining and enriching plant specializing in the development of ilmenite ore.
"Ukraine has significant potential to become one of the world's leading producers of critical raw materials and a reliable supplier to NATO partners. Increasing the mining of metals of the future will allow Ukraine to develop new branches of the processing industry, attract investment and create new jobs. I am convinced that the launch of a strategic partnership with the EU in this direction will help realize this potential," said Denys Shmyhal.
The Head of Government stressed that it is critical for Ukraine to ensure integrated extraction of its domestic minerals and create capacities for their processing and enrichment within the country. Therefore, Ukraine creates favorable conditions for attracting investors and opens the door for strategic foreign capital in the field of subsoil use.
"UMCC will be the first facility to be put up for auction within the framework of large-scale privatization. Its starting price is UAH 3.7 billion. Nowadays we can see interest from 10 leading international companies. The new owner will be obliged to invest at least UAH 400 million in the modernization of the company as well as to comply with environmental legislation," summed up the Prime Minister.