Ukraine’s Prime Minister Yulia Svyrydenko ordered a review of all licences to mine strategic minerals in the country on Thursday, as part of a broader effort to help the war-ravaged economy and secure new investment under a minerals deal with the United States.
In April, Ukraine and the United States agreed a minerals deal that was heavily promoted by US President Donald Trump. It envisaged that half of the revenues the Ukrainian government earns from mineral extraction would go to a joint US-Ukraine investment fund.
Svyrydenko said on Thursday the government will also rerun its tenders for gas extraction at two sites in western Ukraine.
“We plan to check who is actually working and who holds licenses without production. These facilities should either produce results or return to the auctions for conscious investors,” Svyrydenko said on the Telegram app.
“Our natural resources should work for Ukraine’s economy.”
Ukraine has deposits of 22 of 34 minerals considered critical by the European Union for industries such as defence, high-tech appliances and green energy, as well as ferro alloy, precious and non-ferrous metals used in construction, and some rare earth elements.
The deal with the United States, which gives the latter preferential access to Ukrainian minerals in exchange for investment, was seen as a way to help rebuild the economy, which has been devastated by Russia’s invasion, and help Kyiv’s defence efforts.
Government officials have previously said that Ukraine had about 3,000 mining licenses and about 10% of them may be dormant.
(By Olena Harmash; Editing by Hugh Lawson)
