Ukrainian Prime Minister, Denys Shmyhal has said that Ukraine is poised to sign a much-anticipated minerals deal with the United State, as both sides finalised details.
The agreement would see Washington and Kyiv jointly develop Ukraine’s mineral resources, an arrangement US President Donald Trump has called “money back” for the wartime aid it has received from the United States.
Shmyhal told Ukrainian television that the country’s Economy Minister, Yulia Svyrydenko was on her way to Washington.
“We are finalising the last details with our American colleagues. As soon as all the final details have been finalised, I hope that the agreement will be signed in the near future, within the next 24 hours.”
Denys Shmyhal
Shmyhal added that the deal will have to be ratified by the Ukrainian parliament, with consultations set to start tomorrow.
The US and Ukraine have been trying to hammer out the natural resources agreement that would give Washington access to Kyiv’s untapped mineral riches in exchange for investment since US President Donald Trump returned to the White House in January.
Ukraine’s President, Volodymyr Zelenskyy was expected to strike the deal during his trip to Washington in February – but the agreement was left unsigned when that visit was cut short following the contentious Oval Office meeting.
Among the key sticking point of the negotiations was the question of security guarantees and whether the US would provide them as part of the deal.
Trump initially refused that, saying he wants Ukraine to sign the agreement first and talk about guarantees later.
At that time, Zelenskyy described the draft agreement as asking him to “sell” his country.
Ukrainian officials have since indicated they believed that US investment and the presence of American companies in Ukraine will make the US more interested in Ukraine’s security.
Strategic Agreement
Speaking on Wednesday, Shmyhal described the deal as “a strategic agreement on the establishment of an investment partnership fund.”
“It is truly an equal and beneficial international agreement on joint investments in the development and recovery of Ukraine between the US and Ukrainian governments.”
Denys Shmyhal
Shmyhal stated that under the deal, the US and Ukraine will create a joint investment fund in Ukraine with an equal contributions from both and equal distribution of management shares between them.
“The American side may also count new, I emphasise new, military aid to Ukraine as a contribution to this fund.”
Denys Shmyhal
According to a senior source in the Ukrainian presidency, the deal will not be linked to any “debts” for previous assistance Kyiv has received and will create a “50/50” joint fund split between Kyiv and Washington.
Kyiv’s allies have long eyed the country’s mineral riches.
Ukraine has deposits of 22 of the 50 materials classed as critical by the US Geological Survey.
These include rare earth minerals and other materials that are critical to the production of electronics, clean energy technologies and some weapon systems.
The global production of rare earth minerals and other strategically important materials has long been dominated by China, leaving Western countries desperate for other alternative sources – including Ukraine.
A memorandum of understanding prepared under the Biden administration last year said that the US would promote investment opportunities in Ukraine’s mining projects to American companies in exchange for Kyiv creating economic incentives and implementing good business and environmental practices.
Ukraine already has a similar agreement with the European Union, signed in 2021.
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