Ukraine has agreed to the mineral deal proposed by US President Donald Trump - Financial Times, Bloomberg, AFP, CNN, New York Times... reported on February 25.
AFP quoted a Ukrainian official as saying that the document could be signed as early as February 28.
Currently, government officials are working on the final details. We are considering the possibility of going to Washington on Friday, February 28, to sign an agreement, the source revealed.
Previously, President Donald Trump asked Kiev to provide natural resources "equivalent to 500 billion USD" as a form of compensation for US aid provided in the conflict with Russia.
The proposal was initially made by US Treasury Secretary Scott Bessent during his visit to Kiev earlier this month but was rejected by Ukrainian President Volodymyr Zelensky for lack of accompanying security guarantees.
However, according to the Financial Times, Ukraine agreed after the US abandoned its request to receive the full $500 billion from the resource. Kiev has previously argued that the actual aid it has received is just $100 billion.
The final draft, finalized on February 24, requires Kiev to establish a fund and reserve 50% of its revenue from future commercialization of state-owned mineral resources, including oil and gas and related logistics facilities. The fund will be used to invest in Ukrainian industry.
The deal does not apply to resources that have generated government revenue, such as Naftogaz and Ukranafta oil and gas companies, but does not specify how much the US will hold in this fund. The common ownership terms will be decided in the following agreements, FT revealed.
Although the document mentions a financial commitment from the US to support Ukraine, the specific scale of the aid will be determined later, according to Ukrainska Pravda.
The Ukrainian Ministers of Justice, Economy and Foreign Affairs approved the deal. However, President Zelensky still needs the approval of the Ukrainian parliament in the coming days.
According to Bloomberg, the Ukrainian cabinet is expected to propose signing the deal on February 26.
Ukraine, the largest country in all of Europe, controls more than 100 key mineral mines, according to a study by the Kiev Economic School. The country also has moderate reserves of oil and natural gas.
Ukraine has reserves of 20 of the 50 minerals listed by the USGS as essential for US economic and defense development, including:
Titanium: Used in the construction, manufacture of aircraft, took- shape planting and as an accessory in paint, cosmetics (including sunscreen) and many other applications. titanium mines in central Ukraine account for about 6% of global output, according to Ukrainian media.
Lithium: An important ingredient in the production of batteries, including electric vehicle batteries, and many other industrial products, including some drugs. Ukraine owns about a third of Europe's total lithium reserves, although some are in the conflict zone. Before the conflict with Russia, Ukrainian officials had asked Elon Musk to invest in the country's lithium mines.
Uranium: US in nuclear power plants and nuclear weapons. Ukraine has the largest uranium reserves in Europe.
Rare earth: The group includes more than a dozen rare metals than titanium or lithium, used in many high-tech fields such as green energy, electronics and aerospace. Ukraine has significant reserves but most of them are not exploited, and the cost of exploitation is still unclear.
