The European Business Association (EBA) urged the Ukrainian government to declassify its information on mineral deposit data, in a statement on Feb. 13.
The association argued that current restrictions hinder international agreements and discourage investment.
Currently, information on resources such as gold, lithium, titanium, and platinum is classified as secret or "for official use," limiting Ukraine’s ability to engage with global partners.
“Maintaining the “secret” classification of balance sheet reserves and resources may hinder their development and reduce investor interest,” the statement said.
The EBA also noted that the issue is especially relevant given Ukraine’s economic recovery plans under the Ukraine Facility program, and its strategic partnership with the EU in raw materials.
This comes amid U.S. President Donald Trump’s recent push for a rare earth deal with Ukraine, in exchange for providing further U.S. military aid.
"I told them that I want the equivalent of like $500 billion worth of rare earth (minerals), and they’ve essentially agreed to do that," Trump said on Feb. 11.
Ukraine has already signaled it is open to developing a partnership in resource extraction with the U.S. and other partners in exchange for security guarantees, but details on such a deal remain unclear.
Ukraine is home to 20 of the world’s critical minerals and metals, like titanium, used in the aerospace and defense industries, and lithium, an essential component of electric vehicle batteries.
Aside from this, the country also possesses rare earth elements — under which titanium and lithium do not fall — such as cerium, yttrium, lanthanum, and neodymium.
Kateryna Hodunova
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