Ukraine holds approximately five percent of the world’s mineral resources, making it a region of significant interest, particularly for global powers like the United States. However, experts highlight that many of these resources remain unexploited or pose challenges for extraction.
Despite ranking 40th among mineral-producing nations, Ukraine was the world’s 10th largest iron producer in 2022, according to the 2024 World Mining Data report. A 2023 study by France’s Bureau of Geological and Mining Research (BRGM) identified over 100 mineral resources in Ukraine, including iron, manganese, and uranium.
Critical and Strategic Minerals
Certain minerals are considered critical or strategic due to their role in energy production and economic security. The U.S. lists around 50 such materials, while the European Union recognizes more than 30. The European Commission has identified Ukraine as a significant global supplier of titanium and a potential source for over 20 critical raw materials.
Ukraine is the eighth-largest producer of manganese, ranks 11th in titanium production, and is 14th in graphite output—an essential component for electric batteries. The country also holds about 20% of the world’s estimated graphite resources and is among Europe’s top potential lithium producers. However, lithium extraction has yet to begin despite Ukraine possessing one of Europe’s largest deposits.
Rare Earth Elements: Unexploited Potential
Rare earth elements (REE), a specialized group of 17 metals crucial for advanced technologies like wind turbines, electric motors, and defense systems, remain largely untapped in Ukraine. While former U.S. President Donald Trump has expressed interest in securing Ukraine’s rare earth supplies, no commercial mining of these elements has commenced.
According to BRGM and the U.S. Geological Survey, Ukraine has several deposits containing rare earth elements, but the country lacks active extraction projects. The Ukrainian government has identified six sites with rare earth deposits, including the Novopoltavske deposit, which is among the world’s largest. However, at least one of these sites falls within Russian-occupied territory.
Some of Ukraine’s rare earth resource estimates rely on Soviet-era geological assessments, which may overstate their accessibility and economic viability. According to S&P, Ukraine’s deposits could be too low in concentration or too challenging to extract, making large-scale mining efforts unprofitable.
While Ukraine’s mineral wealth holds great potential, realizing its economic benefits depends on overcoming extraction difficulties and geopolitical constraints.
