July 15, within the framework of a working trip to Kirovohrad region, First Deputy Prime Minister Stepan Kubiv visited the Novokostiantynivskа mine in the village of Oleksiivka, Malovyskivsky District, which is part of the State Enterprise Eastern Mining and Processing Plant, which deals with the extraction of uranium.
On May 29, 2019, the Interdepartmental Commission on public investment projects considered and approved an investment project on the development of Novokostiantynivska mine's production facilities.
"This is a really big and critical project of state importance, which is in line with the objectives of the target program approved by the Government in 2016 on the development of the nuclear-industrial complex. The program is aimed to increase the annual production of uranium oxide concentrate up to 2,480 tons, which in turn represents the annual need for all nuclear power generation in Ukraine. Nuclear power plants account for the largest share in the production of electricity in our country, and therefore the availability of raw materials of domestic origin for nuclear energy production is a big step towards the energy independence of the country and its security", commented First Deputy Prime Minister Stepan Kubiv on the importance of the public investment project on the development of Novokostiantynivska mine.
The total cost of the project makes up UAH 2.9 billion. As of January 1, 2019, the Novokostiantynivska mine, at its own expense, financed the project at almost UAH 344 million. Hence, the amount of financial resources required to complete the project is currently about UAH 2.6 billion: the sum worth UAH 1.38 billion from the budget of the enterprise and about UAH 1.21 billion from the state budget.
It is expected that as a result of the implementation of this investment project, in 2021, the mine will be able to increase its uranium production to 701 tons per year (in 2018, the production made up 336 tons). The project will allow creating 200 new jobs. Revenues to the local budget will amount to about UAH 29.8 million, while revenues to the state budget will reach almost UAH 8.5 billion.