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美乌矿产协议影响分析：乌克兰到底藏了多少矿产秘密？
浙商证券·2025-02-28 08:23

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights the ongoing three-year delay of the Russia-Ukraine conflict and the focus on post-war benefit distribution, particularly the attitudes of Europe and the United States towards compensation claims [3][4] - The U.S. has proposed a 500billionmineralcooperationagreementwithUkraine,althoughtheexactamountofrareearthresourcesinUkraineisuncertain.However,Ukraine′srichmineralresourcesmayserveasleverageforfurtherU.S.aid[3][16]−ThereportsuggeststhattherecentU.S.−Ukrainemineralcooperationagreementmayhavealimitedmarginalimpactonthesupply−demanddynamicsofvariousmetals,andthedistributionofUkraine′smineralresourceswillsignificantlyaffectthereshapingoftheEuropeansupplychainiftheconflictgraduallyresolves[3]SummarybySectionsSection:U.S.AidtoUkraine−Sincetheoutbreakoftheconflict,theU.S.hasprovidedatotalof500 billion mineral cooperation agreement with Ukraine, although the exact amount of rare earth resources in Ukraine is uncertain. However, Ukraine's rich mineral resources may serve as leverage for further U.S. aid [3][16] - The report suggests that the recent U.S.-Ukraine mineral cooperation agreement may have a limited marginal impact on the supply-demand dynamics of various metals, and the distribution of Ukraine's mineral resources will significantly affect the reshaping of the European supply chain if the conflict gradually resolves [3] Summary by Sections Section: U.S. Aid to Ukraine - Since the outbreak of the conflict, the U.S. has provided a total of 350 billion in aid to Ukraine, with a commitment of 128billionintotalaid,including128 billion in total aid, including 53.76 billion in economic aid, 3.7billioninhumanitarianaid,and3.7 billion in humanitarian aid, and 70.56 billion in military aid [10][9] - The actual delivered aid amounts to 122.8billion,comprising122.8 billion, comprising 50.1 billion in economic aid, 3.68billioninhumanitarianaid,and3.68 billion in humanitarian aid, and 69 billion in military aid [10] Section: Ukraine's Mineral Resources - Ukraine possesses significant mineral resources, including iron ore (650 million tons), titanium ore (590 million tons), and natural graphite (970 million tons), which account for 3.25%, 1.16%, and 3.34% of global reserves, respectively [13][15] - The main mineral-rich areas in Ukraine include the Kryvyi Rih-Zaporizhia iron ore belt and the Donbas coal mining area, with central and eastern Ukraine having a relative advantage in mineral resources [15] Section: Rare Earth Resources - The proposed $500 billion rare earth resource cooperation agreement with the U.S. is met with skepticism, as Ukraine is not a major global producer of rare earth elements [16][17] - The Ukrainian government has approved a framework for joint development of mineral resources with the U.S., which includes establishing a reconstruction investment fund [16]