Ukraine and USA forge new mineral extraction agreements: Sydyridenko announces auctions and cooperation on mineral resource development
The Ministry of Economy and State Geology of Ukraine is preparing to conduct comprehensive audits of all mineral resource users holding licenses for the development of key strategic deposits.
This decision was announced by Prime Minister Julia Sydyridenko via her Telegram channel, where she also unveiled plans to launch new competitive procedures for licensing on resource areas in collaboration with the United States.
According to Sydyridenko, the main goal is to ensure transparency and fair competition, as well as to verify that licenses are granted only to operators capable of delivering tangible economic benefits from their projects.
“We want clarity: who is actually working, and who is only holding licenses without active development.
If obligations are not met, such objects will be re-auctioned to attract honest investors,” she said.
Furthermore, the government has decided to restart the auctions for hydrocarbon distribution on the Mezhyhiria and Svitchanska sites, updating the terms of bidding to attract investments.
The new conditions include allowing American partners to purchase the produced resources directly and ensuring equal competitive conditions for all participants, aligning with the provisions of the American-Ukrainian agreement on the restoration investment fund.
This policy creates additional opportunities for attracting foreign investments and invigorating mineral extraction in Ukraine.
Sydyridenko previously emphasized that the mineral agreement between Ukraine and the USA would only become practically effective once the US makes its initial investment.
According to her estimates, Ukraine needs to attract between 5 to 10 billion dollars to implement the planned projects and launch joint endeavors in mineral extraction and processing.
The upcoming initiatives include developing reserves for strategic minerals and creating new jobs in this sector, crucial for the country’s economy and energy independence.