Ukraine approves lists of critical and strategic minerals

"This decision will make it possible to manage subsoil resources more effectively, attract investment into the extractive industry, and create new opportunities for the long-term development of Ukraine's economy," emphasized Svitlana Hrynchuk, Minister of Environmental Protection and Natural Resources.

The resolution approves the following:

• A list of minerals and components of strategic importance, which includes 11 minerals: bauxite, beryllium, copper, nickel, niobium, strontium, tantalum, titanium, uranium, zirconium ores, and fluorite.

• A list of minerals and components of critical importance, which includes 28 minerals (also incorporating those of strategic importance): bauxite, beryllium, copper, nickel, niobium, strontium, tantalum, titanium, uranium, zirconium ores, fluorite, vanadium, bismuth, tungsten, gallium, hafnium, indium, rare earth elements, lithium, arsenic, tin, lead, scandium, antimony, tellurium, cesium, zinc, and potash salt.

• A list of subsoil areas (mineral deposits) of strategic and/or critical importance to be made available via auctions (electronic bidding) for the sale of special permits for subsoil use, which includes 60 subsoil areas and mineral deposits with titanium, lithium, copper, nickel, cobalt, niobium, beryllium, zirconium ores, potash salt, fluorite, and apatite.

• A list of subsoil areas (mineral deposits) of strategic and/or critical importance to be made available via production-sharing agreement tenders, which includes 26 subsoil areas and deposits containing vanadium, lithium, titanium, uranium ores, and potash salt.

It is noted that this step is aimed at protecting national interests, strengthening the country's defense capability, and creating transparent mechanisms for access to subsoil resources.

The approval of the lists is expected to enhance the investment appeal of Ukraine's extractive sector, support the development of industrial production, and contribute to the country's sustainable economic growth.

Additionally, the approval of the lists is one of the priority steps for the successful implementation of the agreements outlined in the Ukraine–US deal on the creation of the US–Ukraine Recovery Investment Fund.

According to Hrynchuk, the document approved by the Cabinet serves as a foundation for launching Ukraine's market for strategic and critical raw materials, and, accordingly, for filling the fund.

"It will significantly improve the country's investment climate, help establish Ukraine as a full-fledged player and partner in the international extractive industry market, and bring us substantially closer to meeting the requirements of the Ukraine Facility Plan and the standards outlined in the European Critical Raw Materials Act, which is important in the context of the sector's European integration," the minister explained.

Minerals deal with the United States

On May 1, Ukraine and the United States signed an agreement to establish a US–Ukraine Investment Fund. On May 8, the Verkhovna Rada - Ukraine's parliament ratified the intergovernmental agreement.

President of Ukraine Volodymyr Zelenskyy signed the law on May 12, completing the ratification process.

The remaining agreements will be of a commercial nature and will be signed by entities other than the government.

The deal with the United States regarding the use of Ukraine's natural resources also provides for payments from the state budget. Zelenskyy recently signed the corresponding law.

Additionally, Ukraine's mineral resources are becoming more accessible to businesses. The government has lifted the classified status from data on lithium, gold, titanium, and other strategic minerals to grant investor access and simplify industry development.

For more details on the Ukraine–US minerals deal and why it matters, read the full article on RBC-Ukraine.