Page 2 - United Mining News Today

SPFU presents a concept of the Ukrainian Sovereign Wealth Fund, expecting to launch it in 2024. On Nov. 8, Oleksandr Fedoryshyn, acting head of the State Property Fund of Ukraine (SPFU), presented what the Ukrainian Sovereign Wealth Fund will look like to the Verkhovna Rada’s Economic Development Committee. According to Fedoryshyn, the sovereign fund would gradually come to include all strategic SOEs that are not subject to privatization.

Ukraine is one step away from meeting the IMF’s structural benchmarks on corporate governance reform of GTSOU. With the Cabinet’s approval, the Energy Ministry is now able to formally appoint these candidates.

The state wants to take away Naftogaz’s right to decide on its subsidiaries’ dividends. The draft law on the 2024 state budget (Draft Law No. 10000) proposes that entities in which 50 percent or more of shares are owned by Naftogaz must pay their 2023 dividends directly to the state budget. Naftogaz is carved out individually in this draft law, which is considered to be a poor practice.

On Sept. 29, United Mining and Chemical Company (UMCC) said that the State Property Fund (SPFU) changed the company’s executive board, dismissing first deputy CEO Yaroslava Maksymenko and replacing her with Yegor Perelygin. According to liga.net, Perelygin headed UMCC from August 2021 to April 2022. The executive board now also includes deputy CEO Dimitri Kalandadze, deputy security and audit director Valeriy Papenko, and former branch head Valeriy Zakharenko.

Rio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the worlds largest untapped iron ore deposits, as its Chinese partners are yet to make their...

Rio Tinto has been solely funding preparatory work at the blocks it holds at Simandou, one of the world's largest untapped iron ore deposits, as its Chinese partners are yet to make their funds available, two sources close to the matter said. The Anglo-Australian miner owns two of four Simandou mining blocks as part of its Simfer joint venture with China's Chalco Iron Ore Holdings (CIOH) and the government of Guinea, where the mine is located. It has so far spent more than $500 milli...

Rio earmarked $800m for its share of the development in 2023 and around $2bn a year in 2024 and 2025.

Controlling stakes in Odesa port-side chemical plant, Centrenergo, United Mining and Chemical Company, Ukrainian Energy Machines, Electrotyazhmash, Sumykhimprom were among the 15 large privatization objects that are represented in the ProZorro.Sale system.

SPFU head Umierov resigns to head the Defense Ministry. On Sept. 3, President Volodymyr Zelensky announced that he was replacing Defense Minister Oleksii Reznikov with the head of the State Property Fund of Ukraine (SPFU), Rustem Umierov. The next day, the Rada approved both, and Zelensky put forth Umierov’s formal appointment.

Volodymyr Zelensky removed Defense Minister Oleksii Reznikov from his post Sunday, citing the need for “new approaches and other formats of interaction with both the military and society in general.” Sputnik reached out to a veteran Ukrainian politician in exile and a senior retired US Army officer to get a better sense of Reznikov’s replacement.