Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring

Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring

20.01.2016 News

Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the springGeorgian Manganese temporarily suspends all works on the extraction and enrichment of manganese ore in the Chiatura mine (formerly JSC “Chiaturmarganets”, Georgia, Imereti). According to American Metal Market, the activities will be stopped starting from January 20, due to poor market conditions in the global markets of steel products.

Stop of Enterprice , which is expected to last for four months, will allow the company to reduce the manganese ore reserves that have accumulated as a result of weak demand for manganese, said the representatives of the company.

Georgian Manganese, which is wholly owned by Georgian American Alloys Inc (GAA, USA, Miami) intends to maintain a full-time staff at the enterprise downtime. For employees will retain the right to 60% of their salary and health insurance benefits.

“It was a difficult decision, and we share the disappointment of our employees. But we believe it is only right thing to do at this time,” – quoted in the words of director of Georgian Manganese Vladimir Lozinski.

This states that the company does not expect any disruption in customer service and will continue to carry out the sale and delivery of the products during the period of inactivity.

Georgian Manganese Products are sold in the international markets through the distribution network Felman Trading Inc, which also belongs to the GAA.

Chiatura manganese mine has an annual production capacity of approximately 261 tonnes of manganese ore per year, and about 400 thousand tons of manganese concentrate per year.

In April 2013 it was announced that the company Georgian American Alloys, Inc. acquired a 100% stake of the Georgian company Georgian Manganese Ltd. and Vartsikhe 2005 (together – GM) – a leading Georgian producer and exporter of standard and high-grade silico-manganese. GM has three individual divisions – Chiatura manganese mine, where manganese ore is mined, Zestaponi Ferroalloy Plant, which processes silico-manganese, and hydroelectric power plants Vartsikhe supplying electricity to Zestafoni plant and Chiatura Mine.

Georgian American Alloys, Inc. is controlled by the shareholders of Ukrainian PrivatBank Igor Kolomoisky and Gennady Bogolyubov, who also owns the ferroalloy assets in Ukraine. In particular, these are Nikopol and Zaporizhia Ferroalloys plants.

Source: delo.ua

Other articles

  • globallogic hexacta
    News

    GlobalLogic Acquires Hexacta, an Innovative Digital Engineering Firm in Latin America

    Company Continues Strategic Expansion Adding New Service Capabilities, Talent, and Broadening Nearshore Footprint SAN JOSE, Calif.—January 5, 2023— GlobalLogic Inc., a Hitachi Group Company and Digital Engineering Leader, today announced the acquisition of Hexacta, a Pan-Latin-America digital and data engineering company. The acquisition is part of GlobalLogic’s continued strategy to expand its offerings, and its […]

  • globallogic healthtech 1
    News

    GlobalLogic engineers help create nearly 10% of the global medical device market

    Last year, the global medical device market reached $532.62 billion, according to Mordor Intelligence. Ukrainian engineers are involved in the projects of key players, which occupy almost 10% of the market. This share can be estimated at 50 billion US dollars*. Domestic specialists create more than a hundred software solutions of various levels. These include […]

  • 2779913
    News

    Twitter працює над відновленням відеосервісу Vine

    Новий власник Twitter Ілон Маск доручив інженерам попрацювати над перезавантаженням Vine, яке може бути готове до кінця нинішнього року. Про це повідомляє Axios. Зазначається, що інженерам компанії необхідно вивчити стару кодову базу відеосервісу, яка не змінювалася та не оновлювалася з моменту закриття, а саме з 2016 року, коли з’ясувалося, що майданчик не витримує конкуренції. Втім, одне з […]

  • picturepicture 156446930057951110266878 96171
    News

    CREDIT AGRICOLE TOPS THE SOCIAL RESPONSIBILITY RATING AMONG BANKS ACCORDING TO STANDARD-RATING

    Credit Agricole has been ranked first in the social responsibility rating of the banking sector, created by Standard-Rating based on the 2022 half-year results. The rating agency commended the bank’s contribution to the economy of Ukraine. The bank has paid UAH 100 million in taxes in advance, while issuing UAH 1.2 billion in loans under […]

