SkhidGZK is set to receive 555 million hryvnias from Energoatom: what will change at the company
This was announced by Ukraine’s Minister for Energy, Denys Shmyhal.
On the initiative of the Ministry of Energy, the government has adopted a corresponding protocol instruction. It stipulates that Energoatom will provide SkhidGZK with repayable financial assistance until the end of 2027.
The funds are intended to help the company increase its uranium ore extraction and production of uranium oxide concentrate. To this end, SkhidGZK has drawn up a development plan aimed at turning the company around and stabilising its operations.
What exactly will be modernised
SkhidGZK’s development plan involves the purchase of mining equipment, the carrying out of tunnelling works and a gradual increase in the production of uranium oxide concentrate to 45 tonnes per month.
It also involves the construction of new mining levels and the refurbishment of hoisting equipment and mine ventilation systems.
Another major focus is the design and construction of a new sulphuric acid plant. Its capacity is set to be 85,000 tonnes of sulphuric acid per year.
SkhidGZK is the only enterprise in Ukraine that mines and processes uranium ore. It supplies up to 40 per cent of Ukrainian nuclear power stations’ requirements for uranium concentrate; therefore, its stable operation is directly linked to the country’s energy security.
The company has been in a difficult financial situation for some time. The government has previously stated the need to stabilise the plant’s operations, resolve outstanding issues and raise employees’ wages to market levels.
What will happen to wages?
Separately, the government has set out measures to increase wages for employees at SkhidGZK.
In 2026, the increase is to take place in three stages — in June, September and December. According to Shmyhal, miners have already received a 20 per cent pay rise for June.
What does the corporatisation of SkhidGZK mean?
Financial assistance from Energoatom is intended to work in conjunction with the draft law on the corporatisation of SkhidGZK. On 30 June, the Verkhovna Rada supported, at first reading, the government’s draft bill No. 15122 on transforming the state-owned enterprise into a joint-stock company.
According to the government’s reasoning, corporatisation is intended to be a step towards the subsequent integration of SkhidGZK into Energoatom. The aim is to create a vertically integrated holding company that will control the entire cycle — from uranium mining and the production of uranium concentrate to electricity generation.
The Ministry of Energy expects that financial assistance, modernisation and corporatisation will help pull SkhidGZK out of its difficult financial situation.
For the state, this is not merely a matter concerning a single enterprise. Stabilising SkhidGZK should strengthen the country’s own raw material base for the nuclear power sector and reduce dependence on external supplies of uranium concentrate.
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