Velta will have to fire 500 employees of its mining and processing works (ilmenite concentrate) in Kirovograd region after the State Geology Service canceled its titanium raw materials mining license.
According to the company statement, the officials, using administrative resources, were clearing the market of competitors for certain state companies.
“Illegal actions will lead to 500 employees being fired, as well as the complete halt of budget revenues worth several million UAH. We ask the business community and mass media to join our struggle”, said the company.
Velta mining and processing works was put into operation on December 27, 2011. (Ukrainian metal)