The Azerbaijani holding Neqsol, which privatized Ukraine’s largest titanium enterprise, United Mining and Chemical Company, for ₴3.9B, plans to look for new deposits, as the reserves operated by UMCC will be sufficient for the medium-term, said the head of Neqsol’s Ukrainian office, Volodymyr Lavrenchuk. He added that Neqsol seeks to invest in the mining industry for the long term, so the holding is counting on reformation in the subsoil use system.
According to the privatization terms, the Azerbaijani investor is obliged to invest at least ₴400M in UMCC, but the actual investment needs are much greater. The company plans to use its own funds as well as international loans. In the long term, the company plans to increase production volumes and develop a deeper processing system for raw materials.
Currently, it is focusing on UMCC’s development but does not rule out further expansion into the industry through the privatization of the Titan Ukraine Nikopol plant and the Demurinsky Mining and Processing Plant.