Akhmetov and Shevetovsky’s JV acquires clay deposit in Zakarpattia: why do partners need it?
12 November 22:01
MR Invest, owned 75.5% by Vesco Group (assets of Rinat Akhmetov’s UMG Investments) and 24.5% by Valentyn Shevetovsky’s TerraGres (founder of ceramic tile and porcelain stoneware manufacturer Golden Tile), has received a special permit for clay mining at the Irlyava site in Zakarpattia. This was reported by "Komersant Ukrainian" with reference to Prozorro.Sale.
The victory at the auction was ensured by a minimal overbid: MR Invest’s bid was only one thousand hryvnias higher than the offer of its competitor Imex Minerals. Thus, the license was worth UAH 10 million. The permit was issued for 10 years and covers geological exploration with subsequent production.
This is Vesco’s first asset in the Zakarpattia region. Before the full-scale invasion, the main production was carried out at fields in Donetsk region. Some of them are now located in the temporarily occupied territories or near the front line, which effectively blocks operations. In response, the group has shifted its investment activity to safer regions of Ukraine: in 2024, it invested in a kaolin deposit in Zhytomyr region, and now it is investing in the Irlyava field.
According to the auction documents, the expected reserves here are about 1.1 million cubic meters of light and yellow-brown clay. The location is convenient logistically: the site is located in Uzhhorod district, between Mukachevo and Uzhhorod.
Before the war, Vesco shipped up to 3 million tons of clay a year, mostly for export. In 2024, the volume of shipments amounted to about 1.2 million tons, which is still a notable result against the backdrop of the failures of the first war years. At the same time, UMG Invest more than doubled its revenue to UAH 12.8 million, although its profit for 2024 was four times lower than in 2021. Regarding the new asset, Vesco emphasizes that capital investment estimates are premature, as there is only initial public geodata. At the first stage, the group plans to allocate about UAH 3.5 million for full-fledged geological exploration, and will make a decision on further investments based on the results of the work.
Meanwhile, Valentyn Shevetovsky (who owns 24.5% of MR Invest) is developing Golden Tile with an installed capacity of up to 24 million square meters per year. The manufacturer uses Irlyava clay for a wide range of building ceramics: facing and facade materials, porcelain stoneware, and brown clay for bricks and rough ceramics. That is, the project has a direct industrial “anchor” in the form of deep processing. Formally, the parties explain the alliance by diversifying risks, raising additional capital, and protecting investments in wartime, without departing from the basic strategy of steady supply of raw materials to local consumers. Vesco and Shevetovsky’s business already have positive stories of cooperation in the supplier-client model, so the joint venture seems to be a logical continuation of cooperation.
There is also the context of competition for Zakarpattia’s resources. According to Forbes Ukraine, in 2022, Shevetovsky’s structures won five special permits for clay in the region at auctions, but after the AMCU’s decisions on competition violations, the prosecutor’s office succeeded in canceling them through the court. Industry observers speculate that the current joint venture structure with Vesco’s majority participation removes the previous regulatory claims.
Currently, the parties are promoting a public narrative of “synergy of expertise”: Vesco’s mining competence plus Golden Tile’s production and sales base. If the geology confirms the potential, the asset could become a new point of sustainable raw material supply for the Ukrainian ceramic industry with convenient logistics to the western corridor.
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What we know about MR Invest
MR Invest LLC is a young Ukrainian mining company established in May 2023 to develop mineral extraction projects. According to open registers, its EDRPOU code is 45047363, and its legal address is registered in Kyiv.
The main activity of the company is the extraction of sand, gravel, clay and kaolin (CEA 08.12). The company’s authorized capital is UAH 100 thousand, and it employs one person.
MR Invest’s ownership structure: 75.5% of the company is owned by UMG Investments (VESCO Group), an investment group that is part of Rinat Akhmetov’s business empire, and 24.5% is owned by TerraGres LLC, a company owned by businessman Valentyn Shevetovsky, known as the founder of the Golden Tile ceramic tile brand. The changes in the founders were officially registered in May 2025.
VESCO: from Donbas mines to a European holding, or How the company built a global business on clay
VESCO is a group of companies specializing in the extraction and supply of ceramic raw materials: clay, refractory materials, etc. Its facilities are located in Ukraine and a number of European countries: Spain, Italy, Romania, Poland, and Serbia. The Ukrainian division is called VESCO Ukraine Group and includes production companies, including PJSC VESCO, Druzhkivske Rudoupravlinnia, Ogneupornerud, and Chasiv Yar Refractory Plant.
VESCO grew out of Donbas clay mining, which started in the late 18th century and became industrialized in the mid-20th century. In 1959, the Chasovoyarsk Refractory Plant was established (merger of Ordzhonikidze Plant and Chasovoyarsk Ore Mining Administration), in 1961, the Druzhkivka Ore Mining Administration was established with Novoraysk and Veselivske clay mines and Bantyshivske sand mine. in 1967, Veselivskyi mine was spun off and renamed Vesco in 1994, the future base of the VESCO brand. In the 1980s, Druzhkovka Mining Division became a pioneer in land reclamation.
In 2006, SCM consolidated VESCO, Druzhkovka Mining and Ogneupornerud under the management of United Minerals Group (now umgi), doubling exports to 20 countries in two years. Since 2012, the company has been performing its own stripping work and launched systematic social investments; in 2014, it invested €1.8 million in a laboratory. In 2019, the company adopted an internationalization strategy; in 2020, it opened subsidiaries in Italy and Spain and gained control of the Chasovoyarsk plant. 2021 sales exceeded 3.5 million tons in 25 countries. Despite the war in 2022, all orders were fulfilled, and a mixing complex in the port of Castellon and an R&D hub in Andorra were launched. In 2023, VESCO Balkans was opened (Romania, Serbia) and the development of the Encarnita quarry in Spain began.
Transcarpathian clay for Golden Tile: what is known about Terragres
Terragres LLC is a Ukrainian company registered on September 22, 2022 in Kolchyno, Mukachevo district, Zakarpattia region (2 Zaliznychna Street). The main activity is the production of non-metallic mineral products (NACE 23.99). The authorized capital of the company is UAH 2 million. The company is managed by director Vitaliy Tkach, and the ultimate beneficiary is businessman Valentyn Shevetovsky, the founder of the Golden Tile group, one of the largest Ukrainian producers and exporters of ceramic tiles and porcelain stoneware.
The founding of TerraGres was part of Golden Tile’s large-scale diversification strategy aimed at expanding its raw material base and controlling clay production, a key material for ceramics production. In 2025, the company joined the MR Invest joint venture.
In addition to its industrial activities, Terragres has become a ceramic tile brand in the Golden Tile product portfolio, which emphasizes the company’s close integration into the production chain from the deposit to the finished product.
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