On March 26, the BGV Group Management investment company showcased potential opportunities for cooperation with Ukraine for mining at an event in London. Ukrainian investors also highlighted the mining potential of their country.
The founder of the company, Gennadii Butkevych, and the BGV management were invited to join British parliamentarians, members of the House of Lords, and state ministers for an event at the Parliament building. The event aimed to discuss a partnership between the United Kingdom and Ukraine in extracting critical minerals, which will aid the UK’s development of advanced technologies and promote the shift towards clean energy.
The meeting was attended by Lord Martin Callanan, Deputy Secretary of State for Energy Efficiency and Green Investments at the Department of Energy Security and Zero Emissions, as well as Bob Seely, a member of the British Parliament. Representatives from Ukrainian businesses were also present at the event.
Among other things, the Ukrainian representatives identified three main areas of development for the bilateral partnership between Ukraine and Great Britain.
- Acquaintance with Ukraine’s mining potential
Ukraine has all the necessary conditions to become a major supplier of critical minerals for Great Britain. These materials are vital for the development of advanced technologies and the shift towards clean energy.
With over 117 different types of minerals discovered in Ukraine, the country boasts reserves of 22 out of 30 raw materials identified as critical in Europe. Ukraine also has significant deposits of beryllium, zirconium, titanium, rare earths, and other essential minerals.
Furthermore, its graphite reserves are among the largest in the world. Additionally, many of Ukraine’s fields are conveniently located near the geographical center of Europe, making logistics more efficient and transport costs lower.
- Work with risks and insurance
To ensure the protection of foreign investments in Ukraine, obtaining insurance for war risks is necessary. In 2023, the United Kingdom began offering grain exporters insurance through the Ukrainian Black Sea Corridor. Private British investments in the Ukrainian economy, especially in mining projects, also require a reliable insurance mechanism.
The Multilateral Investment Guarantee Agency (MIGA) has already initiated the provision of guarantees for war risk insurance in Ukraine through the Trust Fund for the Reconstruction and Economy of Ukraine. Additionally, the USA (USDFC and USAID), Japan (NEXI), Poland (Kuke), Germany (administered by PricewaterhouseCoopers), and other countries have also offered opportunities for trade insurance and investment in local projects within Ukraine.
- Investments in production
The BGV Group Management has urged British businesses to ramp up their investment ventures within the Ukrainian mining industry. According to BGV Board of Directors member Sergii Voitsehovskyi, the company is fully prepared to be a dependable partnership for British investors and companies. In fact, the BGV Group and its founder, Gennadii Butkevych, have already invested over 100 million dollars into various mining projects in Ukraine over 8 years.
In the end, representatives of the BGV investment group emphasized that cooperation with Ukraine in the field of critical minerals could:
- provide Britain with a source of raw materials for advancing various technologies in fields such as medicine, automotive, and computer technology;
- support the development of laser, navigation, and telecommunication devices;
- contribute to the space industry;
- help decrease European countries’reliances on Chinese extraction of critical minerals.
