Kyiv (Ukraine) (AFP) – US President Donald Trump has signalled he could trade aid to Kyiv in its fight against Russia’s invasion for access to Ukraine’s “rare earth” metals, key elements used in electronics. Here are facts about Ukraine’s overall mining reserves — some of them in regions controlled by Moscow — and the strategic and commercial stakes for the United States.
– ‘Critical’ materials – Trump said on Monday he wanted to negotiate an agreement in which Kyiv guarantees supplies of the specific category of rare earth metals. The US Geological Survey indicated in a report that the United States depends on imports for some critical minerals, while China is the leading producer of such materials, including rare earths. Ukraine has said it has strategic rare earth metals such as beryllium in six locations, but it does not have large reserves of these. The EU Commission described the country as “a potential source of over twenty critical raw materials”.
– $15 trillion in minerals – Forbes Ukraine in April 2023 estimated that Ukraine’s mineral resources amounted to 111 billion tonnes, worth $14.8 trillion — mostly coal and iron ore. But more than 70 percent of these resources were in Donetsk and Lugansk — regions partly controlled by Russia — and Dnipropetrovsk, where Moscow’s forces are approaching. The Washington Post in August 2022 had estimated the value of Ukraine’s mineral reserves as much higher at $26 trillion — nearly half of that in areas under Russian control.
– $38 bn in lithium – Demand for lithium is booming — it is essential in making batteries for electric vehicles in the green energy transition. Forbes Ukraine wrote in 2023 that Ukraine has 33 million tonnes of lithium ore, worth $38 billion. Russia is advancing near the large Shevchenkivske lithium deposit in Donetsk and has captured another deposit at Kruta Balka in the Zaporizhzhia region.
– Big titanium reserves – Ukraine said in a 2022 investment presentation that it is one of the 10 top countries in the world for proven reserves of titanium, accounting for seven percent of global production. As of 2023, the United States imported more than 95 percent of its titanium, according to the US Geological Survey. Titanium is used in aerospace and electronics.
– 19 mn tonnes of graphite – Ukraine’s government said it is one of the world’s five leading countries for reserves of graphite with about 19 million tonnes of ore. Prior to Russia’s invasion, graphite production in Ukraine was about 10,000 tonnes per year, according to the US Geological Survey, but it dropped 95 percent in 2023 due to the conflict. As of 2023, the United States imported all its graphite, which has various industrial uses, including in making batteries.
– Iron ore – In 2022, Ukraine ranked 10th in the world in terms of its share of iron production, according to World Mining Data. Prior to Russia’s full-scale invasion in 2022, Ukraine was the fifth-biggest iron ore exporter in the world at $6.8 billion in 2021, the Kyiv Post wrote.
– Uranium and more – Ukraine also has substantial reserves of other sought-after elements including uranium, manganese, mercury, and gallium, a metal used in electronics.
© 2024 AFP
