A new Razom We Stand report, Between War and Extraction: Ukraine’s Energy Transition Minerals and the Governance Test, examines whether Ukraine is prepared to govern growing international interest in its critical minerals responsibly as the country navigates war, reconstruction and closer integration with the European Union.
Ukraine has significant potential across graphite, titanium, manganese, uranium, lithium, beryllium and other strategic minerals, but the report finds a substantial gap between geological potential and commercial reality. Some minerals, including graphite and titanium, already have an industrial base, while others such as lithium and beryllium remain largely at exploration or early-development stage. Ukraine’s graphite sector illustrates this gap particularly clearly: eight major deposits have been identified, but only one is currently producing.
The report also provides a new picture of Ukraine’s mining-permit landscape. 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%. At the same time, 352 mining permits are due to expire in 2026 and another 146 in 2027, creating an immediate test for licensing transparency, regulatory capacity and public accountability.
Ukraine is not starting from zero. The country has strengthened extractive-sector governance through EITI implementation, digital licensing, beneficial ownership disclosure and reforms linked to EU accession. Ukraine received a “High” score of 85.5 in its 2025 EITI Validation. But the report finds that implementation is now the central challenge: accelerating investment and permitting must be matched by transparent ownership, credible environmental safeguards, meaningful community participation and effective institutional oversight.
The report argues that Ukraine’s opportunity should not be limited to extracting and exporting raw materials. Responsible development of its mineral resources could support reconstruction, domestic processing and higher-value industries while contributing to more diversified European energy-transition supply chains. Ukraine’s mineral potential is therefore also a governance test: its long-term value will depend not only on what lies underground, but on how those resources are managed above ground.
