OUP LLC completed a transaction to acquire a stake in TGOK Ilmenit JSC in the amount of 25% of the authorized capital minus 1 share during the placement of an additional share issue
JSC TGOK Ilmenit. The documents for the transaction were signed by General Director of OUP LLC Ruslan Dimukhamedov and an authorized representative of the current shareholders
JSC TGOK Ilmenit - investment fund LLC Izurium Capital Advisors (Rus) LTD. (Izurium investment fund) Roman Mironchik. The amount of the deal was not disclosed.
The project for the construction of a mining and processing plant based on the placer titanium-zirconium deposit Tuganskoye in the Tomsk Region has been implemented at the expense of the Izurium investment fund since 2012. ARMZ Uranium Holding Co. joined the project at the main stage of construction - in May 2021.
“Not only the financial investments of ARMZ Uranium Holding Co., but also the competencies of the employees of the Mining Division of Rosatom make it possible to complete the construction and start mining titanium and zirconium using the most modern environmentally friendly technologies,” Roman Mironchik emphasized.
As part of the roadmap for the development of the high-tech field “Technologies of New Materials and Substances” in the Russian Federation, ARMZ Uranium Holding Co. is responsible for the Rare and Rare Earth Metals area. They are necessary to meet the strategic needs of the state, in particular, defense and space development. For example, for several years, JSC Dalur (part of the management of ARMZ Uranium Holding Co.) has been successfully mining scandium at the deposits of the Kurgan region.
“Our country has the richest natural resources, but the processing of rare earth ores is a complex and expensive process. We are looking for and financing those projects that will solve two problems at once: provide supplies to the domestic market and be profitable. One of them is the construction of the Tugansky GOK. The Tuganskoye deposit of titanium-zirconium sands is better than all similar deposits in Russia, ready for industrial development, has a developed infrastructure, logistics, and proven technology. In addition to the main products - zirconium and titanium concentrates - the company plans to produce a large number of glass and fractionated sands," Ruslan Dimukhamedov said.
According to Aleksey Shemetov, First Deputy General Director of ARMZ Uranium Holding Co., in the future, it is possible to increase the share of ownership of OUP LLC in the authorized capital of TGOK Ilmenit JSC to a controlling one.
The products of JSC TGOK Ilmenit will be used to meet the needs of the most important enterprises of the high-tech industry in Russia: the manufacturer of zirconium claddings for nuclear fuel JSC ChMP (part of the control loop of JSC TVEL / Fuel Division of the State Corporation Rosatom) and the manufacturer of metallic titanium and titanium alloys - VSMPO-AVISMA Corporation.
In addition, Russian industrial enterprises for the production of titanium dioxide, ferroalloys, welding electrodes, refractory materials, metallic zircon, and ceramics will also be consumers of rare metal concentrates.
Quartz sand, of various types and classes, will be used for glass and foundry enterprises, for the production of dry building mixtures, as fillers for sandboxes in railway locomotives, and filters for water treatment.