- Ukraine holds vast untapped reserves of critical minerals like lithium, titanium, and graphite, essential for EVs, clean energy, and defense, with the US seeking a deal to reduce reliance on China.
- Around 20% of Ukraine’s mineral-rich land, valued at £6 trillion, is under Russian control, posing challenges to resource access and extraction.
Ukraine is set to sign an “improved” minerals deal with the US after the US dropped its claim to $500 billion in potential revenue, according to the FT. The news has boosted the euro and market sentiment, but what about the commodities involved?
Ukraine holds about 5% of the world’s critical raw materials, essential for EVs, clean energy, and defense. Its untapped reserves, valued at over £12 trillion, include lithium, titanium, and graphite. The US is eager to secure these resources to reduce reliance on China, which dominates 75% of rare earth production.
Ukraine has commercially viable deposits of 117 key minerals. It holds 500,000 tonnes of lithium, vital for rechargeable batteries, and one of Europe’s largest titanium reserves, used in aerospace and military industries. Ukraine also holds 20% of global graphite resources, crucial for EV batteries and nuclear reactors.
However, 20% of Ukraine’s land, including regions with £6 trillion in mineral wealth, is currently under Russian occupation. Bordering areas containing £2.8 trillion in resources, faces an advancing Russian military.
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