“Last year, as part of a powerful consortium of leading European institutions, we secured a substantial grant for research and development,” Brodsky said. “This included studies aimed at improving ore beneficiation methods at our processing plant at the Byrzulivske deposit.”
According to Brodsky, one of the consortium’s key partners provided initial results indicating the potential presence of rare earth elements in the site’s ilmenite ore.
“As part of our joint work with European partners on the REPTiS project, under the Horizon Europe program, we received our first data on the possible content of critical materials—including rare earth elements—in our ilmenite,” Brodsky said.
“These include niobium, vanadium, hafnium, scandium, yttrium, lanthanum, cerium, neodymium, and thorium. Further studies are planned to assess the feasibility of industrial-scale extraction.”
The Byrzulivske deposit contains an estimated 3 million tons of ilmenite.
An investment fund formed under a bilateral agreement between Ukraine and the United States on critical minerals may become operational by the end of 2025.
In May, Velta secured $2 million in pre-export financing from U.S.-based raw materials trader Traxys. The funds will support reconstruction of the company's processing facilities at the Byrzulivske deposit.
In 2024, Velta produced 97,000 tons of ilmenite concentrate, down from 135,000 tons in 2023. The company’s two production sites have a combined design capacity of 240,000 tons per year, which is primarily exported.
Velta Holding is a Ukrainian mining firm specializing in the extraction and processing of titanium ores. It holds special licenses for the Byrzulivske and Likarivske ilmenite deposits.