Ukraine opens door to billions in mining and energy investment as dormant licenses are reclaimed

Ukraine’s decision to revoke and retender dozens of long-idle mining and energy licenses held by oligarch-linked companies could unlock billions of dollars in new investment and reshape the country’s strategic resource sector.

The government plans to relaunch competitions for 39 dormant special permits covering strategic minerals, oil and gas subsoil, and titanium ore deposits currently controlled by companies linked to sanctioned oligarch Dmytro Firtash, Prime Minister Yulia Svyrydenko said. The move follows a review by the Ministry of Economy and the State Service of Geology and Subsoil, which found widespread non-compliance among license holders.

“Under 29 licenses issued for strategic minerals and 10 for oil and gas subsoil, production has not started or the work program is significantly violated. Half of them were issued more than 10 years ago. Appropriate decisions will be made regarding them,” Svyrydenko said.

The legal basis for revoking the permits was strengthened earlier this month, when President Volodymyr Zelenskyy enacted a National Security and Defence Council decision imposing additional sanctions on Firtash. These sanctions allow the state to strip oligarch-controlled companies of unused subsoil licenses and reallocate them to new investors.

“Ukrainian subsoil should work effectively in the hands of decent businesses for Ukraine’s economy, security, and integration into the supply chains of strategic partner countries,” Svyrydenko said.

Domestic and international players

The retendering of these licenses is likely to draw interest from both domestic and international players, particularly as demand for critical raw materials intensifies in Europe, the United States and allied countries.

Ukraine holds some of Europe’s largest reserves of strategic minerals, including titanium, lithium, graphite and rare earth elements — materials essential for defense industries, aerospace manufacturing, electric vehicles, batteries and renewable energy technologies. As Western governments seek to reduce dependence on Russian and Chinese supplies, Ukraine is increasingly viewed as a potential alternative source.

Large international mining and materials companies from the EU, North America and Asia could emerge as bidders, especially those already active in battery metals, aerospace materials or critical minerals. Australian, European and North American firms with experience in graphite, lithium or titanium extraction are seen as potential contenders, alongside multinational energy companies interested in oil and gas subsoil development.

Domestic Ukrainian firms with existing mining expertise may also participate, particularly if auctions are structured transparently and backed by clear regulatory guarantees.

Hundreds of millions of dollars

While the government has not disclosed an aggregate valuation of the 39 licenses, industry estimates suggest that the investment potential is substantial. Developing a single titanium or lithium deposit can require upfront capital expenditure ranging from tens to hundreds of millions of dollars, depending on depth, processing requirements and infrastructure needs.

Taken together, the licenses could attract several billion dollars in long-term investment if fully developed. Titanium processing facilities, for example, are highly capital-intensive but can generate significant export revenues once operational. Oil and gas subsoil development would also require major investment in drilling, infrastructure and environmental compliance.

More broadly, international consulting firms and financial institutions estimate that Ukraine’s mining and energy sectors could account for a significant share of the hundreds of billions of dollars needed for post-war reconstruction over the next decade.

Risks and conditions

Analysts caution that investor appetite will depend heavily on security conditions, legal certainty and the credibility of the tender process. Many deposits are located in regions affected by the war or close to front-line areas, increasing operational risk and insurance costs.

At the same time, the move to reclaim idle licenses is seen as a positive signal to international partners, demonstrating a break with past practices in which valuable resources were locked up by politically connected groups without being developed.

If successful, the retendering of these permits could strengthen Ukraine’s fiscal base, boost export revenues, improve energy security and deepen integration with Western industrial supply chains — turning long-stagnant assets into a strategic pillar of economic recovery.

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