The signing of the Agreement to establish the American-Ukrainian Investment Fund for Reconstruction has given hope that real investments will finally come to the Ukrainian geological exploration and subsoil use sector. This was reported by the president of the Ukrainian Geologists’ Union, Pavlo Zahorodniuk.
This is reported by Finway
According to him, as a result of the effective work of geological services, 20,000 deposits and occurrences of 105 types of minerals have been discovered in Ukraine, but only 3,500 of them are being developed.
“Most of them date back to the Soviet era. Due to privatization processes, they are mainly exploited by private enterprises. New deposits are practically not being explored. There is a pressing issue of ‘dormant’ licenses, where no work is being conducted on explored and promising areas,”
Zahorodniuk noted.
He also added that the only company currently seriously engaged in geological exploration is “Ukrgazvydobuvannya,” which is part of the Naftogaz Group. The arrival of American investors and the implementation of advanced global technologies, according to Zahorodniuk, could provide a powerful impetus for the development of the sector in Ukraine and improve employment for specialists.