- Write by:
-
Monday, August 30, 2021 - 14:31:48
-
615 Visit
-
Print
Mining News Pro - Ukraine has cancelled the privatisation auction for the sale of Europe's largest titanium and zirconium miner, United Mining and Chemical Company (UMCC), due to the lack of participants, the state property fund said on Friday.
The fund said in June the auction was due to take place on August 31 and the starting price for 100% of UMCC had been set at 3.7-billion hryvnias (about $136-million).
Local media have said the timetable for the deal just proved too tight and the fund said it would push back the auction to give potential investors more time.
"Postponing the auction will allow potential bidders to finalize documents and re-submit bid," the fund said in a statement.
The deal was meant to become the first successful privatisation auction of a large state-owned enterprise since a 2014 uprising led to pro-Western leadership in Ukraine.
In 2016, Ukraine failed to sell state fertiliser group Odessa Portside Plant (OPP) because of a lack of bids.
UMCC is among the top 10 global miners of titanium and zirconium ores and its share of the global market was 2.3% for ilmenite, 6.2% for rutile and 1.4% for zircon in 2020, according to Ukrainian officials.
UMCC provides raw materials which have a wide range of uses including steelmaking, glassmaking and traditional ceramics, with titanium also used as an important alloying agent.
Ukraine aims to raise about 12-billion hryvnias by selling state assets in 2021 to partially finance the state budget deficit, which was approved at 5.5% of gross domestic product.
Short Link:
https://www.miningnews.ir/En/News/615438
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
Adriatic Metals is taking over as the operator of the Rupice deposit development, which is part of the company’s Vares ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
Mining News Pro - The ceremony of commemorating the tree planting day and the beginning of the afforestation project and ...
No comments have been posted yet ...