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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 a lack of participants.
The same auction in August had also been cancelled for this reason. The state real estate fund received two applications to participate in the auction, one of which did not meet the requirements of the current legislation.
A new auction could be scheduled for December. The fund reported that the starting price for 100% of UMCC had been set at 3.7bn hryvnias ($140.69m).
UMCC is among the top 10 global miners of titanium and zirconium ores and its global market share was 2.3% for ilmenite, 6.2% for rutile and 1.4% for zircon in 2020, according to Ukrainian officials.
UMCC supplies raw materials that have a wide range of uses including steelmaking, glassmaking and traditional ceramics, with titanium also used as an important alloying agent.