Ukrainian ilmenite producer Velta shuts down due to power supply problems

MOSCOW. March 25 (Interfax) - Velta, a Ukrainian miner and processor of titanium raw materials, suspended operations on Friday due to power supply problems.

Velta shutdown operations at 1:00 p.m. because of restrictions in electricity supplies due to damage to energy infrastructure, Ukrainian media reported the company's principal owner, Andrei Brodsky as saying. Velta and other Ukrainian businesses will hopefully restart operations soon, he said on social media.

If the situation is repeated, Ukrainian industry will not withstand it, as no one has any reserves left, Brodsky added.

Velta, which produces ilmenite concentrate, has been mining and processing the titanium raw material at the Birzulovskoye deposit in Kirovograd region since 2012. The company also has a license to develop the similar Lekarevskoye deposit.

Velta's ultimate beneficiaries are Brodsky with 60%, Vadim Moskalenko with 20% and Vitaly Malakhov with 20%.