Ukraine is home to some of the world’s most significant reserves of critical minerals, with deposits valued up to an astonishing $11.5 trillion. These include key resources such as lithium, graphite, cobalt, titanium, and rare earths like gallium—crucial for industries ranging from defense to electric vehicles. However, despite their value, these minerals remain largely unexplored and undeveloped, with data on their exact quality still scarce.
Estimates suggest Ukraine holds around 10% of the world’s lithium reserves, which are vital for battery production. Spanning 820 square kilometers, these lithium deposits have yet to be mined. Additionally, Ukraine’s potential is vast in other minerals: zirconium, used in jet engines, and scandium, both with substantial proven reserves, are untapped. Other key minerals such as tantalum (used in semiconductors), niobium (essential for superconductivity), and beryllium (important for aerospace) are being extracted in small quantities but offer vast untapped potential, according to Ukrainian officials.
Ukraine also ranks among the top 10 globally for titanium reserves—critical for missiles, planes, and ships. However, only about 10% of these reserves are currently being developed. Prime Minister Denys Shmyhal recently proposed that Ukraine could replace Russia as Europe’s primary supplier of titanium, underscoring the importance of these resources in the geopolitical landscape.
Yet, despite the promising potential, some experts remain skeptical. Roman Opimakh, former head of the Ukrainian Geological Survey, pointed out that there has been no modern assessment of Ukraine’s rare earth reserves, with estimates relying on outdated Soviet-era studies. “The rhetoric surrounding these minerals is more political posturing than fact-based,” said Gracelin Baskaran, a director at the US Center for Strategic and International Studies. Data on these reserves is minimal, leaving investors uncertain about the actual scope of resources.
The situation is further complicated by the ongoing conflict. Around 20% of Ukraine’s mineral-rich areas are under Russian control, limiting the country’s ability to fully harness its mineral wealth.
In a controversial move, former US President Donald Trump suggested that Ukraine owes the United States up to $500 billion in mineral resources, oil, gas, and infrastructure in exchange for past military aid—far surpassing the $69.2 billion in US military assistance since 2014. This stance has sparked outrage among European allies, who criticized it as “mafia blackmail” and “colonialism” at the Munich Security Conference.
Ukraine’s mineral wealth presents both a golden opportunity and a geopolitical challenge, and its untapped potential remains a focal point for future development in both the energy and defense sectors. But until the data is clarified and the conflict is resolved, its full value will remain largely unrealized.
Sources: Financial Times, Christopher Miller, Polina Ivanova, Camilla Hodgson, Henry Foy.
