Ukraine strikes a deal with the US regarding its mineral resources
Ukrainian Prime Minister Denys Shmyhal announced on Wednesday that Ukraine and the US had reached an agreement on a major deal concerning Ukraine's minerals.
While the full terms of the deal haven't been made public, Shmyhal told Ukrainian TV that the two countries plan to set up an investment fund based on much of Ukraine's mineral wealth, the BBC reported.
Kyiv and Washington will manage it on equal terms, he added.
Shmyhal also said Ukraine will contribute 50% of future revenues from its mineral and metal extraction into the fund, which will go toward the country's reconstruction, according to Ukrainian state broadcaster Suspilne.
On Tuesday, President Donald Trump responded to reporter questions about the proposed agreement, details of which were first reported by the Financial Times,
He said he believed Ukrainian President Volodymyr Zelenskyy was preparing to visit the US to formalize a deal on Friday. "I understand that's a big deal, a very big deal," he added.
Ukraine has significant deposits of valuable minerals, including uranium, titanium, and lithium — the last being a key component in batteries relied on by the EV industry. It also has considerable oil and gas fields.
The draft deal, seen by the FT, reportedly does not include mineral resources already being extracted by the likes of oil and gas producers Naftogaz and Ukrnafta.
The extent of the US' holding in the project remains undefined, the FT reported.
The Ukrainian government and various ministries did not respond to Business Insider's requests for comment.
The Ukrainian minister who led the negotiations, Deputy Prime Minister Olha Stefanishyna, told the FT on Tuesday that the agreement is "only part of the picture."
"We have heard multiple times from the US administration that it's part of a bigger picture," she added.
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