Investors are already taking notice: Kim announced plans to launch the MGZ and build an aluminum plant

The head of Mykolaiv region Vitaliy Kim said that potential investors are already eyeing the Mykolaiv Alumina Plant, but real projects are possible only after the end of the war. According to him, the enterprise was saved from looting despite the difficult situation after the confiscation of assets from the Russian oligarch Oleg Deripaska. Several options for the future of MGZ are currently being considered — from reorienting exports to creating a full-fledged aluminum production, which could significantly change the region’s economy.

“We did not let the whole enterprise be looted — even two criminal cases were brought”

According to Vitaliy Kim, the plant’s previous operating model was unprofitable for Ukraine, since the enterprise served only as a raw-material stage in the production chain. He recalled that there had been plans to build an aluminum plant based on the Zaporizhzhia Aluminum Combine, but the project fell through due to electricity cost issues. Now investors are studying various options, but without access to maritime logistics they cannot be implemented.

“Earlier, when Deripaska built his chain, the Mykolaiv Alumina Plant was an intermediate stage between production and the end consumer. The raw-material story is not very profitable for Ukraine. Among the plans was the construction of a plant based on the Zaporizhzhia Aluminum Combine. And it was even sold to it, but then they did not agree on the price of electricity, and the project stopped”

He also explained that there are currently two basic development scenarios: either MGZ will operate to export products to Europe or the USA, or a full-scale aluminum plant will be built in the region. The enterprise is managed by the State Property Fund, which is conducting negotiations with potential investors.

“And then there are two paths. The first is to supply what is produced at MGZ, reorienting from the Russian market to the European or American, the second — to build our own aluminum plant. We even found a site and worked through this idea. Now the governing body is the State Property Fund, and they are talking with investors. Investors come and look at MGZ, but at the same time we clearly understand that this will not be implemented while the war is ongoing. I think the Mykolaiv Alumina Plant will be one of the first projects to attract interest after the war ends”

Separately, Vitaliy Kim emphasized that the key factor for launching aluminum production is electricity — the plant will require at least 1 GW of capacity. According to him, such a need could theoretically be met by building a new power unit at a nuclear power plant.

“I am sure this should be done here, on a short distance, to ensure competitiveness. In addition, an aluminum plant requires a minimum of 1 GW of electricity, which has to come from somewhere. And we have the possibility of building a fourth unit of the nuclear power plant that is exactly one gigawatt. So everything is coming together to make it possible to do this in our region, but the war needs to end”

At the same time, the situation around the enterprise remains tense. On April 26, 2026, after a storm in the area of the village of Lymany, a rise of dangerous red dust into the air from MGZ’s tailings fields was recorded. The problem of red mud has remained unresolved for years and poses risks to people’s health.

Recall that since 2022 the plant has effectively been idle: after confiscation from Oleg Deripaska it went into state ownership. Of the 4,000 employees, about 300 remain at the enterprise, and in early 2026 information appeared that there might not be enough funds to maintain the tailings fields.

Earlier we wrote:

• “An episode exacerbated the problem”: an ecologist warned about the danger of dust from MGZ tailings storage sites
• MGZ is being prepared for sale: the plant in Mykolaiv was valued at $86 million
• Red mud from MGZ again “attacked” nearby villages from the air
• Kim announced the transfer of special vehicles to MGZ to combat dust from the tailings
• Environmental bomb near Mykolaiv — no money, but the director of MGZ declared nearly 14 million in salary