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U.S. CMC COMETALS JOINTLY WITH VELTA SEEK TO BUILD NEW TITANIUM ORE MINING COMBINE IN KIROVOHRAD REGION
KYIV. May 4 (Interfax-Ukraine) – U.S. CMC Cometals and Velta LLC (Dnipro) have signed a memorandum of intent to build a mining and beneficiation complex in Kirovohrad region that would produce titanium ores. Investment of around $30 million will be sent to the project.
Velta said in a press release on Wednesday that the document was signed on May 2, 2017.
The framework document envisages that CMC Cometals will be involved in the prefunding of the project to build a mining complex on the Likarivske titanium ore field.
The project is strategic expansion of the Byrzulivske mining complex that has been operating in the region for five years.
“The signed memorandum is a sign of restoration of cooperation between U.S. CMC and Ukraine. The company cooperated with the Ukrainian mining sector over 20 years ago. Despite the risks linked to investing in the country, CMC Cometals and Velta have designed a formula that satisfies each side,” Velta said in the press release.
The next step will be receiving all permits to start construction. Velta has completed exploration of the Likarivske field. The company is designing the project. The annual nominal capacity of the complex is planned at 120,000 tonnes of ilmenite. The new enterprise would create 300-350 jobs.
