Velta now looking to build titanium ore processing plant not in Ukraine, but in U.S
MOSCOW. April 3 (Interfax) - Ukraine's Velta, which owns titanium ore mining assets, has decided in view of the situation in the country to build a plant to manufacture titanium products using its own innovative technology in the United States rather than in Ukraine.
Ukrainian media reported, quoting company president Andrei Brodsky, that Velta earlier launched a project in Ukraine to build a pilot plant to manufacture of titanium products using its own technology. "We have leased an industrial building in Novomoskovsk [Dnepropetrovsk region], we have begun repairs and construction and buying equipment. We have also obtained a long-term lease over the territory of a former mine near our mine in Novomirgorod, Kirovograd region, and have already begun designing a large enterprise," he said, adding that due to the situation in the country, it had been decided to set up the first enterprise for the processing of titanium feedstock outside Ukraine.
He said the company had gained expertise when building an enterprise in the UAE, but nevertheless the decision was made in favor of carrying the project out in the United States.
Velta said in 2020 that it intended to build a plant in Ukraine to produce titanium powder using its innovative in-house technology. Investments in the project were estimated at $270 million. Planned capacity was 5,000 tonnes of finished products per year.
The company has been mining and processing titanium feedstock at the Birzulovskoye deposit in the Kirovograd region since 2012. It also holds a license for the commercial development of the similar Lekarevskoye deposit. Velta has repeatedly stated its plans to build a vertically integrated titanium mining and production group.
Production and Commercial Company Velta LLC was registered in April 2000. Velta Holding LLC is the sole owner. The ultimate beneficiaries are three individuals: Andrei Brodsky with 60%, Vadim Moskalenko with 20% and Vitaly Malakhov with 20%.