In January-March of this year, United Mining and Chemical Company (UMCC Titanium) doubled its net loss compared to the same period last year—to UAH 411.235 million from UAH 203.236 million
According to the company’s interim report, which is available to the agency “Interfax-Ukraine,” revenue from ordinary activities for this period rose to UAH 331.342 million from UAH 239.604 million in the first quarter of 2025.
The uncovered loss as of the end of March amounted to 3,181.364 million UAH.
According to the annual report, the company incurred a net loss of 2,118.156 million UAH in 2025, whereas in 2024 it reported a profit of 17.009 million UAH, with revenue from ordinary activities amounting to UAH 1,510,751 million (in 2024 – UAH 2,851,180 million).
The report notes that forced production stoppages at the beginning and end of last year led to increased expenses and an additional working capital deficit. In addition, market prices for electricity rose by 20–30% compared to 2024, which directly contributed to an increase in the cost of production. Repairs and maintenance of machinery and equipment, which had been postponed in 2024–2025 and were necessary to ensure sufficient volumes of stripping and beneficiation work, were carried out late due to a shortage of working capital.
In 2025, the Vilnohirsk Mining and Metallurgical Plant (VGMK) produced 4,456 thousand tons of zirconium concentrate, 8,477 thousand tons of rutile concentrate, and 22,836 thousand tons of ilmenite concentrate. At the IZG, ilmenite concentrate production amounted to 55,575 thousand tons.
Energy resources accounted for the largest share of the cost of goods produced by the VGMK branch in 2025—627.897 million UAH (56%), of which expenses for fuel and lubricants during the reporting period amounted to 53.961 million UAH. The branch’s total electricity consumption amounted to 81.349 million kWh. Labor costs with deductions accounted for a significant share—35%—and depreciation of fixed assets—6%. Other expenses—taxes to the state and local budgets and services provided by third-party organizations—accounted for 3% in the reporting period.
Actual expenses for the maintenance of fixed assets for 2025, taking into account the high degree of wear and tear on production equipment and the need to keep it in working order, amount to UAH 142.711 million, including UAH 14.121 million allocated for repairs, and UAH 107.863 million for the commissioning and maintenance of equipment at the plant’s divisions.
In 2025, the VGMK branch utilized capital investments totaling UAH 155.811 million from its own funds, of which UAH 1.121 million was allocated for the purchase of fixed assets.
During the reporting period, the Irshansk Mining and Processing Plant was supplied with energy resources in sufficient quantities; natural gas consumption amounted to 1,442.64 thousand cubic meters, and electricity consumption to 26,656.3 thousand kWh.
The Irshansk Mining and Processing Plant (IGZK) fulfilled 48% of its commercial production plan. Savings on production costs amount to UAH 533.089 million; other expenses account for the lion’s share of the production cost of the IGMK branch’s output—28%. The program of measures approved at the IMC branch provided for the utilization of UAH 296.050 million in capital investments in 2025, which exceeds the level of actual investment by UAH 299.341 million (actual investments amounted to UAH 3.291 million). In 2025, expenditures under the categories “capital construction” and “modernization, modification (reconstruction) of fixed assets” totaled UAH 3.698 million.
In 2025, the total number of employees at OGHK was 4,443, including 3,031 at VGMK and 1,194 at IGZK.
As reported, Cement Ukraine LLC, controlled by NEQSOL Holding, acquired OGHK at an auction on October 9, 2024, for UAH 3,938,351.58.
On November 19, 2024, the State Property Fund of Ukraine and Cement Ukraine LLC entered into Agreement No. 217 for the sale and purchase of a 100% stake in OGHK. On May 29, 2025, the Antimonopoly Committee of Ukraine granted approval for the concentration. On June 10, 2025, Cement Ukraine LLC became the owner of 100% of the company’s shares. Cement Ukraine LLC is part of the international NEQSOL group of companies, with the ultimate parent company NEQSOL Holding B.V. (Netherlands), owned by Azerbaijani citizen Nasib Hasanov.
OGHK has two subsidiaries—the Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipropetrovsk Oblast) and the Irshansk Mining and Processing Plant (IGZK, Zhytomyr Oblast). OGHK’s main activities include open-pit mining of titanium ores, as well as the production and wholesale trade of titanium ore concentrates (zircon, ilmenite, rutile, disten-sillimanite, staurolite, and quartz sand).
According to the National Securities and Stock Market Commission (NSSMC) data for the first quarter of 2026, LLC “Cemin Ukraine” owns 100% of OGHK’s shares.
The authorized capital of PJSC “OGHK” is UAH 1.994 billion, with a par value of UAH 1 per share.
