Integration into global supply chains – the key to developing Ukraine’s mineral resources

11/ 09/ 2025

On 4 September in Kyiv, the European Business Association hosted Mining Day 2025, a special industry event that brought together key stakeholders in the extractive sector, representatives of government, parliament, relevant agencies, and business. Discussions focused on the challenges and prospects for developing Ukraine’s mineral resource base, particularly in the context of war and future EU integration. Opening the event, Anna Derevyanko, Executive Director of the European Business Association, presented the results of the survey “Subsoil Use in the Context of War and Development Prospects.” Among those polled, 78% of subsoil users consider the sector investment-attractive, while 68% continue to invest in Ukraine’s mineral resources even during the war. Dmytro Kashchuk, Head of the EBA Subsoil Use Committee, noted that for decades Ukraine operated a closed system that deterred investors. The lifting of secrecy and the first steps towards data disclosure have become an important signal for the market. However, the war is slowing processes, making it essential to prepare the institutional and regulatory framework for the inflow of international investment. Yegor Perelygin, Deputy Minister of Economy, Environment and Agriculture, stressed that the Ministry is currently working on several strategic documents, including on the development of critical raw materials (CRM). According to him, the projects are nearly ready for public consultations with business and associations. Oleg Bondarenko, Chairman of the Verkhovna Rada Committee on Environmental Policy and Nature Management, underlined that the Verkhovna Rada has already amended the state programme for developing the mineral resource base up to 2030. He emphasised the importance of creating a dedicated fund for financing geological exploration through amendments to the Budget Code, noting that revitalising the geological research sector will significantly improve the investment climate. Oleh Hotsynets, Head of the Ukrainian Geological Survey, appointed in November, highlighted the importance of dialogue between government, business, and international partners. He stressed that only close cooperation can create favourable conditions for large-scale investment in subsoil development. He identified critical and strategic minerals, integration into European supply and processing chains, as well as value-added production, as priorities. During the second panel, Anthony Pollak, Ukraine Investment Advisor at the International Development Finance Corporation (DFC), Oleksandr Kravchenko, Managing Partner of McKinsey & Company in Ukraine, and Niko Gachechyladze, Director of the State Organisation Agency on Support of Public-Private Partnerships, discussed investment opportunities in Ukraine’s mining industry, particularly in critical materials such as lithium, graphite, and titanium. Pollak emphasised global demand and Ukraine’s role in supply chains. Kravchenko showcased lithium projects, stressing the synergy of deposits and cooperation with Europe. Gachechyladze highlighted the importance of a transparent regulatory environment and the engagement of international partners for technology and capital. Rіshad Aliyev, First vice deputy of UMCC Titanium and Head of Investor Relations at NEQSOL Holding, announced the privatisation of UMCC Titanium in 2024 as a strategic step of Dutch based Neqsol Holding B.V. in the mining industry. The company has already established supervisory and management boards with international experts, and engaged the UK’s Micon International to assess reserves under the JORC standard. In the short term, it plans to relaunch two plants; in the medium term, to expand reserves; and in the long term, to develop deep processing and the production of value-added products. Speakers also discussed the place of Ukraine’s critical raw materials in global supply chains and their role in reconstruction. Yegor Perelygin noted that the raw materials market is undergoing significant change. Primary processing is losing margins due to rising costs of energy, water, labour, and logistics. He emphasised that integration into global supply chains is the key task, with the US agreement and the EU CRM programme forming a unified strategic course. He also presented the Ministry’s vision and priorities for the sector as a strategic element of Ukraine’s economic recovery. He underlined that digitalisation of the industry is essential for attracting investors, alongside a systematic approach to interaction with subsoil users, operators, and investors. Another top priority for the Ministry is the full implementation of the UN Framework Classification. Denys Aloshyn, Chief Strategy Officer at UkrLithiumMining, reminded participants that investments in lithium extraction range from USD 300–400 million, posing significant risks for a country at war. He emphasised that new projects, including the Production Sharing Agreement for the Dobra deposit, should become pilot cases to demonstrate whether Ukraine can compete with global market leaders. Yuliia Lushpiienko, Head of Legal at BGV Group Management, presented investment projects in graphite and beryllium. Within BGV Graphite, the company plans to build a processing plant and SPG production, while BGV Beryllium foresees a full cycle from ore mining to beryllium bronze production. Among the main challenges she highlighted high energy costs, regulatory barriers, the lack of access to “long and cheap money,” and the absence of offtake contracts. She stressed the importance of tax incentives, financing for geological exploration, and Ukraine’s integration into global supply chains. We are sincerely grateful to the active business representatives, invited speakers and moderators – Andrii Gorokhov, CEO of umgi, and Iryna Suprun, Director of the Geological Investment Group – as well as the guests and partners of the event. The main partners were BGV Group Management, Geological Investment Group, NEQSOL Holding, umgi, and UkrLithiumMining.

