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“It is important to open geological information about Ukrainian deposits to investors”, Andrii Smolin, Head of the Ukrainian Representative Office of Avellana Gold “It is important to open geological information about Ukrainian deposits to investors”, Andrii Smolin, Head of the Ukrainian Representative Office of Avellana Gold

During the webinar on the prospects of Ukraine's mining industries, Andriy Smolin, Head of the Ukrainian Representative Office of Avellana Gold, spoke about the company's activities in Transcarpathia and the conditions that affect investment attraction. The discussion was organized by the U.S.-Ukraine Business Council (USUBC) and the Canada-Ukraine Chamber of Commerce (CUCC).


Recently, the investment climate in Ukraine for extractive industries has begun to change for the better, but much work remains to be done. Openness and availability of information about the geological potential of deposits play a key role in effectively attracting investment, said Andriy Smolin.

    

«The State Geological Survey of Ukraine has already done a big work that has changed the perception of investors. However, it is still necessary to overcome the negative habit from the Soviet times - the secrecy of geological data, when most information is closed and inaccessible to investment companies. This does not allow the full potential of the objects to be presented at international investment forums, — told Andriy Smolin. —  The mining industry in the world is very competitive. Ukraine will attract large investments when it can first attract junior mining companies. This requires not only convincing them that Ukraine has more promising deposits, but also it is important to create favorable conditions for attracting additional bank financing of projects after the completion of their feasibility study». 


The State Service of Geology and Subsoil of Ukraine, the State Property Fund of Ukraine (SPFU), investors and representatives of the mining sector also took part in the discussion "Development of Extractive Industries in Ukraine".