The Cabinet of Ministers of Ukraine has approved a resolution that updates the Classification of Reserves and Resources of Mineral Resources of the State Subsoil Fund, aligning it with European standards. The document harmonizes the Ukrainian system of calculating and accounting for reserves with the UN Framework Classification, which is used in European Union countries and is mandatory for assessing strategic projects in accordance with the EU Regulation on Critical Raw Materials (Critical Raw Materials Act). This innovation will allow for the reassessment of strategic and critical raw materials based on transparent and understandable criteria for investors, as well as increase the efficiency of preparing sites for auctions and entering into production sharing agreements.
This is reported by Finway
Implementation of international agreements and investments
The update of the classification will facilitate the fulfillment of Ukraine’s international obligations — the National Program for the Development of the Mineral Resource Base, the Plan for the Management of Critical Materials, as well as the agreement with the USA on the establishment of the American-Ukrainian Investment Fund for Reconstruction. To support these projects, the government has already redistributed 14.68 million UAH from the state budget for the preparation of investment initiatives within the agreements between Ukraine and the United States.
“This decision will allow us to make the industry more transparent and understandable for investors, enhance the competitiveness of Ukrainian raw materials in the global market, and open new opportunities for business and economic development,” commented Prime Minister Yulia Svyrydenko.
Auction of special permits for subsoil use
The State Service of Geology and Subsoil of Ukraine has announced the holding of the tenth auctions scheduled for October 15, 2025. As part of these auctions, 11 subsoil plots containing limestone, clay, sand, amber, loose sedimentary rocks of sandy-gravel composition, as well as underground mineral waters will be offered. The total starting price of the lots is 51.4 million UAH.
Additionally, in October, Prime Minister Yulia Svyrydenko plans to hold meetings in the USA dedicated to issues of mineral extraction in Ukraine within the framework of the subsoil agreement.