Neqsol commissions independent ore reserve valuation of UMCC Titanium assets

The new owner of the United Mining and Chemical Company (UMCC Titanium), the international group Neqsol Holding, has commissioned an independent valuation of the company’s assets in accordance with international JORC standards. This was reported by the company’s press service.

The comprehensive assessment will be carried out by Micon International, a mining consultancy specializing in mineral resource and reserve estimation, mining engineering, and market and financial analysis for the mining sector. According to the company’s website, Micon has completed over 800 projects and prepared more than 1,400 technical reports worldwide.

Under the agreement, Micon will evaluate UMCC’s core production assets: the Vilnohirsk Mining and Metallurgical Plant in the Dnipropetrovsk region and the Irshansk Mining and Processing Plant in the Zhytomyr region.

Neqsol Holding acquired UMCC for UAH 4 billion. The formal buyer was Tsemin Ukraine, a Neqsol subsidiary and the sole participant in the privatization auction held in October 2024.

As part of the privatization terms, the investor is required to invest at least UAH 400 million into UMCC.

Neqsol is an international group operating in 11 countries, with headquarters in Amsterdam, Baku, and Kyiv. The group is fully owned by Nasib Hasanov of Azerbaijan.

Neqsol began its operations in the oil and gas sector in the early 1990s. Its energy activities are consolidated under two entities: Nobel Oil E&P, focused on exploration and production, and Nobel Energy, which provides services to oil and gas operators. In 2005, Neqsol entered the telecommunications market by acquiring Bakcell in Azerbaijan. In 2019, it acquired Vodafone Ukraine, the country’s second-largest mobile operator, from Russian owners.

The holding is also active in the construction materials sector, including cement production. Its subsidiary, Norm, established in 2013, is the largest cement producer in the South Caucasus.

  • According to 2024 estimates by previous management, the Vilnohirsk plant has stable operating prospects until 2030, while the Irshansk plant is expected to remain viable for at least 15 more years.