Rescheduled sale of former Firtash titanium plant attracts broad interest.

18 domestic and international companies have expressed interest in buying the United Mining and Chemical Company (UMCC) – the largest titanium ore producer in Europe and the country’s most attractive asset so far – the State Property Fund has reported. The starting price has been set at $125 million.  Last month the sale had to be postponed because potential buyers complained they had not been given sufficient time to prepare the necessary documents. Foreign interest has come from companies in

Privatization of the large-scale titanium plant falls through and serves as a lesson.

 According to the Kyiv Post, on August 31 the State Property Fund was due to sell United Mining and Chemical Company (UMCC) — the largest titanium ore producer in Europe and the country’s most attractive asset so far — for $125 million as a starting price.  Only one undisclosed bidder emerged, and the sale has had to be postponed because according to the law more than one bidder is required.  It seems that the problem is not the lack of

A Ukraine court ruled that a titanium and magnesium plant 49% owned by oligarch Dmytro Firtash should return to full state ownership

, the State Property Fund reports. According to the Fund, the mine was partly sold to Firtash on the condition that he spend $110 million to modernize the complex, Ukraine’s only producer of titanium sponge. Instead, the Fund says, Firtash used the money to pay his other debts, leaving only $750,000 for the modernization.