Cypriot company wins tender for participation in Zaporizhya titanium-magnesium plant
Following a competition for the selection of non-state participants in the limited liability company Zaporizhya Titanium & Magnesium Combine (ZTMC), the company Tolexis Trading Limited (Cyprus) was named the winner, the State Property Fund of Ukraine reported on its website.
"The SPF estimated the integral property complex of ZTMC at 716.9 million UAH ($90 mln). Besides Tolexis Trading (Cyprus), Luxembourg Company of Metals & Alloys SA (Luxembourg) also participated in the tender,” the SPF says. According to the decree of the Cabinet of Ministers of Ukraine, the state's share in the LLC will not be less than 51%. The winner is to invest at least $100 million in the company, to provide ZTMC with home-made raw materials, as well as to repay the debt for energy carriers, overdue wages and taxes by March 2013. ZTMC is the only Ukrainian and European producer of titanium sponge. Almost 90% of its products are sold in foreign markets. Tolexis Trading Ltd is part of Group DF of Ukrainian oligarch Dmytro Firtash.