The Cabinet of Ministers of Ukraine has approved changes to the Classification of Reserves and Resources of Mineral Resources of the State Subsoil Fund. The adopted resolution adapts the national accounting and resource assessment system to the UN Framework Classification, which is standard for European Union countries and necessary for evaluating strategic projects in accordance with the EU Regulation on Critical Raw Materials (Critical Raw Materials Act).
This is reported by Finway
Improving the Investment Climate and Meeting International Obligations
The introduction of new standards allows for the reassessment of strategic and critical raw materials according to internationally recognized criteria, promoting transparency for investors and more effective preparation of assets for auctions and production sharing agreements. The updated classification ensures compliance with a number of Ukraine’s international obligations, including the National Program for the Development of the Mineral Resource Base, the Plan for Managing Critical Materials, and the provisions of the agreement between the governments of Ukraine and the USA regarding the establishment of the American-Ukrainian Investment Fund for Reconstruction. Within the framework of these agreements, the government has already redistributed over 14.68 million hryvnias from the state budget for the preparation of investment projects.
“This decision will: 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 on the event.
Auctions for Special Permits and International Negotiations
In October, Prime Minister Yulia Svyrydenko plans to hold meetings in the USA regarding mineral extraction in Ukraine within the framework of the subsoil agreement. Meanwhile, the State Service of Geology and Subsoil of Ukraine has announced the holding of the tenth auctions in 2025, during which 11 subsoil plots with deposits of limestone, clay, sand, amber, loose sedimentary rocks of sandy-gravel composition, and underground mineral waters will be auctioned. The starting total value of the lots is 51.4 million hryvnias. The auctions are scheduled for October 15.