“Velta” Company signed its first contract for the ilmenite concentrate delivery to the Eastern Europe

Oct 4, 2011

“Velta” Company signed its first contract for the ilmenite concentrate delivery to the Eastern Europe. The Company which is finishing the construction of its mining and beneficiation facility for producing the ilmenite concentrate in the Novomirgorod district of thje Kirovograd region will deliver the first batch of its product to a partner in the Eastern Europe.

“In late September we signed our first contract for delivering the ilmenite concentrate to the Eastern Europe. The name of the company is not disclosed, but I may say that it is one of the major titanium dioxide producers in that area”- said the general director of the “Velta”Company Andriy Brods’ky when the facility construction site was visited by the Kirovograd region governor.

Sharing some details with the “Interfax-Ukraine” agency A. Brods’ky said that according to the agreement the first consignment is to be shipped to the partner in the first quarter of 2012. Earlier it was announced that “Velta” scheduled the commissioning of the mining and beneficiation plant for producing ilmenite (Korobchino village, Novomirgorod district, Kirovograd region) in November 2011.

At present the main construction activities are over. Currently the personnel is being recruited (450 skilled workers are required for the facility). As of early October 2011, the major construction work at the facility is over; during the 5 months of the overburden stripping about 1 mln cu. m of barren rock were removed. The total volume of the project investments is almost 70 mln USD.