  • impact automotive
    News

    How Ukrainian developers make impact on road safety

    From October 1, drivers must turn on the dipped headlights of the car outside the city. This helps to additionally mark the vehicle in conditions of low visibility within the autumn-winter period. GlobalLogic reminds about the importance of compliance with traffic rules and tells about the developments of Ukrainian engineers that affect road safety. In […]

  • 750x450 press release image ua
    News

    Intellias completes acquisition of Digitally Inspired, strengthening expertise in the Retail and eСommerce industry

    Intellias, a global software engineering and digital consulting company, has announced the completion of its acquisition of Digitally Inspired, a fast growing, UK based peer, focusing on the Retail and eCommerce industry. “I am delighted to welcome the Digitally Inspired team to Intellias. It is symbolic that Intellias’ twentieth anniversary coincided with signing an agreement […]

  • shutterstock 1920327596
    News

    3×4, a recently-founded Ukrainian Web3 fundraising platform, launches its first campaign

    3×4, a Web3 fundraising platform for non-profits, has been launched in Ukraine to bring innovative crypto & NFT fundraising to the rising number of social impact causes. 3×4 helps non-profit organizations to fundraise utilizing NFTs in collaborations with artists and brands while providing donors utility, revenue and transparency. The idea of 3×4 was born in […]

  • 632595f853279441907151 730x410
    News

    The September, 29 will take place the international investment forum REBUILDING UKRAINE WITH THE PRIVATE SECTOR: International Investment Fair

    In order to present existing opportunities and draw attention of the international business community, UkraineInvest organizes an international forum with the participation of leading business representatives and expert environment of Ukraine and the world. The need to rebuild Ukraine creates a variety of attractive investment projects aimed at contributing to shaping a new economy of […]

Read also

Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

В Україні стрімко подорожчають доступні кредити

Нові кредити за програмою 5–7–9 видаватимуть під ставку до 20%, повідомив прем’єр-міністр Денис Шмігаль. “Серед урядових рішень, які сьогодні приймаємо задля відновлення економічної активності, – це зміни в положення про програми цільового кредитування. Після підвищення облікової ставки з боку НБУ такі програми загальмували. Про це говорить бізнес. Тому уряд сьогодні внесе зміни, які дозволять прибрати […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Toshiba’s net profit for April-September was $ 33 million

The Japanese electronics giant Toshiba Corporation in the first half of the 2020-2021 fiscal year (ended September 30) earned a net profit of 3.493 billion yen ($ 32.95 million) against a loss of 145.146 billion yen ($ 1.3 billion) a year earlier. it is said in the company’s reporting. The company’s operating profit was 3.114 […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

SpaceX will connect Starlink to planes and all trucks

Elon Mask’s company has applied to the Federal Communications Commission (FCC) for permission to connect cars, trucks, cargo ships and aircraft to its network of fast-growing Starlink Internet satellites. This is what Verge says. The completed document states that SpaceX is requesting a comprehensive license to operate Starlink terminals on so-called “mobile ground stations, which […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

The EU will allocate 1.6 million for improve the air legislation of Ukraine

National Aviation Service will implement a project – Twinning, which provides technical and financial assistance of the EU, with the aim to bring Ukrainian aviation standards to the European ones. This was told by Alexander Bilchuk, chairman of the State Aviation Service of Ukraine. “The signing of the working agreement between the State Aviation Service and […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Saudi Arabia will invest $ 10.5 billion in the Ukrainian agricultural sector

Businessmen from Saudi Arabia are planning to invest $ 10.5 billion in the agricultural sector of Ukraine. This writes the “Novoe Vremya”, with reference to the Saudi newspaper Al-Watan. According to the report, a statement was made after the talks of the Ukrainian Ambassador in Saudi Arabia Vadim Vakhrushev with 25 Saudi businessmen. The meeting […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Warren Buffett says he’s lost $2 billion on IBM

