US-Ukraine fund signs first critical minerals deal worth US$30 million

What Happened

According to Reuters, Conor Coleman, Chief of Staff at the US International Development Finance Corporation (DFC), said the joint Ukraine Reconstruction Investment Fund (URIF) has signed its first critical minerals deal and approved four other projects, with a current portfolio worth around US$70 million. The first deal is an investment of around US$30 million in a "joint investment platform" with BGV Group, co-owned by Hennadii Butkevych, co-owner of Ukraine's ATB supermarket chain. Coleman said the platform will initially focus on early-stage mining projects across Ukraine, targeting deposits of rare earth elements, uranium, beryllium and zirconium, all on the US critical minerals list.

Key Actors

Why It Matters

This investment advances the US-Ukraine strategic minerals agreement signed in April 2025 and signals US capital deployment into Ukraine's mineral extraction and energy sectors during the war. It aligns with the US administration's critical minerals priorities and aims to bolster Ukraine's economic resilience and energy infrastructure ahead of winter, when Russian strikes have repeatedly targeted power generation. The deal represents an early test of whether the joint fund can attract private capital into sectors vital to Ukraine's long-term recovery and war effort.

Watch For

Monitor whether the four approved projects and the US$30 million BGV platform move from signing to disbursement and which specific mining sites are selected. Watch for further URIF capital increases and any additional US DFC loans or equity stakes, especially for energy resilience before winter. Russian strikes on Ukrainian energy infrastructure and whether DTEK accesses the new capital backstop if equipment is damaged will be key near-term indicators.