a "sleeping" problem. A dozen companies may lose their mining permits

The Canadian mining company Black Iron, which is developing the Shymanivske iron ore deposit in Dnipropetrovs'k region, may leave the Ukrainian market. The reason is the threat of losing its subsoil license if the company does not start mining within six months after the end of martial law. The requirement is to extract at least 1% of raw materials.

"We really considered this issue: if we cannot extend our special permit, the company will leave the market. We will not continue to finance this project," said Pavlo Komaritsky, CEO of Shymanivske Steel, at a conference in late September. (Shymanivske Steel is the legal entity of Black Iron in Ukraine).

Not only Canadian investors, but also other companies from Ukraine are in a similar situation. There are 132 licenses whose holders have not yet begun subsoil development, the State Service of Geology and Mineral Resources told LIGA.net . The list of companies includes Ukrzaliznytsia, Kerambud of Serhiy Medvedchuk, brother of Viktor Medvedchuk, and Ferrexpo of disgraced businessman Kostyantyn Zhevago. Ferrexpo and Black Iron's licenses expire in 2025 and 2026.

Why this problem has arisen, why companies cannot start extracting 1% of fossil fuels in six months, and what solutions are possible?