On Friday, Buffett’s Berkshire Hathaway announced that it has lost $2 billion on its IBM investment. That’s 15% of the more than $13 billion worth of IBM’s stock that Berkshire has purchased over the past four-plus years. Berkshire says it is still committed to IBM, calling the downturn in IBM’s stock “temporary.” “IBM continues to […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Nissan and Renault are planning a global merger

The alliance between the two companies has been  existing for 15 years, but for now the direction of companies   expect for closer cooperation. It is supposed to create a single platform, which will produce 70% of Nissan and Renault cars (now there are 10% of manufactured machines), in fact, both brands are planning to release […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Danish agricultural company affiliated enterprise opens a pig factory farm for 12 million euros

LLC Dan-Pharm Ukraine expects to put into operation pig factory farm on feeding  of  25 thousand hogs  in Korostensky district in the Zhytomyr region. On Tuesday, Vadim Shestakov,the First Deputy CEO of the company told journalists during the AgrarianOlympus of 2016 international congress : “We began to build it in 2014 and we have been […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

The Ministry of Agrarian Policy and Food of Ukraine required to stop the production of wines by the nameless company under the trade mark “Massandra”

The “Global Kamianka Vine” company ceased the production of wines under the TM “Massandra” according to the request of the Ministry of Agrarian Policy and Food of Ukraine. This is stated in the message of the Ministry of Agrarian Policy and Food of Ukraine. Before holding a competitive tender for procurement of rights for using […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

The British regulator may restrict the use of AstraZeneca

The British medical regulator is considering restricting the use of the coronavirus vaccine by the British-Swedish company AstraZeneca and Oxford University among young people due to concerns about the formation of blood clots. This was reported on Tuesday by The Times. A similar decision could be made, according to her, the Agency for the Control […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

How has the legislation of Ukraine changed during the year?

For the year 2016, much has changed in Ukraine’s legal system as well. By the representatives of the Ukrainian government was done an extensive work in the field of reform of the current legislation. December, 30 is the perfect time to take stock of this work. We decided to focus on the innovations that are […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Will russian gas line TogliattiAzot be built by passing Ukraine?

In the near future Ukraine may lose some revenue from the transit of Russian gas. Foreign  provider JSC Togliatti, which is among the top ten international flagship for the production of ammonia, is considering the possibility of building an additional pipeline from their company to the terminal in Taman port, by passing the Ukrainian part […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Failure could cost Facebook $ 100 million

Failure of Facebook, Instagram and WhatsApp applications could cost the company about $ 100 million, according to analysts at Fortune. In particular, the calculations were based on the company’s financial results for the second quarter of 2021, in which Facebook’s revenue was $ 29.08 billion, or $ 319.6 million per day, or $ 13.3 million […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Farmak сan be deprived of license to use the trademark Diazolinum

Commercial Court of Kiev  took to attention  the case of the right’s  deprivation of Farmak Ukraine on the use of certificates for signs for Diazolinum goods. It is reported by a specialized news resource Pharma.net.. A prerequisite to the beginning of the litigation was an appeal of representatives of the international distributor of Farmat LTD […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Today passes “The Tiger Conference” in “Hilton” hotel

Today, December 2, 2015, in the capital «Hilton» hotel passes the fourth international “The Tiger Conference”, which is devoted to energy issues, the new economy, leadership, and the rule of law. The conference was attended by over 300 of heads of domestic and foreign companies as well as government leaders and public figures. Representatives of […]

Next
Georgian Manganese, controlled by shareholders of Privatbank, stopped the work of Chiatura manganese mine until the spring
News

Ukraine places 8-year Eurobonds worth $ 1.25 billion

Ukraine places eight-year Eurobonds for 1.25 billion dollars at 6.875%. The demand is more than $ 3.3 billion. This was reported by Interfax-Ukraine, citing its own source. Initially, the benchmark profitability of the issue was 7-7.25%. Demand for Ukraine’s debt at the final rate exceeded $ 3.3 billion. According to the publication, Deutsche Bank, BNP […]

Next