BGV Group Management has signed the Letter of Intent with the European Bank for Reconstruction and Development (EBRD) during the Ukraine Recovery Conference 2025 in Rome. This collaboration represents a significant step forward following the inclusion of the BGV Graphite Project — currently being developed at the Balakhivka deposit — in the list of Strategic Projects for the European Union, approved by the European Commission on June 4, 2025. The project goal is the construction of a mining and processing plant based on the Balakhivka graphite ore deposit, as well as the construction of a plant for the production of spherical graphite (SPG) for lithium-ion batteries.

The document outlines a potential cooperation framework between the EBRD and BGV focused on providing strategic guidance to support the further development of the BGV Graphite Project.

Oleksandr Naumyk, CEO of BGV Group Management, commented:

“BGV Group Management and the company’s founder, Gennadii Butkevych, have been developing the graphite project since 2018. We recognized the potential of critical raw materials in Ukraine long before the world turned its attention to Ukrainian resources. Over the years, the project team has operated in line with advanced international standards and technologies, collaborating with industry-leading companies across the globe. All of this has once again demonstrated that large-scale, high-complexity industrial projects can already be successfully implemented in Ukraine. We are sincerely grateful to the EBRD, the European Commission, and other partners for their consistent support. The development of projects like BGV Graphite is an important step not only for advancing the mining sector but also for strengthening the resilience of Ukraine’s economy as a whole. It also sends a strong signal to international investors to support different projects in Ukraine—projects with significant resource potential for Europe that directly impact the region’s economic and technological security.

The EBRD’s support reflects strong confidence in BGV Graphite’s potential and highlights the strategic importance of the project in ensuring Europe’s secure and sustainable supply of critical raw materials. It also demonstrates growing international support for Ukraine’s mining sector and its integration into the global ecosystem.