The signing of the Agreement to establish the American-Ukrainian Investment Fund for Reconstruction has sparked optimism regarding attracting investments in Ukraine’s geological exploration and subsoil use sector. This was reported by the President of the Union of Geologists of Ukraine, Pavlo Zahorodniuk. According to him, Ukraine has discovered 20,000 deposits and occurrences of 105 types of minerals, but only 3,500 of them are currently being developed.
This is reported by Business • Media
“Most of them date back to the Soviet era. Due to privatization processes, they are mainly exploited by private enterprises. New deposits are practically not being explored. There is a pressing issue of ‘dormant’ licenses, where no work is being conducted on explored and prospective areas,” Zahorodniuk noted.
Zahorodniuk also pointed out that the only company actively engaged in geological exploration today is “Ukrgazvydobuvannya,” which is part of the Naftogaz Group. The arrival of American investors and cutting-edge global technologies, he said, could provide a powerful impetus for the development of this sector in Ukraine and improve the employment of specialists.