Seized titanium plant posts 2.5x higher losses
Demurinsky Mining and Processing Complex is included in the large privatization program (Photo: SPFU)
A mining and processing plant confiscated from Russian billionaire Mikhail Shelkov increased its net loss 2.5 times over the past year, Ukraine’s State Property Fund said on Apr. 6.
Net revenue of Demurinsky Mining and Processing Plant LLC from product sales in 2025 amounted to 154.07 million hryvnias, down 15% from 2024. The company’s net loss for 2025 totaled 278.67 million hryvnias, 2.5 times higher than in 2024.
As of Dec. 31, 2025, the company’s accounts payable stood at 142.5 million hryvnias.
As reported, in February 2023, a ruling by the Appeals Chamber of the High Anti-Corruption Court transferred all assets of Demurinsky Mining and Processing Plant LLC to the state.
Previously, the company was owned by Russian billionaire Mikhail Shelkov, who controlled the plant through Russia’s VSMPO-AVISMA Corporation, the world’s largest producer of titanium products. Several days before the start of the full-scale war, Shelkov’s structures carried out a sham sale of the plant, but the oligarch retained de facto control over the asset.
Ukrainian sanctions against Shelkov were imposed in June 2021.
According to the State Property Fund, Demurinsky Mining and Processing Plant is currently preparing for privatization. An auction for the sale of the asset has not yet been scheduled.
Demurinsky Mining and Processing Plant LLC is one of Ukraine’s largest mining and processing enterprises, registered on May 30, 2001. Since 2006, the company has been developing the Vovchanske titanium-zirconium placer deposit in Dnipropetrovsk Oblast (northern and central sections).
The plant holds a special license for subsoil use to extract titanium-zirconium ores suitable for producing zircon, rutile, ilmenite, kyanite-sillimanite and staurolite concentrates. The license is valid until July 29, 2031.
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