Billion-dollar resources of Ukraine: What is Trump searching for in our deposits?
The issue of Ukraine became a priority for Donald Trump even before his inauguration as president. According to representatives of the Republican Party, the American politician sees benefits in Ukrainian minerals. Ukraine, being one of the richest countries in Europe in terms of rare minerals, has reserves estimated at $2-7 trillion.
Ultimately, Trump's team has reminded us of this before.
"Telegraph" has discovered which resources might interest the USA, and whether this interest is beneficial for Ukraine or poses potential risks.
What minerals are we talking about?
Minerals are one of the main treasures of Ukrainian land, with dozens of types and numerous deposits. The newly elected U.S. President Donald Trump, as an entrepreneur, is interested in everything that can bring profit to American corporations and companies.
As noted in a conversation with "Telegraph", the development director of "Geological Investment Group" and head of the subcommittee on mineral resources of the European Business Association (EBA - Ed.) Dmitry Kashchuk explains that Republicans have always acted this way, including during Trump's previous presidential term.
— In fact, Ukraine has a number of interesting deposits that need to be developed. I believe that involving American companies in the exploration of these minerals is a key part of the proposal for the American government. Among the most promising, in my opinion, are lithium, uranium, titanium, and graphite, — he states.
Prices for these minerals are rising, and demand is too
Foreign investors have long been ready to invest significant funds into the exploration of these deposits. A vivid example is the recent privatization of a large mining and chemical company dealing with titanium raw materials. In November 2024, Azerbaijani investors transferred over 100 million dollars to Ukraine's budget.
— Currently, only alluvial (sandy) deposits are being mined. However, we also have primary ilmenite titanium deposits that have yet to be developed. They are located in the Zhytomyr, Dnipropetrovsk, Kirovohrad regions, and partially in Kyiv Oblast and hold great potential. This direction has a future, — Kashchuk believes.
As the expert explains, 90% of titanium raw materials are processed into titanium powder. The majority of such products are used in white paints, paper, and coatings. After all, titanium is what gives the white color. Sometimes this material is used in the military sector (up to 10% of the total volume) — for rockets, airplanes, and similar technologies.
Ukraine is also rich in uranium — an important resource for nuclear energy. Uranium ore is mined at three deposits: Michurinskoye, Central (which is part of the Ingulskaya mine in Kropyvnytskyi), and Novokonstantinovskoye.
At the beginning of 2022, the volume of natural uranium production in Ukraine was between 500 to 800 tons per year, covering 30% of the country’s nuclear energy needs. Today, the planned production of uranium oxide concentrate is 1,200 tons.
Among everything, Ukraine ranks among the largest exporters of iron in the global market. We also have large resources of coal, native sulfur, kaolin, graphite, and refractory clays.
Reserves of lithium are estimated to reach 500,000 tons of the metal according to various assessments.
This metal, known for its light weight and high energy density, is used in the production of lithium-ion batteries for electronic devices and electric cars. The demand for these devices is increasing annually worldwide, which directly impacts the demand for lithium. Currently, the majority of this metal is mined in the "lithium triangle" of South America, covering territories of Chile, Bolivia, and Argentina, which account for 70% of global reserves.
However, this is evidently insufficient to meet the needs of the global market. Therefore, for Trump, new sources of lithium, particularly in Ukraine, could be decisive.
Part of the resources is occupied and unexplored
One important nuance is that our deposits remain insufficiently studied, even within the country. In particular, local subsoil users have yet to extract a single gram of lithium.
— Globally, Ukraine has significant reserves of these minerals. If we talk about the European Union, as far as I remember, about 20–34% of lithium deposits there are either unprofitable for extraction or their reserves are unconfirmed. Ukraine has four potential deposits, — shares Dmitry Kashchuk.
This concerns the "Dobra" site and the Polokhovskoye deposit in the Kirovohrad region, "Krutaya Balka" in Zaporizhzhia, and Shevchenkivske in Donetsk. Access to the latter is theoretically possible after these territories are liberated. However, these deposits are insufficiently studied, and the information about them is based on Soviet explorations.
— The Polokhovskoye deposit has recently been licensed to "Ukrlitiydobycha". Significant funds have been invested in its development. However, the process is still in the preparatory stage: old reserves are being studied, and the technical and economic justification (TEO) is being developed according to international standards. It will be ready soon, and then the company will begin constructing mines and a mining and processing plant, — explains the head of the EBA's subcommittee on mineral resources.
According to him, the company can undertake all these processes either independently or in partnership with Americans.
— The launch of such projects usually takes 7–8 years, considering the stages of preparation and research. But initial results can be expected as early as in 2-3 years, — says Dmitry.
As the specialist explains, lithium in Ukraine is found in pegmatites. This means it is located in hard rocks similar to large granite. Simply put, this rock has a certain concentration of lithium. Lithium is divided into spodumene and petalite. Spodumene has a higher concentration of lithium, while petalite has a lower one.
The Polokhovskoye deposit, being developed by "Ukrlitiydobycha", contains petalite ore. It is less enriched than others but can be processed, and lithium carbonate can also be produced from it.
Will Trump excavate all of Ukraine's land?
Ultimately, it is known that Donald Trump pays little attention to environmental issues. This was noted even during his presidency in 2017. At that time, he withdrew from the Paris Climate Agreement, reducing U.S. commitments to cut greenhouse gas emissions and support "green" initiatives.
By the way, he plans to renew this decision in a new term.
However, the development director of "Geological Investment Group" Dmitry Kashchuk believes that Ukraine should not fear that such approaches by the American politician could harm our environment.
— I do not share the opinion of an uncontrolled approach. Ukraine is a conscious state, and the Ministry of Ecology has already implemented an environmental impact assessment procedure. Environmental risks have been minimized. However, it should be noted that our standards are still lower than those in the EU. For instance, it is currently easier to enter the critical minerals market than it will be after joining the European Union, — says the expert.
Billions for the state budget and jobs
According to Dmitry Kashchuk, the development of lithium alone will bring significant revenues to the Ukrainian state — tens and hundreds of millions of dollars. But the main benefit is job creation. Lithium extraction is a resource-intensive and labor-intensive industry. This represents a new industrialization in the context of the green transition (a process initiated after the Association Agreement with the EU aimed at greening the economy and developing clean energy).
— Our domestic and foreign banks do not finance projects in extraction unless they are related to the green transition (ESG projects). However, the extraction of critical minerals for the green transition receives funding, creates jobs, and pays taxes. This is an important initiative that aligns with global trends, — says Dmitry Kashchuk.
He reminds us that coal mines and polluting industries are being closed worldwide. Projects related to the green transition will continue to develop for another 50–100 years.