U.S.-Ukraine Reconstruction Fund signs first critical minerals deal

The joint U.S.-Ukraine Reconstruction Investment Fund has finalized its first major agreement regarding critical minerals. The deal involves injecting approximately $30 million into a joint investment platform with BGV Group, a company founded by billionaire Hennadii Butkevych.

This mining initiative will initially target early-stage projects involving rare earth elements, uranium, beryllium, and zirconium. These materials are high priorities on the U.S. critical minerals list.

In addition to mining, the fund has announced four other projects totaling roughly $70 million. These include investments aimed at stabilizing Ukraine’s energy and heating infrastructure following Russian attacks. One notable project involves a $100 million loan from the U.S. International Development Finance Corporation (DFC) to DTEK, Ukraine’s largest private energy company, to implement a battery storage system capable of providing backup power to 600,000 households.