Ukraine opens resource reserves to EU and US, eyes global supply shift
Ukraine is opening its resource reserves to the West, proposing joint extraction of titanium, uranium, and lithium with the European Union and the United States. Prime Minister Denys Shmyhal emphasizes that the country can replace Russia as a key supplier of strategic resources but needs investors to exploit this potential, reports "Rzeczpospolita".
Ukrainian Prime Minister Denys Shmyhal, in an article for "Politico", proposed joint extraction of natural resources with the European Union, stressing that Ukraine has some of the largest titanium deposits in the world and the largest uranium and lithium deposits in Europe.
We can replace Russian titanium in the European market, supporting the development of the EU's civilian and military industries. Unlike Russia, Ukraine is a reliable partner, noted Shmyhal.
Although Ukraine is among the top ten countries in terms of titanium ore resources, only 10% of its deposits are exploited. A lack of investment and the effects of Russian aggression have hindered the development of the mining sector. Shmyhal pointed out that Ukrainian resources are crucial for the European defense sector, which needs stable supplies of strategic metals.
Ukraine has what Russia lacks
As stated, Ukraine is one of the most resource-rich countries in Europe. Twenty-two of the 30 key strategic resources for the EU are found on its territory. The country:
- ranks first in Europe in terms of uranium deposits,
- possesses the largest lithium reserves in Europe,
- has significant deposits of titanium, nickel, copper, and cobalt,
- is a key supplier of rare earth metals.
However, about half of the deposits are located in regions affected by occupation or intense military activities, such as the Luhansk, Donetsk, and Dnipropetrovsk oblasts. Meanwhile, Russia is facing significant issues with depleting deposits, especially since many new ones are in the hard-to-reach Arctic and Far Eastern regions.
Moreover, Ukraine's logistics and proximity to Europe make transporting resources faster and cheaper, a substantial advantage over Russia as a supplier.
Lithium – the key to modern technologies
One of the most sought-after resources in Ukraine's catalog of natural wealth is lithium, essential for the production of batteries, electric cars, and military equipment.
If lithium consumption was 460,000 tons in 2021, we forecast an increase to 6 million tons by 2030. We are ready for joint ventures with the EU, announced Shmyhal.
According to calculations by "Forbes", the total value of Ukraine's mineral resources was approximately $15 trillion in 2023, while lithium reserves alone are estimated at 500,000 tons.
Donald Trump wants Ukraine's resources
Ukraine is not the only player in the resource market. Donald Trump publicly stated that the USA should gain priority access to Ukrainian resources in exchange for continued military support.
Ukrainian President Volodymyr Zelensky responded to these speculations in an interview with Reuters, emphasizing that Ukraine does not intend to give away its natural wealth for free.
Americans have given us the most support and therefore should receive priority access to our resources, said Zelensky.
According to Kyiv's data, about 20% of Ukrainian deposits are located in territories occupied by Russia, including nearly half of the rare earth metal deposits. The Ukrainian president warned that Moscow might transfer part of these resources to its allies, such as North Korea and Iran.
U.S. National Security Adviser Mike Waltz confirmed that the Trump administration wants Washington to recover the costs of military aid through cooperation in the resource sector.
