Eastern Mining is to receive a loan of 555 million UAH for modernisation

NAEK Energoatom will provide the state-owned enterprise Eastern Mining and Processing Plant with repayable financial assistance amounting to
555 million hryvnias. This is stated in a press release from the Ukrainian Ministry of Energy.

The relevant protocol instruction, initiated by the Ministry of Energy, was approved by the government; the loan has been granted until the end of 2027.

As noted, the funds will enable the enterprise to increase uranium ore extraction and the production volumes of uranium oxide concentrate.

Eastern Mining has drawn up a development plan for the company, which provides for measures to restore and stabilise its operations.

These include:

• the purchase of mining equipment, tunnelling works and a gradual increase in the production of uranium oxide concentrate to 45 tonnes per. month,
• the construction of new mining levels,
• the refurbishment of hoisting equipment and mine ventilation systems,
• the design and construction of a new sulphuric acid plant with a capacity of 85,000 tonnes of sulphuric acid per year.

Separate measures have been set out to increase wages for the company’s employees; this year, the increases will take place in three stages – in June, September and December. Miners have already received their June wages, which have been increased by 20 per cent.

According to a statement from the Ministry of Energy, these decisions, together with the adoption of the draft law on the corporatisation of Eastern Mining, will help to bring the company out of its difficult financial situation.

As First Deputy Prime Minister and Minister of Energy Denys Shmyhal noted, the plan is to transform Eastern Mining into part of a vertically integrated holding company that will control the entire technological cycle – from the extraction and production of uranium concentrate to electricity generation.

It should be recalled that in 2025, Ukraine’s industrial output declined due to a slump in the extractive industries. Positive growth was recorded in the defence industry, pharmaceuticals, metallurgy, the food industry and the production of building materials.