Ukraine and US agree to terms of crucial mineral deal, reports say

Ukraine and the US have agreed to terms that would close a crucial mineral deal between the countries, reports say.

In recent weeks, Donald Trump has pressed the economic agreement as an act of repayment for some of the $180bn in American aid given to Kyiv since Russia’s invasion in 2022.

For the US it would mean access to Ukraine’s valuable mineral resources -which are used in key technology -and for Ukraine, it could mark a show of support for the country’s sovereignty.

It comes after Trump said on Monday that he believed Volodymyr Zelenskyy would come to the US “this week or next” and sign the deal.

The Financial Times first reported on the agreement being reached, saying the deal was dated February 24.

“The minerals agreement is only part of the picture. We have heard multiple times from the US administration that it’s part of a bigger picture,” Olha Stefanishyna, Ukraine’s deputy prime minister who has led the negotiations, told the newspaper on Tuesday.

Bloomberg News is currently reporting that Ukraine’s cabinet is expected to recommend the deal be signed on Wednesday.

Over the past few weeks, Trump and Zelenskyy have been exchanging words over the controversy surrounding Ukraine’s potential peace deal with Russia this past week.

Zelenskyy was described as a “dictator without elections,” by Trump after the Ukrainian leader criticised him for “living in a disinformation space”.

Why does Trump want Ukraine’s minerals?

Ukraine is home to one of Europe’s largest deposits of critical minerals, including lithium and titanium, much of which is untapped.

It is unclear what specific resource Trump is interested in but the minerals could used in consumer technology, including mobile phones, hard drives, and electric vehicles.

China, Trump’s main geopolitical rival, is the world’s top producer of rare earth elements. The US and Europe have tried to cut their reliance on Beijing.

For Ukraine, such a deal would potentially help secure continued military support from the US.