Ukraine's vast reserves of rare earth minerals give it the potential to be a strategic supplier to the West. President Donald Trump is considering a deal that would provide continued U.S. support for Ukraine in its fight against Russia in exchange for access to its minerals. As VOA correspondents Myroslava Gongadze in Warsaw and Anna Chernikova in Kiev report, the proposal is being discussed at the Munich Security Conference.
The Zavallivsky mine in central Ukraine has one of the largest deposits of graphene in Europe, a key material for electric vehicle batteries and nuclear reactors.
This is one of the large reserves of rare earth minerals that the United States is targeting as it tries to reduce its dependence on China for such materials.
The mine's managers say that with the right investments it could become a global player in the graphite sector.
"This is about billions of dollars and years of investment. The Ukrainian government needs to work closely with American, European partners and powerful players around the world to make a move in this process, to create this foundation together," says Ostap Kostyuk, head of the Zavallivsky graphite mine.
The Ukrainian government says its country has mineral deposits of 22 of the 50 strategic materials identified as critical by the United States. It also has 25 of the 34 minerals the European Union has classified as critically important.
It concerns graphene, lithium, titanium and uranium, essential minerals for the defense industry, green energy and high-tech industries.
Experts say Ukraine has high potential but large investments are required to exploit these reserves. Voice of America spoke with Ms. Mariia Kurylo, who is with the State Commission for Mineral Resources.
"Rare mineral projects are not only very important, but they are strategic for development, not only for Western partners but also for our own development."
Ukrainian mining company BGV says it has spent $100 million on critical minerals projects, but additional investments of hundreds of millions of dollars are required to scale up operations.
Voice of America spoke with Serhii Voitsehovskyi, board member of the Ukrainian mining investment company, BGV.
"Development of the graphite mine in Balakhivka requires capital investment of about $450 million."
As America and other Western countries seek to reduce dependence on China for critical minerals, Ukraine sees an opportunity to strengthen its economy and security.
"We have a strategy that brings benefits in every aspect. Partners need these materials, which are actually high-value products," says Serhii Voitsehovskyi with the firm BGV.
America and Europe have been trying to reduce their dependence on China, the world's leading supplier of rare earth minerals. Roman Opimakh was the general director of the Geological Survey of Ukraine.
"Ukraine will help Europe and America to reduce dependence on China and partly on Russia. At the same time, it strengthens stability in the country. Large investments and high supplies can function as an iron dome for Ukraine."
He says the partnership is strategic and economic. Despite the war and possible territorial losses, he says most critical minerals remain under Kiev's control. VOA (A2 Televizion)
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