KYIV, Feb 23 — With around five percent of the world’s mineral resources, Ukraine has attracted global attention, including from former US President Donald Trump.
KYIV, Feb 23 — With around five percent of the world’s mineral resources, Ukraine has attracted global attention, including from former US President Donald Trump. However, experts note that not all of these resources are being exploited—or even viable for extraction.
According to the 2024 World Mining Data report, Ukraine ranks 40th among global mineral-producing countries and was the 10th largest iron producer in 2022. A 2023 geological study, including research by France’s Bureau of Geological and Mining Research (BRGM), identified over 100 resources in Ukraine, including iron, manganese, and uranium.
Critical Minerals in Ukraine
Minerals deemed critical or strategic vary by country, with the U.S. designating about 50 and the EU more than 30. The European Commission recognizes Ukraine as a key supplier of titanium and a potential source of over 20 critical raw materials.
Ukraine is the world’s eighth-largest producer of manganese, ranks 11th in titanium production, and 14th in graphite—an essential component for electric vehicle batteries. The country also claims to hold one of Europe’s largest lithium deposits, though extraction has yet to begin.
Rare Earth Elements: Potential but No Extraction
Rare earth elements (REE), a subset of 17 metals vital for high-tech industries like electronics, wind turbines, and drones, have not yet been mined in Ukraine. Trump has pushed for access to these minerals in exchange for U.S. aid to Ukraine.
Elena Safirova of the US Geological Survey confirmed that Ukraine has rare earth deposits, but none are currently mined. A 2023 BRGM report noted significant REE resources in Ukraine but stressed that further exploration and large-scale investment would be necessary.
The Ukrainian government estimates that six deposits contain rare earths, with the Novopoltavske deposit being one of the world’s largest. However, an estimated $300 million investment is needed for development.
Despite these projections, some elements listed by Ukraine—such as tantalum, niobium, beryllium, and strontium—are not classified as rare earths. Furthermore, rating agency S&P cautioned that some estimates are based on Soviet-era assessments, and the deposits may be too low in concentration or too difficult to access, making extraction potentially unprofitable. — AFP
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