Velta nominates two titanium deposits for auction

Aug 17, 2020

Velta LLC nominates two titanium ore deposits in Zhytomyr region for open e-auction.

Velta has submitted documents to the State Service for Geology and Subsoil of Ukraine regarding an auction for obtaining a geological exploration license, including pilot and commercial development of Paromivske and Chervonorіchenske titanium ore deposits.

Development of these assets has been on hold for 7 years, which is unacceptable given the potential of the Ukrainian titanium industry. Velta has experience in exploration and confirmation of resources at Likarivske and Byrzulivske deposits, carried out at company’s expense. The Byrzulivske MPP, designed by company’s own design bureau, has been steadily operating for 9 years, and the Likarivske deposit is currently being prepared for development.

Taking into account the strategy of the State Service for Geology and Subsoil – to auction off additional 150 special permits by the end of the year – Velta as an active and successful user of subsoil resources decided to exercise the right to nominate deposits. Moreover, the Paromivske and Chervonorіchenske deposits are not listed in the Investment Atlas of the Subsoil User, which is why the abovementioned auctions may become an additional source to replenish the country’s budget.