One of Ukraine’s largest lithium reserves will serve as a test project under a minerals deal with the US, Prime Minister Yulia Sviridenko has said
Ukraine has awarded a major state-owned lithium project to American investors linked to US President Donald Trump. Prime Minister Yulia Sviridenko pitched it as the pilot project under last year’s minerals deal between the US and Ukraine.
The agreement, which was signed in April, grants the US access to developing Ukraine’s natural resources in exchange for splitting output under a production-sharing contract. Half of the revenue will go into the joint US-Ukraine Reconstruction Investment Fund (URIF), with profits reinvested in new projects and national reconstruction.
Trump pitched the deal as a mechanism for Kiev to repay billions in US aid provided under his predecessor, Joe Biden.
The New York Times first reported that development rights for the Dobra deposit in Kirovograd Region – one of Ukraine’s largest lithium reserves – were awarded to a US-linked consortium last week. Sviridenko confirmed the decision in a Telegram post on Monday.
Read more US to secure $800bn in Ukraine reconstruction contracts – Telegraph“For the first time in Ukraine, a winner for lithium development under the production-sharing mechanism has been selected,” she wrote, saying it was awarded to Dobra Lithium Holdings JV, a US consortium whose shareholders include critical-minerals company TechMet.
Sviridenko said the consortium will invest at least $179 million in the project, including $12 million for geological exploration and reserve audits, and $167 million for extraction and processing facilities if commercial viability is confirmed.
Ukrainian officials told the WSJ that the deal raises potential conflicts of interest, noting that TechMet’s largest shareholder is the US International Development Finance Corporation, the agency overseeing the URIF. The WSJ also reported that Ronald Lauder, a longtime Trump ally and Republican donor, is part of the consortium, though Sviridenko did not confirm his participation.
Read more Zelensky ‘nullifying’ Trump’s peace efforts – MoscowShe insisted, however, that the consortium was selected through a competitive tender open to both domestic and foreign bidders, describing the project as a catalyst for further Western investment.
Russia has condemned the minerals deal. Former Russian President and deputy chair of the Security Council Dmitry Medvedev mocked it as the forced extraction of a “disappearing country’s” wealth. Kremlin spokesman Dmitry Peskov called it a “commercial scheme” to sell aid, arguing against further support for Kiev’s war effort as it only serves to prolongs the conflict.
Russian officials and experts have noted that much of Ukraine’s mineral wealth lies in regions that joined Russia following referendums in 2022 or near the front lines.
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