On 4 September in Kyiv, the European Business Association hosted Mining Day 2025, a special industry event that brought together key stakeholders in the extractive sector, representatives of government, parliament, relevant agencies, and business. Discussions focused on the challenges and prospects for developing Ukraine’s mineral resource base, particularly in the context of war and future EU integration.

Opening the event, Anna Derevyanko, Executive Director of the European Business Association, presented the results of the survey “Subsoil Use in the Context of War and Development Prospects.” Among those polled, 78% of subsoil users consider the sector investment-attractive, while 68% continue to invest in Ukraine’s mineral resources even during the war.

Dmytro Kashchuk, Head of the EBA Subsoil Use Committee, noted that for decades Ukraine operated a closed system that deterred investors. The lifting of secrecy and the first steps towards data disclosure have become an important signal for the market. However, the war is slowing processes, making it essential to prepare the institutional and regulatory framework for the inflow of international investment.

Yegor Perelygin, Deputy Minister of Economy, Environment and Agriculture, stressed that the Ministry is currently working on several strategic documents, including on the development of critical raw materials (CRM). According to him, the projects are nearly ready for public consultations with business and associations.

Oleg Bondarenko, Chairman of the Verkhovna Rada Committee on Environmental Policy and Nature Management, underlined that the Verkhovna Rada has already amended the state programme for developing the mineral resource base up to 2030. He emphasised the importance of creating a dedicated fund for financing geological exploration through amendments to the Budget Code, noting that revitalising the geological research sector will significantly improve the investment climate.

Oleh Hotsynets, Head of the Ukrainian Geological Survey, appointed in November, highlighted the importance of dialogue between government, business, and international partners. He stressed that only close cooperation can create favourable conditions for large-scale investment in subsoil development. He identified critical and strategic minerals, integration into European supply and processing chains, as well as value-added production, as priorities.

During the second panel, Anthony Pollak, Ukraine Investment Advisor at the International Development Finance Corporation (DFC), Oleksandr Kravchenko, Managing Partner of McKinsey & Company in Ukraine, and Niko Gachechyladze, Director of the State Organisation Agency on Support of Public-Private Partnerships, discussed investment opportunities in Ukraine’s mining industry, particularly in critical materials such as lithium, graphite, and titanium. Pollak emphasised global demand and Ukraine’s role in supply chains. Kravchenko showcased lithium projects, stressing the synergy of deposits and cooperation with Europe. Gachechyladze highlighted the importance of a transparent regulatory environment and the engagement of international partners for technology and capital.

Rіshad Aliyev, First vice deputy of UMCC Titanium and Head of Investor Relations at NEQSOL Holding, announced the privatisation of UMCC Titanium in 2024 as a strategic step of Dutch based Neqsol Holding B.V. in the mining industry. The company has already established supervisory and management boards with international experts, and engaged the UK’s Micon International to assess reserves under the JORC standard. In the short term, it plans to relaunch two plants; in the medium term, to expand reserves; and in the long term, to develop deep processing and the production of value-added products.

Speakers also discussed the place of Ukraine’s critical raw materials in global supply chains and their role in reconstruction.

Yegor Perelygin noted that the raw materials market is undergoing significant change. Primary processing is losing margins due to rising costs of energy, water, labour, and logistics. He emphasised that integration into global supply chains is the key task, with the US agreement and the EU CRM programme forming a unified strategic course. He also presented the Ministry’s vision and priorities for the sector as a strategic element of Ukraine’s economic recovery. He underlined that digitalisation of the industry is essential for attracting investors, alongside a systematic approach to interaction with subsoil users, operators, and investors. Another top priority for the Ministry is the full implementation of the UN Framework Classification.

Denys Aloshyn, Chief Strategy Officer at UkrLithiumMining, reminded participants that investments in lithium extraction range from USD 300–400 million, posing significant risks for a country at war. He emphasised that new projects, including the Production Sharing Agreement for the Dobra deposit, should become pilot cases to demonstrate whether Ukraine can compete with global market leaders.

Yuliia Lushpiienko, Head of Legal at BGV Group Management, presented investment projects in graphite and beryllium. Within BGV Graphite, the company plans to build a processing plant and SPG production, while BGV Beryllium foresees a full cycle from ore mining to beryllium bronze production. Among the main challenges she highlighted high energy costs, regulatory barriers, the lack of access to “long and cheap money,” and the absence of offtake contracts. She stressed the importance of tax incentives, financing for geological exploration, and Ukraine’s integration into global supply chains.

We are sincerely grateful to the active business representatives, invited speakers and moderators – Andrii Gorokhov, CEO of umgi, and Iryna Suprun, Director of the Geological Investment Group – as well as the guests and partners of the event. The main partners were BGV Group Management, Geological Investment Group, NEQSOL Holding, umgi, and UkrLithiumMining.