The Antimonopoly Committee of Ukraine (AMCU) has approved the acquisition of a controlling stake in United Mining and Chemical Company (UMCC) by Cemin Ukraine LLC, a company controlled by NEQSOL Holding. The transaction involves the direct purchase of shares representing more than 50% of voting rights in UMCC’s governing body.
A Landmark Wartime Privatization
The deal represents one of the largest privatization transactions completed in Ukraine since the start of the full-scale war. UMCC was privatized through a state auction process, reflecting the government’s strategy to attract strategic investors into critical export-oriented industries even under wartime conditions.
Volodymyr Lavrenchuk, Regional Director of NEQSOL Holding in Ukraine, emphasized that AMCU approval marks the completion of a key regulatory milestone in the transaction. According to him, NEQSOL intends to transform UMCC into a modern, globally competitive titanium producer by leveraging international expertise, corporate governance standards, and access to global markets.
About UMCC: Strategic Asset in Critical Minerals
UMCC is Ukraine’s largest producer of titanium and zirconium ores and ranks among the top ten globally. The company operates two core mining assets:
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Irshansk Mining and Processing Plant (Zhytomyr region)
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Vilnohirsk Mining and Metallurgical Plant (Dnipropetrovsk region)
These facilities extract and process ilmenite, rutile, zircon, and related mineral sands used in:
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Titanium sponge and titanium dioxide production
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Aerospace and defense industries
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Pigments and high-performance materials
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Nuclear and chemical industries
Ukraine holds one of Europe’s largest titanium ore reserves, making UMCC a strategically important company within the global critical raw materials supply chain — particularly amid EU efforts to diversify away from Russian and Chinese supplies.
NEQSOL’s Strategy in Ukraine
NEQSOL Holding is an international investment group operating in 11 countries across telecommunications, energy, construction materials, and natural resources. In Ukraine, NEQSOL is best known as the owner of Vodafone Ukraine (VF Ukraine), the country’s second-largest mobile operator.
The holding is founded and owned by Azerbaijani entrepreneur Nasib Hasanov.
Following the acquisition, NEQSOL plans to:
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Modernize UMCC’s production facilities
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Increase processing depth to create higher value-added titanium products
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Expand export geography
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Align operations with international ESG standards
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Strictly comply with international sanctions regimes
This signals a shift from raw material exports toward deeper processing and integration into global supply chains.
Geopolitical and Investment Context
The acquisition comes at a time when titanium is classified as a critical raw material in the EU and US. Western aerospace manufacturers increasingly seek alternative supply routes due to sanctions and geopolitical tensions.
For Ukraine, the deal demonstrates:
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Continued investor confidence despite wartime risks
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Progress in privatization reform
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Strategic alignment with European industrial supply chains
For NEQSOL, the transaction expands its footprint in Ukraine beyond telecom into the strategic minerals sector — potentially positioning the group as a regional player in Europe’s critical materials ecosystem.
