US-backed TechMet eyes Ukraine lithium asset

Mining investment firm TechMet, which counts the U.S. government as one of its largest investors, is looking to develop a major lithium project in central Ukraine.

The company has been evaluating the Dobra project in central Ukraine since 2023, TechMet CEO Brian Menell told the Financial Times on Tuesday. He noted developing the asset would be faster if Washington and Kyiv finalize a minerals deal in the coming days.

The agreement remains in question following a disastrous February 28 meeting between Ukrainian President Volodymyr Zelensky and U.S. President Donald Trump. The American president claimed Ukraine had agreed to provide the U.S. with the equivalent of US$500 billion worth of rare earth minerals in exchange for military aid and intelligence sharing.

Industry experts have dismissed Trump’s figure as wildly inflated. The entire global rare earths market is valued at roughly $12 billion, according to some estimates. Ukraine does hold significant mineral reserves, with the Kyiv School of Economics estimating the country has one-third of Europe’s lithium and 3% of the world’s total, along with 6% of known global graphite reserves. However, between 20% and 40% of Ukraine’s mineral resources — including up to half of its rare earth deposits — are under Russian occupation.

Menell told the newspaper that TechMet’s interest in the Dobra project was not contingent on the minerals deal. However, he said that if it goes ahead it would enhance the company’s interest and create a framework to justify doing bigger projects. The deal could be a positive one though implementing would have its challenges, he added. 

 

Credit: The Conflict and Environment Observatory (Click to see full size)

TechMet’s investment partner in the Dobra project is billionaire Ronald Lauder, a close Trump ally who has previously advocated for U.S. efforts to buy Greenland, according to the FT. 

The firm was formed during Trump’s first term when the U.S. International Development Finance Corporation (DFC) invested in the company and became a shareholder. The fund, headquartered in Dublin, Ireland is also backed by Qatar’s sovereign wealth fund. 

TechMet focuses on securing U.S. and European access to critical minerals while reducing China’s dominance of the supply chain. It already has interests in global assets including Brazilian Nickel’s Piauí project, Cornish Lithium’s project in the U.K. and EnergySource Materials’ ILiAD technology.

Beyond lithium, TechMet is open to developing other key minerals in Ukraine, including graphite, uranium, and titanium.