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Ukraine reforms mineral industry to attract investment
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Release time：2025-05-30
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This reform aims to address the industry's backwardness caused by outdated bureaucracy and lack of investment.
According to Reuters, citing sources, Ukraine is undergoing major reforms in its mineral industry, aimed at attracting significant investment through a recently concluded agreement with the United States. The country, affected by three years of military conflict, possesses 22 of the 34 critical minerals identified by the European Union. These minerals are crucial for various industries, including defense, high-tech equipment, and green energy. These reforms aim to address the industry's underdeveloped state due to outdated bureaucracy and lack of investment. After prolonged negotiations, Ukraine and the United States reached an agreement in April, which was endorsed by U.S. President Donald Trump. The agreement established a fund, operational since May 23, to channel revenues from new Ukrainian mining licenses into mineral projects.
Ukraine's Minister of Environmental Protection, Svitlana Hrynchuk, stated that Ukraine hopes the fund will significantly boost the mineral industry's potential, acknowledging that mineral extraction is a capital-intensive and long-term endeavor. This initiative is also part of Ukraine's broader strategy to align with the EU, as Ukraine aims to join the European Union before 2030. Hrynchuk detailed ongoing cooperation with the European Commission and the European Bank for Reconstruction and Development to digitize a large volume of Soviet-era geological data, with approximately 40% of the work already completed. Furthermore, the government is reviewing around 3,000 mining licenses, estimating that about 10% of them may be invalid. The minister emphasized the government's intention to revive idle assets valuable to the state. The license review process is expected to be completed within the next two years. Despite wartime obstacles, the government continues to auction mining licenses, having auctioned 120 licenses last year, raising 2.4 billion Hryvnia (US$57.72 million), and issued another 32 licenses this year, primarily for construction material extraction. Domestic investors have shown the greatest interest, particularly in oil, natural gas, and minerals such as titanium, graphite, and manganese. U.S. Treasury Secretary Scott Bessent called the mineral agreement a comprehensive economic partnership, which grants the U.S. priority participation in Ukrainian mineral agreements and supports the country's reconstruction efforts. Although the final documents for the joint investment fund were exchanged only recently, Ukrainian officials anticipate that project development will still take time.
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