Ukraine has limited deposits of several rare earth elements. Moreover, some are located in the temporarily occupied territories, and accurate data concerning them is classified. However, other strategic minerals are of real interest to foreign investors:
- Titanium (used in mechanical engineering and the production of paints and plastics). Ukraine has about 1% of world reserves (8 million tons).
- Lithium (batteries, glass, ceramics). Lithium reserves are estimated at 500,000 tons. This is less than 2% of global reserves. Ukrainian reserves are estimated to be the second largest in Europe. The Kruta Balka deposit is under occupation, Shevchenkivske is on the front line, and the rest are in the relatively safe Kirovohrad region.
- Nickel and cobalt. Proven reserves are estimated at 215,000 tons, with global reserves of 58 million tons. Nickel ores contain cobalt, of which Ukraine has about 100,000 tons or slightly less than 1% of world reserves.
The Association of Ukrainian Mining Industries called Trump’s proposal to “pay” for American weapons with minerals an opportunity for the Ukrainian critical metals industry to develop.