Andrey Brodskiy, Aleksandr Kovtun and Sergey Larin

From left to right: General director of “VELTA” Company Andrei Brodskiy, Head of Novomirgorod regional state administration Aleksandr Kovtun and Chairman of the Kirovograd regional administration Sergei Larin during the official opening of the mining and beneficiation plant of the “VELTA” Company for mining and processing of titanium ore in the Novomirgorod district, Kirovograd region on Tuesday, 27 December 2011. The total 2011 investment into the project is about US $90 mln. US $80 mln. of the sum were invested in the first phase of the facility, the rest of the assets are for the development of the second phase. «The investments into the project were made by the owners of the enterprise, but the bulk of the assets was sources as a credit from the Ukrainian bank “Prominvestbank”. This bank has already started crediting the second phase of the facility as well” – said Andrei Brodskiy, general director of “VELTA”, at the official commissioning of the plant. He added that the Company does not plan to concentrate all its activities only on that project: the Companyhas already started expanding the range of its resources. The Company has obtained a permit for geological surveying of the Lekarivka deposit of ilmenite ores in Kirovograd region, Andrei Brodskiy informed. Within the expanding enterprise a holding company - Velta Group Global ltd was established. The commissioning ceremony was attended by the managerial officials of the Kirovograd region: Sergei Larin – Chairman of the Kirovograd regional administration, and Nikolai Kovalchuk – Chairman of the regional Rada. Sergei Larin: “I am pleased to participate in the event: to-day we opened an enterprise which will work for the good of our region and Ukraine as a whole. It is an event which is of significance for all the Ukrainian state. It is an example of fruitful cooperation between government and business, and green light will be always on in Kirovograd region for such investors”. He added that it is a pleasure to work in cooperation with the Company’s general director Andrei Brodskiy who is building a business which is not only successful, but is socially beneficial. It is worth mentioning that the facility construction was started at the beginning of 2011. The open pit development took about 7 months and was finished in late October of 2011. The construction of the beneficiation facility continued more than 8 months and entered its final stage in December 2011. The annual capacity of the enterprise in 2012 will be 240,000 tons of titanium ore. Photo UNIAN