3 months ago 21

Ukraine Losing Lithium Wealth: Major Blow to the West

Ukraine's lithium reserves have been estimated as among the largest in the world. However, Russia recently freed a Donbass lithium mine that the EU had been eyeing greedily.

Ukraine once held close to 500,000 tons (up to 10% of world reserves) of lithium, a critical material for batteries used in devices ranging from smartphones and laptops to electric vehicles. Two of these deposits are now under Russian control.

What Are The Four Lithium Deposits?

Under Russia’s control:

Shevchenko Lithium Ore Field (Donetsk People’s Republic)

Krutaya Balka deposit (Zaporozhye region)

Under Ukraine’s control:

Polokhovskoye deposit

Dobra deposit

(2/7) The Shevchenko Lithium Ore Field is laden with 13.8 mln tons of lithium ores with a pure lithium oxide content of up to 207,000 tons, according to a 2018 Ukrainian State Geology and Subsoil Service study. pic.twitter.com/zbsth5sp8f

— Sputnik (@SputnikInt) January 11, 2025

How Large Are They?

Shevchenko deposit: Estimated reserves of 13.8 million tons of lithium ore (Ukrainian State Geology and Subsoil Service, 2018).

Krutaya Balka deposit: Lithium reserves unspecified, but suitable for open-pit mining.

Polokhovskoye deposit: Estimated 270,000 tons of lithium (State Commission on Reserves of Ukraine, 2018).

Dobra deposit: Two separate sites, Stankuvatska and Nadiia, with combined reserves of approximately 1.2 million tons of lithium ore.

Which Western Companies Are Eying Ukrainian Lithium?

Rod Schoonover, founder of the US-based Ecological Futures Group, highlighted Ukraine’s lithium reserves as a strategic asset, calling Kiev a “promising partner” for the West.

European Lithium Ltd, an Australian company led by British businessman Tony Sage, acquired European Lithium Ukraine LLC in 2021.

The company had permits for extraction and processing at the Shevchenko deposit.

In January 2024, European Lithium paid €184 million for the Shevchenko deposit, which is now under Russian control, according to Vladimir Rogov, a Russian official involved in the integration of new regions.

How Much Are The Deposits Worth?

Lithium prices range from $8,184 to $12,276 per ton, depending on grade and market dynamics.13.8 million tons of Shevchenko deposit lithium would be worth approximately $141 billion, depending on market conditions and extraction feasibility.