Negotiations between the US and Ukraine have progressed towards finalizing a deal that will allow American companies access to Ukraine's critical minerals, crucial for various high-tech industries. Despite some last-minute changes by Ukraine, both sides are optimistic that the agreement could be signed soon, reflecting a strengthening partnership amid the ongoing conflict with Russia.
US and Ukraine Poised to Finalize Critical Minerals Agreement
US and Ukraine Poised to Finalize Critical Minerals Agreement
The United States and Ukraine are nearing a pivotal agreement that will grant American access to Ukraine's rich reserves of rare minerals amid ongoing geopolitical tensions.
The United States and Ukraine are on the cusp of signing a significant agreement that aims to enhance American access to Ukraine's vast mineral resources. US Treasury Secretary Scott Bessent expressed readiness to sign the deal on Wednesday, indicating that both nations are close to finalizing terms despite Ukraine's push for revisions.
Yulia Svyrydenko, Ukraine's Deputy Prime Minister, was en route to Washington, D.C., to facilitate the negotiations following a breakthrough in discussions. Draft documents reviewed by BBC News outline plans to establish a joint US-Ukrainian investment fund focused on mineral exploration, as well as stipulations for revenue sharing.
Challenges persisted, as a US official criticized Ukraine's attempts to revisit previously agreed-upon terms while both teams had worked late into the night on adjustments. Sticking points reportedly include governance of the investment fund and clarity on financial transparency, but the source remained hopeful that the signing could occur by the end of the day if reassurances on compliance were met.
Bessent affirmed, “Nothing's been removed,” when asked about changes to the agreement, reiterating that the document remained consistent with what was negotiated earlier. Ukrainian Prime Minister Denys Shmyhal expressed optimism that the deal would be finalized within hours, highlighting it as a fair and beneficial international arrangement meant to bolster Ukraine's development and recovery efforts.
US President Donald Trump has emphasized the significance of securing access to Ukraine's mineral wealth, particularly in light of heightened tensions with China, which currently dominates the global market for these critical resources. The minerals found in Ukraine, such as lithium, graphite, and titanium, are essential for renewable energy technologies and military applications.
The draft agreement extends beyond mineral access, showcasing the US's commitment to Ukraine’s security, though specifics on military support remain undisclosed. This move follows recent diplomatic engagements between Trump and Ukrainian President Volodymyr Zelensky, suggesting a shift towards a more constructive dialogue as both leaders seek to navigate the complexities of international relations while addressing the ongoing Russian invasion.
Despite a previous breakdown of negotiations that stemmed from heightened rhetoric between the leaders earlier in the year, the current moment seems to present a more amicable approach to collaboration, with Trump indicating, “We’re looking for rare earth minerals all the time. They have a lot, and we made a deal.”
