Former Silmet CEO Invests €30 Million in Cargo Terminals
Tiit Vähi, the former majority shareholder of the rare earth metal production company Silmet Grupp, will invest around 30 million euros into the development of a general cargo and container terminal at the port of Sillamäe.
Vähi made 63 million euros from selling his Silmet shares in spring and has pledged to put all of the money into the development of the port.
Petroleum and liquid chemical terminals located at the harbor are well developed, Vähi told Äripäev, adding that the time is right to build general cargo terminals, construction of which will start in August.
America's Molycorp acquired a 90 percent share in Silmet Grupp on April 4. The company said it plans to use raw material from its mine in California to make the Sillamäe facility the first such producer in Europe that does not depend on materials from China.
Ingrid Teesalu