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The Russian Defense Ministry has released a video of Russian soldiers raising the Russian flag over the city of Shevchenko in Donetsk after heavy fighting with the Ukrainian army. This strategic region is an important industrial center, as it is home to the largest lithium deposit not only in Ukraine but also in all of Europe. In addition to lithium, it also contains tantalum, niobium and beryllium. The Russian army is closing in on a large lithium deposit in Ukraine, the Kyiv Post also reported.
Shevchenko holds an estimated 13.8 million tons of lithium ores with a pure lithium oxide content of up to 207,000 tons, according to a 2018 study by the Ukrainian State Service for Geology and Subsoil.
The deposit is the largest Australian-registered mining company European Lithium announced in late 2021 that it was in the process of taking a concession for the Shevchenko deposit.
In January 2024 The company announced that it had been granted a 20-year special permit to mine the site, with work to begin after shareholder approval.
The Shevchenko deposit was seen as a key source of the European Union’s lithium needs. A 2020 European Commission report predicted that the bloc would need up to 18 times more lithium for its “green transition” projects by 2030 and 60 times more by 2050.
In addition to the Shevchenko deposit, the Australian company has asked Ukraine to grant it a concession for the Dobra lithium deposit in the Kirovohrad region of western Ukraine. In order to acquire the two lithium deposits in Ukraine, the foreign company carried out a complex deal: European Lithium acquired Ukrainian company Petro Consulting LLC from Millstone. This company has a stake in both mining projects. In return, Millstone acquired a 20% stake in Europen Lithium, receiving shares worth up to 20 million Australian dollars (about 12.9 million euros) in several tranches. The entire transaction is subject to shareholder approval, obtaining the necessary mining and processing licenses and other conditions following consultation with the Australian Securities and Exchange Commission.
Dietrich Wanke, CEO of European Lithium, stressed the importance of lithium mining in Europe: “Currently, lithium is mined almost exclusively in Australia, Asia and South America. This fact, combined with the forecast that lithium demand will more than double in a few years, means a serious situation of dependency for European industry.”
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