The Cabinet of Ministers of Ukraine has reached an agreement with the U.S. Department of State regarding the allocation of additional funds for conducting modern geological exploration of Ukraine’s subsoil. The aim of this funding is to obtain up-to-date data on mineral reserves, which will allow for a more accurate assessment of the potential of deposits and identify the most promising areas for further development.
This is reported by Business • Media
New Programs and Expanded Cooperation
As reported by Minister of Economy Oleksiy Sobolev, these funds will be provided under a separate program that is not related to the work of the U.S.-Ukraine Investment Fund. Currently, the announced capital of the fund amounts to $150 million, with Ukraine and the U.S. each contributing $75 million. According to the minister, the new program will have a larger budget and will focus on updating geological information, as most existing data dates back to the 1950s-1980s.
“Under the new program, the budget will be larger,” the minister assured, adding that its goal is to update geological data. Most of this data currently dates back to the 1950s-1980s. Updated information allows for a more accurate assessment of reserves and identification of the most promising areas for development.
Updated data will facilitate attracting investors and developing Ukraine’s mining industry. Additionally, the government is working on creating an investment fund with the European Union, which plans to invest in private and public projects, receiving a share of 10 to 20%.
International Support and Partnership with Canada
Deputy Minister of Economy Yegor Perelygin noted that Ukraine plans to involve other partners in geological research, including Germany, the United Kingdom, and Canada. A bilateral agreement on cooperation in geology and subsoil use has recently been signed with Canada. Over the next two years, a Ukrainian-Canadian coordination committee on mineral resources will operate, serving as a platform for launching joint initiatives, sharing experiences, and implementing modern practices in natural resource management.
This cooperation encompasses the development of geological research, data updating, digital transformation of the industry, and joint exploration of critical mineral deposits.
Furthermore, the government has approved the procedure for implementing agreements regarding the establishment of the U.S.-Ukraine Reconstruction Investment Fund. This decision opens new opportunities for attracting investments, defines transparent rules for investors, conditions for business cooperation with state structures and American partners, as well as mechanisms for implementing joint projects.