The official opening of the “Velta” Company’s titanium mining and beneficiation plant was held today

Dec 27, 2011

Today, 27 December 2011, the official opening of the “Velta” Company’s titanium mining and beneficiation plant (located in the Novomirgorod district of the Kirovograd region) was held.

The total investments amount into the project in 2011 was about 90 mln USD, 80 mln USD of that sum was invested into the first phase of the facility, while the rest of the sum was invested into the development of the second phase.

“That money was invested by the enterprise owners, but the main part of that amount was sourced as a credit from the Ukrainian bank “Prominvestbank”. This financial entity has already started crediting of the second phase of the facility”, - said at the plant opening Andriy Brods’kiy, general director of the “Velta” Company.

He also mentioned that the Company has no intentions to limit its activities to the first project, and is already busy with the further development of its resource base. “Velta” has already obtained a permit for the geological surveying of the Lekarivka deposit of ilmenite ores in the Kirovograd region”, - informed A. Brods’kiy. A holding company “Velta Group Global Ltd” has been established within the framework of the further expansion of the enterprise.

The management of the Kirovograd region took part in the official opening ceremony: Serhiy Larin – Head of the Kirovograd regional state administration, Mykola Koval’chuk – Head of the regional Rada. “We are pleased to take part in the today’s opening of the enterprise which will work for the benefit of our region and of Ukraine as a whole. It is an important event in the life of all Ukraine. It is an example of fruitful cooperation of the private and public sectors. We shall always give green light to such investors in the Kirovograd area” – said Serhiy Laring.

He added that it is a pleasure to communicate and cooperate with the general director of “Velta”, because Andriy Brods’kiy is building a business which is not only profitable, but is socially responsible as well. We’d like to remind that the construction of the facility commenced at the beginning of 2011. It took 7 months to construct the open pit which was finished in late October 2011. It took 8 months to build the beneficiation plant, the finishing stage was in December 2011. The annual production capacity of the enterprise will be 240 thousand mt in 2012.