Mineral wealth is extensive (04/20/97)

Mineral wealth is extensive

KYIV - According to the head of the State Committee of Ukraine on Geology and the Use of Deposits, Western experts estimate Ukraine's mineral resources potential to reach $7.5 trillion.

Speaking at a March 20 press conference in Kyiv, Serhii Hoshovskyi stated that only $12 billion worth of mineral resources were extracted in Ukraine last year, which is half of that five or six years ago.

According to the state committee's statistics report, of the existing 8,000 various mineral resource deposits, only 48 percent are being used for extraction. Estimating Ukraine's oil deposits, the official said confirmed oil deposits amount to 252 million tons, while predicted oil deposits are more substantial.

The official stressed that Ukraine managed to preserve a centralized system of geological surveying, though the number of employees in this sector dropped by more than half from 67,000 to 32,000.

The state committee's head stressed that in 1996 the state provided only 20 percent of the funding needed while delayed wage debts reached 25 million hryvni ($13.5 million U.S.).

- Infobank, Ukrainian News

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