Ukraine's government updates mineral resources accounting for agreement with US
Photo: Yulia Svyrydenko (Vitalii Nosach, RBC-Ukraine)
The Ukrainian government has updated its mineral resources accounting system, bringing it into line with international standards. This is necessary for the implementation of the resource agreement with the US, according to Prime Minister of Ukraine Yulia Svyrydenko.
"We held a thematic environmental Cabinet meeting. As a result, we have many decisions that are important for our European integration," she wrote.
The national classification is now aligned with the UN Framework Classification.
The decision will allow:
- To make the industry more transparent and understandable for investors
- To increase the competitiveness of Ukrainian raw materials on the world market
- To open up new opportunities for business and economic development.
"This is also an important step after the signing of the Agreement between Ukraine and the US on cooperation in the field of mineral resources," she added.
Minerals deal
On May 1, Ukraine and the US signed an agreement to establish a US-Ukrainian investment fund.
In the near future, the US-Ukrainian investment fund will receive the first contributions from both parties for a total amount of $150 million.
At the beginning of the year, there was talk of extracting rare earth metals.
However, according to Naftogaz, oil and gas extraction projects will be implemented first.
