Europe's largest uranium mine is being modernized with government funding
The Ukrainian government has allocated a 555-million-hryvnia loan to the state-owned enterprise “Eastern Mining and Processing Plant” to modernize Europe’s largest uranium mine.
According to Prime Minister Denys Shmyhal, upgrading the production facilities will make it possible to increase uranium ore production and strengthen the country’s energy potential.
Energoatom will provide SkhidGZK with repayable financial assistance through the end of 2027. The funds will allow the enterprise to increase uranium ore production and the volume of uranium oxide concentrate produced.
The company has developed a development plan that calls for the modernization of:
the purchase of mining equipment, the performance of tunneling work, and a gradual increase in the company’s production of uranium oxide concentrate to 45 metric tons per month;
construction of new mining levels;
the reconstruction of hoisting equipment and mine ventilation systems;
the design and construction of a new sulfuric acid plant with a capacity of 85,000 metric tons of sulfuric acid per year.
Shmyhal also promises pay raises for miners. In 2026, he said, the raises will take place in three stages—in June, September, and December. Miners already received a 20% pay raise in June.
Currently, “SkhidGZK” is in a difficult financial situation.
This was reported by Energy Minister Denys Shmyhal.
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