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UKRAINE APPROVES LYDFORD BAUXITE MINE RE-ACTIVATION NEGOTIATIONS AS PART OF VERTICAL ALUMINUM INDUSTRY STRUCTURE

 UKRAINE APPROVES LYDFORD BAUXITE MINE RE-ACTIVATION NEGOTIATIONS
 AS PART OF VERTICAL ALUMINUM INDUSTRY STRUCTURE
 NEW YORK, Oct. 27 /PRNewswire/ -- Leonid Kornienko, First Deputy Economy Minister of the Republic of Ukraine has advised Jamaica Bauxite Mining (JBM) of his government's approval of the plans to re-activate the Lydford Bauxite Mining Facility as provided for in the Heads of Agreement among JBM, Nikolaev Alumina Plant (NAP) and American Partners. Minister Kornienko further confirmed "the designation of Global Interholding Corp. (Global) to act as the duly authorized representative of the Republic of Ukraine in all negotiations henceforth required to finalize the contemplated transaction."
 Production at the Lydford mine is predicted to reach 1.5 million tons per year within 18 months of start-up and 2.5 million tons per year within 5 years, the major portion of which will go to NAP. Vitaly Meshin, director of NAP, said "in addition to the Jamaica bauxite, Guinea which currently supplies bauxite to the NAP facility, is likely to continue to supply a percentage of NAP's bauxite needs."
 The planned re-activation of the Lydford mine is the second stage of a vertical program for Ukraine's aluminum industry. The initial stage was effected in October 1991 with the opening of the Interwindows manufacturing facility in the Odessa region, for the production of architectural aluminum products. Vincent J. Amato, Jr., president of Pioneer Windows, Inc. of New York, a partner in the Ukrainian-American Interwindows joint venture stated that "Interwindows has found in its first year of operations an enormous market potential for the use of aluminum architectural products manufactured in Ukraine, not only for windows, but in other office and residential applications."
 The vertical manufacturing program sought by the Ukrainian government contemplates an expansion and technological initiative in alumina production, aluminum smelting and extrusion. NAP is presently reviewing a feasibility study for the expansion of its Nikolaev alumina production with particular emphasis on special alumina products and dry aluminum hydrate. Ivan Bastriga, director of the Zaporozhye Production Aluminum Combinat (Zaporozhye), another participant in the program and the major aluminum smelter in Ukraine, stated "that Zaporozhye's plans for the future include a major expansion of its smelter operations to provide an increased production capability of 250,000 tons per year as well as state of the art rolling mill." The third participant, the Brovary Aluminum Plant (Brovary) of Kiev, the leading aluminum extrusion facility in Ukraine, has entered into a joint venture agreement with NAP and Zaporozhye to construct and operate a Western style extrusion facility in Brovary, capable of fabricating architectural aluminum products for potential sale and distribution in both the East and West.
 Global has been designated by each of the Ukrainian participants to manage the planning and development of the foregoing projects, commencing with feasibility studies and continuing to financing programs through private and governmental funding sources. Minister Kornienko in reviewing the broad range plans concluded "that such vertical manufacturing program would permit the transition from raw material to finished aluminum product, providing a market potential resulting from competitive pricing for the sale of the end product, not only in Ukraine, Russia and other NIS republics but also elsewhere in the world."
 -0- 10/27/92
 /CONTACT: Marvin Margolis of Global Interholding Corp, 212-956-1177, or fax, 212-956-3071/ CO: Global Interholding Corp. ST: New York IN: MNG SU:


KD-AH -- NY080 -- 5463 10/27/92 13:39 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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