KYIV, Aug 27 - Ukraine has cancelled the privatization auction for the sale of Europe's largest titanium and zirconium miner, United Mining and Chemical Company (UMCC), due to the lack of participants, Reuters reported Friday citing the state property fund.

The fund said in June the auction was due to take place on Aug. 31 and the starting price for 100% of UMCC had been set at 3.7 billion hryvnias (about $136 million).