Under Ukrainian soil lie rare and critical minerals worth trillions of dollars.
Ihor Valeriiovych, the director of the open air Zavallia graphite mine in central Ukraine, points to the deposit of exposed grey material he says “is almost pure graphite”.
“It’s the only mine like it in Ukraine, the only one in Europe, and possibly the world, because this quarry contains three types of mineral resources,” Valeriiovych says.
Foremost among them: graphite, used in electric car batteries and the nuclear and defence sectors.
The details of any mineral deal brokered by Ukraine and the US are still being hammered out but Valeriiovych says he hopes this plant could be part of it.
“Personally, I would like it to be included in the deal because we need investment. Our equipment and facilities are outdated. However, any agreement should benefit Ukraine and our company, not just the United States.”
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BUSINESS 05:07
BUSINESS © FRANCE 24
Graphite extraction at themine has slowed almost to a standstill, because of the war, and soaring electricity costs.. SoValeriiovych and his colleagues are trying to modernise and attract investors. He takes us to the plant where they’re purifying the mineral, and sending samples around the world.
“Pure graphite is the future because it’s big money,” he says.
Ukraine’s vast mineral wealth includes around one fifth of the world’s proven resources of graphite, a mineral classified as critical by the EU, and among those at the heart of the minerals deal drawn up by the US.
The nearby village of Zavallia is these days is a portrait of industrial decline.
Locals, among them former miners, hope American money could inject new life.
Some of the local residents of the nearby village are upbeat about the prospects of US investment in the local mine. “If there’s a good owner and good salaries, then people will stop leaving. Prices are rising, but the plant is standing still, nothing is working. Everything is idle. And there’s nothing for the youth,” says one man.
A woman adds: “If they take our resources but give us nothing in return, I am against it. If it’s a 50-50 deal, then I wouldn’t mind.”
Hopes for Ukraine’s future generations are mingled with wariness about too much outside control, if a minerals deal becomes reality.