In May 2023 Velta LLC increased ilmenite mining at the Birzulivske deposit (Kirovohrad region) almost twice. According to the company, last month the production reached 21 052 tons of ilmenite compared to the production of 11 157 tons in April. In general, during the 5 months of 2023, Velta has mined 61 704 tons of the commodity. Such growth in the private sector is a positive sign for the Ukrainian market of titanium feedstock, where state-owned companies are currently seeing a 60% drop in production compared to the last year.
Furthermore, from 2022 the titanium dioxide pigment market, which is the main sales direction of the Velta company, demonstrates growth. Experts predict that after the drop due to COVID-19, the market size could reach $27 billion in 2028, compared to $19 billion in 2021.
“We are responsible for the Ukrainian titanium industry as only Velta manages to maintain a high production level. Moreover, we are responsible for the support of those who are on the frontline, for the country’s budget, and for each of our employees. Thus Velta continues volunteer activity, pays taxes and salaries in full volume. The war didn’t stop us, it just made us correct the action plan”, noted the company CEO Andriy Brodsky.
Logistics and power issues stay the biggest challenge for Ukrainian industrial companies. Seaports blockades, long queues at railway transport borders, and power blackouts significantly slow down the operation. As reported before, Velta LLC announced 62% of plan implementation in 2022, which was not adjusted due to the war in the country.