The Ukrainian government has allowed private joint-stock company «Crimean Titan» to prolong the lease agreement Irshansk Volnogorsk GOK and MMC, producing ilmenite concentrate for the production of titanium, with no debt repayment. This was announced by the head of the State Property Fund of Ukraine Oleksandr Ryabchenko. «Debt» Crimea TITAN «is about 130 million We will sign with the Chukotka settlement agreement, under which the debt will be restructured on terms of repayment within 5 years.» — Commented the head of the State Property Fund.
Officially, the conflict between the public body responsible for policy in the sphere of privatization, and «Crimean Titan» (within the group of companies Dmitry Firtash) developed since 2009. Then came the end of the term of the lease agreement titanium complexes, which the Ukrainian government has decided to «OstShem Holding» is no longer renewed. Irshansky Volnogorskiy GOK and MMC were from that time to pass under the control of the Ministry of Industrial Policy of Ukraine and make (in the longer term) resource base of the National Joint Stock Company (NAC) «Titan of Ukraine.» However, the «Crimean Titan» challenged the legitimacy of the government claims in court, and after an exchange with the SPF claims it has gone deaf in the legal impasse.
Both sides were interested in the speedy solution of titanic conflict, and the protocol «of understanding» signed between them in early December, will help minimize losses for all participants in the incident.