Ukraine's mineral goldmine: Hidden prize in global green energy race

As the world rushes toward clean energy and electric transportation, Ukraine’s mineral-rich soil is becoming a coveted prize in global geopolitics. 

The Conversation reveals in a recent article that Ukraine’s resources are becoming important, with US President Donald Trump reportedly seeking a deal with Ukrainian President Volodymyr Zelenskyy to access these valuable materials. But why are these minerals so important?

While Ukraine is often recognized for its agricultural lands and industrial history, it is also home to one of the Earth’s most significant geological formations, the "Ukrainian Shield." This massive crystalline rock formation, which spans much of Ukraine and dates back over 2.5 billion years, is a source of a wealth of mineral resources. These include lithium, graphite, manganese, titanium, and rare earth elements—materials that are critical to modern industries and the global push for green energy.

Ukraine’s mineral deposits are substantial, with the country holding 22 out of the 34 critical minerals identified by the EU as essential for energy security. As the world moves toward decarbonization, the demand for these minerals is skyrocketing. Lithium, used in electric vehicle batteries and energy storage, is in particularly high demand. Over 80 per cent of the world’s lithium goes into battery production, with demand expected to rise drastically over the next decade.

Ukraine’s rich lithium deposits, including those at Shevchenkivske, Polokhivske, and Stankuvatske, have attracted international attention. Despite the ongoing war with Russia, which has disrupted mining activities, Ukraine’s mineral potential remains largely untapped. For example, the Shevchenkivske deposit contains an estimated 13.8 million tonnes of lithium ore, though extracting it will require significant investment.

In addition to lithium, Ukraine is a major global producer of rutile, iron ore, titanium, and manganese, and it holds Europe's largest uranium reserves. The strategic value of these resources has prompted growing international interest, especially from the US, which sees securing access to these minerals as a way to diversify its mineral supply chain and reduce reliance on countries like China.

A proposed agreement would allocate 50 per cent of future mineral revenues to a reconstruction fund to support Ukraine's post-war recovery, further solidifying its position in the global economy. With its mineral wealth, Ukraine could play a crucial role in the clean energy revolution and reshape the global supply chain for critical minerals.

By Naila Huseynova