The auction on privatization of United Mining and Chemical Company (UMCC), a leading producer of titanium ore, zirconium, rutile and ilmenite concentrates in Ukraine and Europe, will be carried on 31 August 2021, according to the schedule adopted by the Ukrainian government. UMCC is the largest miner of ilmenite, rutile and zircon in Europe.

The company develops titanium-zirconium deposits and produces rutile, ilmenite and zircon concentrates, as well as provides concentrate enrichment services. The UMCC's branches mine and enrich titanium ores in Ukraine and are one of the world's largest producers of these minerals. The UMCC consists of the following branches:

• Vilnohirsk Mining and Metallurgical Plant: Malyshevske deposit (Dnipropetrovsk region).
• Irshansk Mining and Processing Plant: Mezhyrichne deposit (Zhytomyr region).

The auction procedure includes the following steps:

• 2 July 2021 – publication of the announcement regarding the auction, the starting price and other terms of sale.
• June – August 2021 – meetings with top-management of UMCC, visits to production sites of UMCC, meeting with the State Property Fund of Ukraine (SPFU) officials.
• Until 6 August 2021 – application of potential buyers to SPFU and signing of non-disclosure agreements with SPFU, receiving of information package and draft shares purchase agreement (SPA).
• July – August 2021 – preparation for the auction and due diligence – access to the UMCC dataroom, buyers' due diligence, meetings with UMCC and the SPFU officials, etc.
• Until 10 August 2021 – proposals and comments from potential buyers regarding the draft SPA.
• Until 13 August 2021 – deadline for potential buyers to receive the approved final draft of the SPA, which cannot be further amended.
• Until 19 August 2021 – submission of auction documents and application for participation in the auction.
• 31 August 2021 – the auction date. The winner of the auction will be select on the highest price bid basis for 100% of UMMC shares and will fulfill the terms of the auction.
• September 2021 – signing of the SPA.
• September – October 2021 – payment of the purchase price.

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