The largest titanium deposit in Ukraine went to Dmitry Firtash
The rights to the Selishchansky site with titanium ore deposits in the Zhytomyr region, with an area of 1857 hectares, went to Dmitry Firtash's Mezhdurechensky GOK Group DF. The auction was held by the State Service of Geology and Mineral Resources of Ukraine. UAH 50.1 million will be paid for the lot.
“The Group's titanium business is a systemically structured business with a clearly defined strategy for the next 10 years. The purchase of a license for geological exploration of the Selishchansky area fits perfectly logically into our plans, into our business strategy. It is aimed at creating new production facilities in the Zhytomyr and Dnipropetrovsk regions, ”they commented on the victory in the auction at Group DF.
“We believe in the recovery of demand for titanium products to pre-crisis levels from mid-2022. At a time when the global market is experiencing significant drawdowns, the challenge for businesses is to prepare for future growth. By purchasing the rights for geological exploration in this area, we are preparing for the future. Together with the launched modernization program at our existing mining and processing plants, this step of purchasing a license is extremely important for the entire business of the Group, ”said Sergey Kosenko, head of the Group DF titanium business.
In the first quarter of 2021, two mining plants Valki-Ilmenit LLC and Mezhdurechensky GOK LLC, which are part of the Group DF titanium business, produced 31 thousand tons of ilmenite concentrate (TiO2). The decline in production was due to a change in the market environment - a global decline in demand for titanium products.
Recall that in early November 2020, the Ukrainian Institute for the Future developed and presented the strategy "Ukraine 2030. The new titanium leader of the global industry." The document assumes the creation of conditions for the development of the titanium industry and the formation of a closed production cycle by providing significant incentives for the development of the industry.
The total thickness of productive rocks of the Selishchansky area ranges from 1.0 to 18.5 m with an average thickness of 10.0 m (5.5 m in alluvial sediments and 4.5 m in the weathering crust). The ilmenite content is at the level of 50-70 kg /m3. The productive horizons lie at different depths - in the northern part of the placer and on its sides, they are overlain by an 8-12 meter stratum of barren rocks, in the southern and central parts, the thickness of barren rocks reaches 20-25 m and on average for the placer is 13 m. were not carried out within the Selishchansky area.
The private international group of companies Group DF (‘The Firtash Group of Companies’) was founded by Dmitry Firtash in 2007 with the aim of consolidating assets in various business areas. Currently, Group DF unites assets in the chemical industry, energy, media, real estate, agricultural, banking and gas sectors. The asset consolidation process continues.