The draft law provides for amendments to the Subsoil Code of Ukraine, the Land Code, the laws ‘On Production Sharing Agreements’ and ‘On Oil and Gas’, and other regulatory acts. Its aim is to create transparent and competitive conditions for investors, to develop the extraction, enrichment and processing of mineral resources, and to integrate environmental and economic principles into the management of natural resources.
The Ministry notes that the legislative changes are a continuation of the state policy on the development of Ukraine’s mineral resource base. Among the measures already implemented are the resumption of state funding for geological exploration, the updating of the programme for the development of the mineral resource base up to 2030, the approval of lists of strategic and critical raw materials, the modernisation of reserve classification in line with international standards, the opening up of access to information on strategic deposits, and the holding of the first tender for the conclusion of a production-sharing agreement (PSA) for the ‘Dobra’ lithium deposit. It is expected that the adoption of the draft law will enhance the sector’s investment appeal, facilitate the implementation of strategic extraction projects and deepen Ukraine’s cooperation with international partners in the field of critical raw materials.