Ukraine has agreed on terms of minerals deal with US: senior official

Ukraine has agreed on the terms of a minerals deal with the United States and could sign it as early as Friday on a trip to Washington by President Volodymyr Zelensky, a senior Ukrainian official said.

US President Donald Trump had demanded that Ukraine give access to its rare earth minerals to compensate for the billions of dollars worth of wartime aid it received under Joe Biden.

The deal would see the United States jointly develop Ukraine’s mineral wealth, with revenues going to a newly created fund that would be “joint for Ukraine and America”, a senior Ukrainian source told AFP on condition of anonymity.

“Now government officials are working on the details… As of now, we are considering a visit to Washington for Friday to sign the agreement,” the source added.

Ukraine had asked for security guarantees from the US as part of any agreement.

The source said the draft of the deal includes a reference to “security”, but does not explicitly set out the United States’s role.

“There is a general clause that says America will invest in a stable and prosperous sovereign Ukraine, that it works for a lasting peace, and that America supports efforts to guarantee security.”

The source also said Washington had cut clauses that would have been unfavourable to Ukraine, including that it provide “$500 billion” worth of resources.