Velta Ltd with assets in titanium ore extraction in Novomyrgorodka (Kirovograd region) plans to carry out three investment projects with a combined cost of $586 million. The first project, CRM Cluster (Critical Raw Materials Cluster), presupposes the extraction and processing of titanium (ilmenite), zircon and hafnium derivatives and manufacture of kaolin, clay and sand. Investments…
After the cancellation of the State Geology Service decree that blocked Velta operations the company started restoring its capacities destroyed by the fire.
Velta claims the Leninsky District Court of Kirovograd is dragging out the investigation of the legitimacy of operation of the ore sands and ilmenite concentrate processing works.
The District Administrative Court of Kiev has cancelled the State Geology Service order for Velta to stop operation.
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.
Velta has completely stopped its mining and processing capacities after the State Geology Service revoked its titanium raw materials mining license.
Velta has started restoring 60% of its capacities lost in the fire a year ago.
Assurance company AHA Strakhovanie (Kiev) has paid 26 million UAH for the fire at the Velta Mining and Processing Works in Kirovograd region.