The door for Ukraine to co-develop its extensive reserves of rare earth minerals with the US appears all but closed. That’s a golden opportunity for Britain, says Andriy Dovbenko
The UK has been a steadfast ally to Ukraine, offering military aid and economic support. However, the new £2.26bn loan extended to Ukraine presents an opportunity to forge a deeper economic alliance – one that benefits both nations. The door for Ukraine to co-develop rare earth minerals with the US appears all but closed. But as the saying goes, when one door closes, another one opens, and it presents a golden opportunity for the UK to step in. A UK-Ukraine minerals deal could be the key to unlocking this potential, providing Britain with critical resources while supporting Ukraine’s recovery.
Ukraine is home to vast reserves of rare earth minerals, essential for advanced technologies, from electric vehicles to defence systems. Currently, China dominates this market, but a UK-Ukraine partnership could offer a secure, ethical alternative. By co-developing these resources, both nations could achieve long-term economic and strategic gains.
A joint investment fund could focus on modernising Ukraine’s mining sector, providing UK firms with preferential access to these resources. This partnership should be built on a fair revenue-sharing model that respects Ukraine’s sovereignty. Investing in extraction and processing facilities would create a sustainable economic boost for Ukraine while securing Britain’s supply of critical minerals.
Through UK-Ukraine Techexchange, we’ve been consistently laying the groundwork for deep technological cooperation. Building on this initiative, the deal could facilitate the transfer of cutting-edge British mining and processing technologies. Collaboration between UK and Ukrainian research institutions would drive innovation in sustainable extraction techniques. Environmentally responsible mining would set both countries apart in a world increasingly focused on ethical resource sourcing.
Rare earth minerals play a crucial role in defence technologies, including missile guidance systems and radar networks. A portion of mineral revenues could fund Ukrainian defence startups, strengthening its security. Beyond defence, rare earth elements are also vital for AgriTech. Ukraine’s agricultural sector could benefit from precision farming technologies developed in partnership with British companies to enhance productivity and resilience.
Ukraine’s ultimate European ally
A well-structured deal should encourage UK investment in Ukrainian manufacturing sectors that utilise these minerals, such as battery production and clean energy technologies. Establishing training programs would develop a skilled workforce, ensuring Ukraine’s long-term economic stability. This would help the country look to a future beyond agriculture and defence and move from raw material exports to high-value production.
As Ukraine’s ultimate European ally, the UK could leverage its strong position within NATO to help secure mining sites and transportation routes. Cybersecurity cooperation would also be vital in protecting these critical assets from any potential future attacks. Safeguarding Ukraine’s emerging minerals industry would enhance both nations’ resilience against global threats.
A minerals deal could establish a UK-Ukraine trade corridor, facilitating the movement of mineral-based products to global markets and creating significant commercial growth. A joint certification system for ethically sourced minerals would ensure adherence to international environmental and ethical standards, positioning Ukraine as a responsible supplier. This would provide an attractive alternative to minerals from regions with weaker regulations.
The UK and Ukraine have a rare opportunity to redefine their economic partnership
The UK and Ukraine have a rare opportunity to redefine their economic partnership. A minerals deal could integrate investment, technology transfer, security cooperation, and economic resilience, benefiting both nations.
For Ukraine, it would mean economic stability and technological advancement. For the UK, it would ensure access to critical resources necessary for advanced manufacturing and defence. This could be more than an economic deal – it could be a strategic alliance that strengthens both nations in a rapidly evolving geopolitical landscape. Now is the time to act and build a partnership that will help shape the future.
Andriy Dovbenko is founder of UK-Ukraine TechExchange