Rudomain LLC (Kryvyi Rih, Dnipropetrovsk region), which is engaged in the extraction of iron ore, increased its net loss to UAH 223.561 million in 2024, up from UAH 76.229 million in 2023.
According to the company’s annual report, which is available to Interfax-Ukraine, the financial result from operating activities decreased by UAH 154.65 million, mainly due to an increase in the cost of sales and selling expenses.
Revenue for the year increased by 18.1% to UAH 2 billion 707.986 million.
Retained earnings at the end of 2024 amounted to UAH 1 billion 796.098 million.
According to the report, the company’s total sales of all types of ore in 2024 amounted to 1 million 280.27 thousand tons, which is 174.88 thousand tons more than in 2023. In particular, 757.54 thousand tons of iron ore were sold. In 2024, the structure of sales by country did not change significantly: buyers from Austria accounted for more than 80% of sales, while the share of sales in Ukraine was 6.48%.
Rudomain LLC was registered in May 2010. Its main activity is the extraction of iron ore. As of the end of 2020, two enrichment plants were launched and operating here. The production capacity of the enterprise was up to 4 million tons of raw materials. The production of finished products with an Fe content of 50-59% (fraction 0-10 mm) amounted to about 1.5 million tons per year. The company produces the following types of iron ore: sinter ore, blast furnace ore, raw ore, and iron ore.
Since 2010, Rudomain has processed more than 20 million tons of substandard ore from the Kryvyi Rih iron ore basin. Between 2020 and 2024, it increased its fleet of excavators by 21 units, drilling rigs by 2 units, crawler bulldozers by 6 units, wheeled bulldozers by 1 unit, and 3 motor graders, and 13 wheel loaders. In addition, it carried out major repairs of locomotives and purchased modern manipulators and dispensers for forming cargo in railway cars.
The number of full-time employees at the end of 2024 was 1,105.
The company has special permits for iron ore mining No. 6236 dated December 8, 2017, issued for plot No. 2 of the Pivdenny quarry with an area of 24.2 hectares, and No. 6511 dated May 25, 2021, issued for the expansion of plot No. 2 of the Pivdenny quarry with an area of 35.2 hectares. The special permits are valid until December 2037.
As of December 31, 2024, the sole participant in Rudomain LLC is ARDK Mining Asset Management Holding Ltd (Cyprus). The ultimate beneficial owner is Kostyantyn Karamanits. Type of beneficial ownership: indirect decisive influence, percentage of share capital in the legal entity 70%.
As of December 31, 2024, Rudomain LLC owns a 33.9% share in the authorized capital of Football Club Hirnyk LLC and 100% in the authorized capital of its subsidiary, Dolinsky Mining and Processing Plant LLC.
The authorized capital of Rudomain LLC is UAH 21.907 million, and the value of one share is UAH 0.01.
LLC “Rudomain” (Krivoy Rog, Dnipropetrovsk region), engaged in iron ore mining, reduced iron ore production in Krivoy Rog by 25% from 2022 and production in 2023 was at 50% of capacity.
The company told Interfax-Ukraine that Rudomain continues its operations, but the number of employees has been reduced from 1,250 to 950 due to mobilization in Ukraine. Replenishment of personnel occurs only in cases of extreme necessity, including the integration of women into traditionally male-dominated professions.
It is noted, however, that there has been a marked decline in sales since 2022, resulting in a drop in production of up to 75% compared to the pre-war period. In 2023, the downward trend continues and production is held at 50% of potential maximum production capacity throughout the year, which corresponds to a zero breakeven level.
By markets: Rudomain’s products are sold to countries in the near abroad, mainly in Poland and Slovakia. Historically, sales have been made exclusively by rail, thus avoiding maritime transportation problems.
Plans for 2024: sales are planned to increase based on the use of repair and renovation funds for machinery and technology. Failure to generate these funds in year 23 could be a problem in the next year.
“Actively working on plans to increase automation of manufacturing processes to reduce production costs,” the company’s response states.
And it is noted in terms of the impact of the economic downturn in Europe and the way forward: the general downturn in economic development in Europe is being felt.
“Entering new markets requires a significant increase in the global cost of production to cover logistics costs and unblock seaports. The key factors for improving the investment climate are the end of the war, the return of professionals to their jobs and renewed confidence in the state,” the response summarizes.
Rudomain LLC was registered in May 2010. Its main activity is iron ore mining. According to the company, it is active in Ukraine, the CIS and Europe. Since 2005, it has processed more than 20 million tons of substandard ores from the Krivoy Rog iron ore basin.
As of the end of 2020, two concentrators were up and running. The production capacity of the plant was up to 4 million tons of feedstock per year with Fe min 38%. Production of finished products with Fe content of 50-59% (fraction 0-10 mm) was about 1.5 million tons per year.
According to the Unified State Register of Legal Entities as of September 2021, ARDC Mining Asset Management Holding Ltd (Cyprus) owns 100% of Rudomain LLC. The ultimate beneficiary is a Cypriot citizen Andreou Katia.
Previously, the owner of Rudomain LLC was Fernando Trading Ltd (West Indies) with the ultimate beneficiary being resident individual Anatoly Medvedev.
Anatoly Medvedev, Andreou Katia, ARDC Mining Asset Management Holding Ltd, INTERFAX-UKRAINE, Rudomain
