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Ukraine will again try to sell Europe's largest titanium and zirconium producer

Mining industry / Ukraine / Business and Finance

United Mining and Chemical Company JSC will be put up for re-auction on October 29, 2021 at 11.00 Kiev time. No bids were received for the privatization auction scheduled for August 31st.

Ukraine will again try to sell Europe's largest titanium and zirconium producer

On August 30, 2021, a meeting of the auction commission of the State Property Fund of Ukraine was held, at which a new date for the privatization of United Mining and Chemical Company JSC (OGCC) was determined - the privatization auction will take place on October 29, 2021 at 11:00.

The Fund stressed that the auction for the privatization of JSC "OGCC" will be held in 2021, as planned.

According to Deputy Chairman of the State Property Fund of Ukraine Taras Yeleiko, potential investors will have enough time to properly prepare for the auction - in particular, properly prepare documents and send applications for participation.

"The State Property Fund will fulfill the task set to carry out the privatization of JSC OGCC in 2021, so we have provided all opportunities for potential investors, including foreign ones, to take part in a transparent auction," Taras Eleiko said.

On Friday last week, the State Property Fund of Ukraine announced that it was forced to cancel the previous auction, scheduled for August 31, due to the lack of participants. The starting price of 100% OGHK was set at UAH 3.7 billion ($ 136 million).

OGCC is one of the ten largest global producers of titanium and zirconium ores, and its share in the world market was 2.3% for ilmenite, 6.2% for rutile and 1.4% for zircon in 2020.

The company provides raw materials that have a wide range of uses, including steelmaking, glass and traditional ceramics, with titanium also being used as a key alloying agent.

Ukraine seeks to attract about 12 billion hryvnia through the sale of state assets in 2021 to partially finance the state budget deficit, which was approved at 5.5% of gross domestic product.

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