The country is reforming its mineral sector, which has endured three years of war, with the hope of unlocking its vast potential and attracting billions of dollars in investment through its partnership with the US on minerals, Ecology Minister Svitlana Hrynchuk said.
Ukraine possesses deposits of 22 out of the 34 minerals that the EU considers critical for industries such as defense, high-tech equipment, and green energy. The mining industry currently contributes about 4% to the country’s GDP, although its potential is significantly higher.
Meanwhile, losses in the sector due to Russian aggression have reached around ₴70T ($1.7T). To restore and develop the industry, the government, in collaboration with the EU, is implementing a large-scale project to digitize Soviet-era geological data. The government is also working to review over 3,000 existing mining licenses. Hrynchuk estimated that approximately 10% of these may be inactive and suggested adopting “appropriate management decisions” regarding them.
Last year, Ukraine generated ₴2.4B from the sale of 120 licenses and has issued 32 licenses this year.