The USA Will Fund a New Geological Survey of Ukraine’s Subsoil and Sign an Agreement with Canada
The Cabinet of Ministers of Ukraine has reached an agreement with the U.S. Department of State regarding the allocation of additional funds for conducting a modern geological survey of Ukraine’s subsoil. This will provide up-to-date data on mineral reserves, facilitating more efficient use of national resources.
This is reported by AgroReview
Details of Funding and Updating Geological Data
According to Minister of Economy Oleksiy Sobolev, U.S. financial support will be provided under a separate special program, which is not directly related to the U.S.-Ukraine Investment Fund. Currently, the capital of this fund has announced $150 million in contributions, with $75 million from each country. The minister emphasized that the new program will have an even larger budget for updating geological data, as a significant portion of the existing information dates back to the 1950s-1980s.
“Under the new program, the budget will be larger,” the minister assured, adding that its goal is to update geological data. Most of it is currently dated from the 1950s to the 1980s. In contrast, updated information allows for a more accurate assessment of reserves and the identification of the most promising areas for development.
The updated survey results will enable a more precise determination of mineral volumes, as well as highlight the most promising areas for further development.
International Partnership for Industry Development
In addition to the USA, Ukraine is actively collaborating with the European Union to create an investment fund that will finance both private and public projects with a participation share of 10-20%. As Deputy Minister Yegor Perelygin clarified, partners from Germany, the United Kingdom, and Canada are also expected to be involved in the geological exploration work.
In particular, a bilateral agreement on cooperation in the field of geology and subsoil use has already been signed with Canada. Within the framework of a two-year program, a Ukrainian-Canadian Coordinating Committee on Mineral Resources will be established. This will serve as a platform for implementing joint initiatives, exchanging experiences, and introducing modern approaches to natural resource management. The cooperation aims to deepen geological research, modernize data, digitally transform the industry, and jointly study deposits of critical minerals.
Furthermore, the government has approved the procedure for implementing agreements to establish the U.S.-Ukraine Investment Fund for Reconstruction. This opens up new opportunities for attracting investments, defines the algorithms for investors’ operations, rules for business cooperation with government structures and American partners, as well as conditions for project implementation within the framework of bilateral agreements.