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Ukraine PM orders massive audit of mining licenses

Yulia Shvyrydenko, Ukraine's prime minister, ordered the review of all mining licences for strategic minerals on Thursday. This was part of an effort to aid the war-ravaged Ukrainian economy and to secure new investments under a deal to sell minerals to the United States. Ukraine and the United States signed a deal on minerals in April that was heavily promoted Donald Trump, President of the United States. The deal envisaged that the Ukrainian government would send half the revenue it earns through mineral extraction to a joint U.S. and Ukrainian investment fund.

Svyrydenko announced on Thursday that the government would also run its tenders for extraction of gas at two sites in west Ukraine.

"We will check to see who is working and who has licenses that are not being used." Svyrydenko, a Telegram user, said that these facilities must either produce results or be returned to auctions.

Our natural resources should be used to boost the economy of Ukraine.

The European Union considers 22 minerals to be critical for the European Union's industries, including defence, high-tech appliances, green energy and ferro alloys, precious and nonferrous metals that are used in construction and some rare elements.

The United States' deal, which grants the latter preferential entry to Ukrainian minerals as an exchange for investment was seen as helping to rebuild the country's economy, which had been destroyed by Russia's invasion. It also helped Kyiv with its defence efforts.

Officials from the Ukrainian government have said previously that Ukraine has about 3,000 mining permits, and around 10% may be dormant. (Reporting and editing by Hugh Lawson; Olena Hartmash)

(source: Reuters)