Ukrainian investment company BGV Group Management, Finnish technology company Metso, and the official export credit agency of Finland, Finnvera, have signed a Memorandum of Understanding (MoU) to jointly advance critical minerals projects in Ukraine. 

The agreement establishes a framework for exploring opportunities to develop projects in the critical raw materials sector, particularly graphite and associated minerals – resources that are playing an increasingly important role in strengthening economic security, supporting high-tech industries, and building resilient supply chains across Europe. 

The Memorandum envisages cooperation across the entire value chain from resource assessment and mining to mineral processing and the integration of end products into European and global markets. The parties will also explore opportunities for knowledge sharing, financing solutions, and partnership mechanisms to support the implementation of promising projects. 

“European markets are seeking reliable sources of critical raw materials, and Ukraine has the potential to become a key supplier. Our group alone holds six special subsoil-use permits for critical minerals and is actively developing projects that could position Ukraine among the leading suppliers in selected segments. At the same time, the real value lies not only in the resources themselves, but in the creation of modern industrial facilities and new value chains. This is precisely what our cooperation with Metso and Finnvera aims to achieve,” said Oleksandr Naumyk, Head of the Board of BGV Group Management. 

The signing ceremony took place during the Ukraine Recovery Conference 2026 in Gdańsk. The parties noted that Ukraine’s reconstruction and long-term economic resilience require active international cooperation, strong industrial partnerships, and investment in strategically important sectors of the economy. 

About the Parties 

BGV Group Management is a Ukrainian investment company founded in 2015 by entrepreneur Gennadii Butkevych, co-owner of the ATB Corporation. The Group invests in the extraction and processing of critical minerals, energy, real estate development, construction materials manufacturing, retail, education, and sports. 

Metso is one of the world’s leading providers of technologies and equipment for the mining, aggregates, and minerals processing industries. 

Finnvera is Finland’s official export credit agency and a state-owned specialized financing company that supports the international operations of Finnish companies and the implementation of strategic investment projects. 

BGV Group Management signed a Letter of Intent with the European Bank for Reconstruction and Development (EBRD) during the Ukraine Recovery Conference 2026 in Gdansk. The document expands the framework of cooperation between the parties, launched in 2025, and demonstrates the further development of the partnership within the framework of the BGV Graphite project. The aim of the project is to build a mining and processing plant at the Balakhivka graphite ore deposit in the Kirovohrad region and to build a spherical graphite (SPG) production plant for lithium-ion batteries.

The Letter of Intent with the EBRD sets out a framework for continued dialogue on the further preparation of the BGV Graphite project. As an implementing partner of the European Union under the Ukraine Investment Framework, the EBRD’s involvement provides a basis for considering EU technical assistance instruments that could support the next stages of project preparation, including in relation to the project’s spherical graphite (SPG) component.

Oleksandr Naumyk, Head of the Board of BGV Group Management, commented: “The mining division is one of the strategic priorities of BGV. We have been developing our projects for over eight years and are confident that Ukrainian critical minerals can make a significant contribution to the development of the Ukrainian economy and its integration into global supply chains. The support of European partners is for us a confirmation of the high-quality work of the team over many years. At the same time, we confirm the seriousness of our intentions not by words, but by investments: BGV and its founder have already invested more than 125 million US dollars in the development of the mining sector and are ready to further bring the projects to the ready-to-build stage. Despite the war, security risks, and other challenges, we continue to invest in the potential of Ukrainian CRMs and are confident that together with our partners, we will be able to accelerate the implementation of these strategically important projects.’

The deepening of cooperation between BGV Group Management and the EBRD demonstrates great confidence in the potential of BGV Graphite and emphasizes the strategic importance of the project for the secure and sustainable supply of critical resources in Europe. This also confirms the growth of international support for the mining sector in Ukraine and its integration into the global ecosystem.

Note: On July 11, 2025, BGV Group Management signed a Letter of Intent with the European Bank for Reconstruction and Development (EBRD) during the Ukraine Recovery Conference 2025 in Rome. The document defining the indicators of the cooperation framework between the EBRD and BGV is aimed at providing strategic support for the further development of the BGV Graphite project.