Ukraine is sitting on a treasure trove of minerals — and the world is taking notice. Its rich soil holds about five percent of the planet’s mineral resources, making it a hotspot for countries eager to secure these valuable materials. One of the most interested parties? U.S. President Donald Trump. But experts say not all of Ukraine’s minerals are being tapped yet — and some may never be.
Despite its wealth of resources, Ukraine ranks only 40th among the world’s mineral-producing nations, according to the 2024 edition of World Mining Data. It did, however, make a strong mark as the 10th largest iron producer in 2022. That’s just the tip of the iceberg.
A 2023 study by geologists from France’s Bureau of Geological and Mining Research (BRGM) identified over 100 different resources in Ukraine, including iron, manganese, and uranium. These minerals are crucial for industries and energy production worldwide. In fact, the European Commission has called Ukraine “a significant global supplier of titanium” and a potential source for over 20 critical raw materials.
Some of Ukraine’s most valuable exports include manganese, where it ranks 8th globally, titanium (11th), and graphite (14th) — an essential material for electric vehicle batteries. The country has also claimed to have one of Europe’s largest lithium deposits, though mining of the soft metal hasn’t started yet.
Rare earth elements (REEs) — a group of 17 metals vital for high-tech products like smartphones, wind turbines, and electric cars — are where things get a little tricky. While Trump has openly pushed for access to Ukraine’s minerals, including rare earths, the reality is that Ukraine isn’t known for having large reserves of these metals.
Elena Safirova, a specialist at the U.S. Geological Survey, confirmed that while Ukraine has several deposits containing rare earth elements, none have been mined so far. Developing these resources would require massive investment. The Novopoltavske deposit, one of the country’s most promising sites, would take around $300 million to get up and running.
But there’s a catch. Some of Ukraine’s mineral estimates are based on old Soviet-era surveys, and experts warn that the deposits could be too hard to reach or too low in concentration to be profitable. In fact, the credit rating agency S&P pointed out that Ukraine’s rare earth resources may not be worth the cost of extraction.
Despite the challenges, the stakes are high. As demand for critical and strategic minerals grows worldwide, Ukraine’s untapped potential remains a key focus for global powers. Whether the country’s mineral wealth can be fully unlocked — and whether it will reshape the global market — is a story still waiting to unfold.
