US-based Critical Metals Corp. has started financing the modernization of Velta’s Byrzulivske mining and processing plant in Kirovohrad region as part of preparations for a large-scale investment project to create a critical minerals cluster, or CRM cluster, in Ukraine.
The start of the practical implementation of the partnership became known following a visit by Critical Metals Corp. Chairman and CEO Tony Sage to Velta’s production assets in Ukraine. According to Velta Holding, on May 25 the parties had already begun financing certain areas of cooperation, even though the legal formalization of the agreement with private financial institutions is still ongoing.
The first stage of the investment program is the modernization of the Byrzulivske mining and processing plant, Velta’s key production asset specializing in the extraction and processing of titanium feedstock. The funds raised have been directed toward equipment upgrades and preparing the enterprise for a large-scale capital re-equipment program.
The company emphasizes that the modernization of the mining and processing plant is part of a broader strategy to create a vertically integrated production chain for critical minerals products — from raw material extraction to the manufacture of high value-added products.
The next stage of the project is expected to be the development of the Likarivske deposit, which is considered the raw material base for the future CRM cluster. In the long term, the project provides for a significant expansion of production capacities and the development of deep processing of titanium-bearing feedstock.
According to Tony Sage, the Critical Metals group has already started investing in Velta’s assets and launching certain financing areas even before the completion of all corporate procedures. This indicates strong investor interest in Ukrainian titanium assets and strategic minerals, demand for which is growing amid the global energy transition and the development of the defense industry.
Velta Holding CEO Andriy Brodskyi said that cooperation with the US International Development Finance Corporation, or DFC, should help create a full production cycle in Ukraine — from the extraction of titanium-bearing feedstock to the manufacture of finished products.
The parties are currently preparing the next stage of the $250 million investment program, designed for four years. These funds are planned to be directed toward further modernization of the Byrzulivske mining and processing plant, development of new deposits, and creation of production infrastructure for the CRM cluster.
Initially, the partnership was planned between Australia’s European Lithium and Velta Holding. However, on May 18, 2026, US-based Critical Metals Corp. announced the acquisition of European Lithium for $835 million. Velta stated that the change in ownership structure would not affect the previously agreed plans for the project’s development in Ukraine.
In January 2026, European Lithium and Velta Holding signed a binding agreement. The transaction was planned to be implemented through a share exchange: Velta shareholders were expected to receive around 173 million shares in European Lithium. After completion of the transaction, Velta planned to become part of the international group while retaining its existing management team led by Andriy Brodskyi.
An additional element of the financial restructuring was that European Lithium Ukraine in February 2026 bought out Velta’s debt obligations worth almost UAH 9 billion at a 90% discount, significantly reducing the debt burden on the titanium business.
Velta LLC remains the only private company in Ukraine that has independently created a titanium mining complex. Over more than 15 years of operation, the company has captured around 2% of the global titanium feedstock market and works with customers in Europe and the United States.
At the same time, the company’s financial results remain challenging. In 2024, Velta’s revenue decreased by 25% to UAH 1.01 billion, while its net loss quadrupled to UAH 1.04 billion. At the end of 2025, the loss increased to UAH 3.97 billion. Against this background, attracting a strategic foreign investor and launching the modernization program are viewed as key factors for stabilizing and further developing the business.
