Ingulets Iron Ore Plans 90% Charter Fund Increase.

Ukraine’s largest iron ore miner decided at its EGM on Sept. 12 to increase its charter fund by $64.5m by issuing 1.3 bn additional shares with a par value of $0.05. Ukraine-based Russian businessman Vadim Novinsky controls 99% of Ingulets Iron Ore through his company Smart Group. The funds are to be used for undisclosed investment projects. Andriy Gostik: One likely use for the funds would be to implement an agreement signed in July between Smart Group, the steel trader Hares Group and Kobe Steel (Japan) to introduce direct iron reduction technology.