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.