The US–Ukraine Reconstruction Investment Fund has completed its first critical-minerals deal, putting roughly $30 million into a joint platform with Ukraine’s BGV Group. The platform will finance early-stage extraction and processing projects. Established under the April 2025 bilateral agreement, the fund is seeking additional public and private capital for investment in Ukraine.
The US–Ukraine Reconstruction Investment Fund has completed its first critical-minerals deal through a joint platform with BGV Group Management, a Ukrainian investment company. The agreement was unveiled on October 2. Roughly $30 million is going into the platform, according to Conor Coleman, investment chief at the US International Development Finance Corporation, the US agency financing development investments.[1], [2]
Coleman said the platform would focus initially on early-stage extraction and processing operations in Ukraine. Priority deposits include rare earth elements, uranium, beryllium and zirconium. The investment therefore covers a portfolio-building platform rather than a named single mine. BGV was founded by Hennadii Butkevych, a co-owner of Ukraine’s ATB supermarket chain.[1]
Under the agreement establishing the fund, all profits are to be reinvested directly in Ukraine for its first 10 years. The joint fund’s investment remit has broadened beyond minerals since the bilateral agreement.[2], [1]
The fund was established under a bilateral agreement signed in April 2025. It created a joint investment mechanism in Ukraine and favorable US access to investment projects. Its designated areas extend to defense manufacturing, energy resilience, transport and municipal infrastructure. Managers are seeking further public and private capital for the fund’s investments.[1], [2]
