A Ukrainian mining company will build a $1.5B factory to produce titanium powder in the US and Ukraine.

Velta, a growing player in titanium extraction, plans to build a mining complex in Ukraine after the war and to build a plant to produce metallic titanium powder in the US this year.

The company plans to attract $35M in funding for this project and more than $15M per year for the next five years. The main sales markets for its products will be the US and Europe. The production complex will be built in three stages, ultimately producing up to 10,000 tons of titanium powder in 5.5 years.

According to the Director of Velta, Anatoliy Amelin, negotiations are underway to attract investment to launch the project in the US.

Established in 2006, Velta occupies 2% of the world titanium market. The company’s research and development center has created a new technology to produce titanium metal powder from titanium ore without the necessity of a titanium sponge.