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INDUSTRY: State extends licenses at Yaroslavsky's Sukha Balka mine

Twenty-year extension opens up strategically crucial iron ore enterprise for long-term development

Business Ukraine magazine
Wednesday, 08 November 2017 11:54

On 7 November, Ukraine's State Services of Geology and Mineral Resources extended the existing ore extraction licenses for Krivih Rih's Sukha Balka mine. The decision was confirmed by an announcement published at the state body's official website. "The issuance of licenses took place in pursuance of the decisions of the Dnipropetrovsk District Administrative Court and the decisions of the Supreme Administrative Court of Ukraine," the website of the agency said.

Twenty-year extensions of the licenses for subsoil use at Sukha Balka mines have been granted to Kharkiv businessman Alexander Yaroslavsky. This ruling is confirmation of earlier commitments given by the state body, which stated that it would ensure the further stable operation of what is widely seen as a strategically crucial enterprise for Ukraine's mining and metallurgical industries.

Sukha Balka General Director Vitaly Bash said the decision to issue the licenses illustrated the state service's responsible approach to the country's economic development. "The renewal of licenses gives the enterprise confidence in the future and the ability to plan its work normally," said Mr. Bash. The chairman of the trade union organization representing the mine's employees, Victor Blagoviy, noted that the decision provided comfort for workers and removed concerns about jobs and wages. "The investor set us the task of developing production, but the issue of licenses remained unresolved. We are now able to begin painstaking work without worrying about the well-being of their families."

The Sukha Balka mine is one of Ukraine's leading iron ore enterprises and dates back more than one hundred years to the first industrial boom in the region. Sukha Balka mine complex features a number of individual mines including Yubileynaya and Frunze.

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