In Ukraine, only 3,500 out of the 20,000 identified mineral deposits are currently being developed.

The signing of the Agreement on the Establishment of the American-Ukrainian Reconstruction Investment Fund has sparked optimism that tangible investment will finally reach Ukraine’s geological exploration and subsoil sector, said President of the Union of Geologists of Ukraine Pavlo Zagorodniuk. He explained that through persistent efforts from geological services, Ukraine has identified 20,000 deposits and identified 105 mineral types, yet only 3,500 are actively being utilized.

“Most of these deposits are remnants from the Soviet era. Due to privatization processes, they are predominantly managed by private companies, and there has been minimal exploration for new deposits. A significant issue is the prevalence of inactive licenses, where no progress is being made in explored and potentially promising areas,” Zagorodniuk remarked.

He further indicated that the only company currently undertaking significant geological exploration is Ukrgazvydobuvannya, which is part of the Naftogaz Group.

The involvement of American investors and the introduction of advanced global technologies, as per Zagorodniuk, will accelerate industry growth in Ukraine and enhance job opportunities for industry specialists.