Only around 5% of Ukrainian mining permits analysed relate to industrial minerals, metals and critical minerals, while nearly 500 permits expire by the end of 2027
Days after the U.S.–Ukraine Reconstruction Investment Fund (URIF) approved its largest investment package to date, a new Razom We Stand report, Between War and Extraction: Ukraine’s Energy Transition Minerals and the Governance Test, finds that much of Ukraine’s mineral wealth is still potential rather than production, and that governance, not geology, will decide whether investment delivers for Ukraine, its partners and Europe’s energy transition.
On 2 October, Ukraine’s Ministry of Economy announced that URIF will commit more than $60 million, expected to attract up to $850 million in additional capital. Its minerals component, a platform with BGV Group Management, will build a portfolio of early-stage mining projects, initially targeting rare earth elements, beryllium and zirconium. The report finds that rare earths and beryllium remain largely at exploration or early-development stage in Ukraine.
Razom We Stand’s analysis of publicly available Ukrainian permit data found that of 2,070 mining permits analysed, only around 5% relate to industrial minerals plus metals and critical minerals, while construction materials and dimension stone account for around 61%. Graphite shows the gap between geology and commercial reality most clearly: eight major deposits have been identified, but only one is currently producing, and Ukraine has no commercial lithium production yet. Meanwhile, 352 mining permits are due to expire in 2026 and another 146 in 2027, almost a quarter of the dataset, creating an immediate test for licensing transparency, regulatory capacity and public accountability.
Ukraine is not starting from zero. It achieved a “High” score of 85.5 in its 2025 EITI Validation and has introduced digital licensing and beneficial ownership disclosure. But the report finds implementation is now the central challenge: faster investment and permitting must be matched by transparent ownership, credible environmental safeguards and meaningful community participation. It also argues that Ukraine’s opportunity lies not only in exporting raw materials, but in domestic processing and higher-value industry connected to more diversified European supply chains.
Author of the Report, Javier Casas, said:
“Ukraine’s critical minerals partnership is moving from agreements to investment. Now comes the test of implementation. As the partnership moves from agreements to actual projects, transparency, accountability and responsible governance become even more important. The questions are now concrete: which projects will receive investment, who owns and ultimately benefits from them, and how will affected communities participate?”
Razom We Stand will follow that transition through its U.S.–Ukraine Minerals Deal Tracker, which monitors how commitments translate into financing and projects, alongside mapping of who owns and controls Ukraine’s mining companies and a community case study documenting the impacts of extraction on the ground.
