Millstone&Co invests more than EURO 10 M into lithium project in Kirovograd oblast (Ukraine)

Millstone&Co (Poland, Ukraine), an International Investment company, has plans to invest over Euro 10 M to finish the lithium deposits survey in Ukraine during the next two years. The company’s management resolved it after the successful trial to revive the permit for working on lithium deposit in Kirovograd oblast and after the optimistic declaration of Ukrainian Prime Minister Denys Shmyhal on the government’s desire to give green light to European investors in the projects related to Ukrainian lithium. “International investors welcome a desire officially expressed by the Ukrainian government to provide European investors with a clear road map with transparent rules to survey lithium deposits and also the fact of reviving a legal right of Millstone&Co to use the deposit”, – Mikhael Zhernov, a managing partner of the company, said. Mr. Zhernov highlighted that the first investment would be spent on geological survey and assessment of the deposit in compliance with the global standards. He said that during two-year experience of lithium extraction possibilities Millstone&Co had (in Ukraine) certain issues related to bureaucracy, non-transparency, and delaying tactics in obtaining licenses. Mr. Zhernov voiced his hopes for the assistance of the government and especially the Prime Minister to foreign investors’ work. Millstone&Co considers lithium extraction on two deposits in Ukraine. Prior to that during the on-line meeting with the Vice-President of the European Commission for Institutional Relations, the Prime Minister of Ukraine Denys Shmyhal addressed Europe to make the strategic partnership in critical mineral resources extraction more active. On November 6, 2020, the Kyiv county administrative court ruled the State Geology Service to revive the permit for Millstone&Co to extract lithium in the deposit in Kirovograd oblast. Before that, in the interview with Ukrainsky Novyny news agency Mr. Zhernov assumed the idea to shift investing into the extraction of mineral resources to Europe blocking projects in Ukraine. (https://ukranews.com/…/2494-mihail-zhernov-ya-dumayu…) Millstone&Co is a private investment company that provides traditional investment-related services to its clients. The company has offices in Warsaw, Krakow, and Kyiv.