By Kyiv Post
Copyright kyivpost
A high-level US delegation toured titanium and rare earth sites in central Ukraine to assess sites that could become starter projects for the new Ukraine Reconstruction Investment Fund, Economy Minister Oleksiy Sobolev said on Sept. 15.
Representatives from the US International Development Finance Corporation (DFC) visited the Birzulivsky Mining and Processing Plant and the Likarivske deposit in the Kirovohrad region, key hubs for titanium ore and future zirconium extraction which are being considered as potential projects for the Fund.
There are also potential deposits of hafnium, a rare earth metal used in nuclear energy, aerospace and other industries, the Minister wrote on Facebook, describing both locations as “promising sites that we are considering for the Fund’s project portfolio.”
“Such trips are important for assessing the potential of the sites and considering all aspects of future investments for economic development, environmental responsibility, and the future development of communities,” Sobolev explained.
“During the trip, important issues in the field of subsoil use, water resources, forests, and natural areas were also discussed with the head of the Kirovohrad Regional State Administration, Andriy Raykovych, and representatives of local authorities,” he added.
In May, Washington and Kyiv jointly launched the Ukraine Reconstruction Investment Fund, a strategic initiative to mobilize foreign capital in order to accelerate Ukraine’s postwar recovery and long-term development.
Ukraine’s parliament ratified the deal on May 8 before President Volodymyr Zelensky signed it into law on May 12.
Home to deposits of 22 out of the 34 minerals classified as critical by the EU, Ukraine’s natural resources are vital to industries ranging from high-tech to defense.
Ukraine will retain all ownership and control of mineral resources under the deal, and will decide where and what to extract under the agreement.
The first meeting of the Reconstruction Investment Fund’s board was held on Sept. 3 between representatives from Ukraine and the US to discuss each sides’ obligations and select advisors.
On Sept. 6, it was revealed that the US will receive “preferred shares” in the Fund for any military assistance that it provides to Ukraine, with Treasury Secretary Scott Bessent describing it as an “unprecedented opportunity for the United States to contribute directly to and benefit from Ukraine’s economic development and prosperity.”
