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US officials have indicated that a US-Ukrainian mineral deal agreement could be signed soon, with a top US official noting that Ukraine is making some last-minute changes to the deal.
Some shit you should know before you read: Shortly after President Trump returned to office, he pushed aggressively for a minerals deal with Ukraine as part of his broader strategy to secure US access to critical rare earth materials and reduce reliance on China, which dominates the global supply and refining of rare earth elements. The general agreement was framed by Trump as a way for Ukraine to “pay back” the United States for the military aid it had received since Russia’s invasion. Though the framework for the deal was finalized months ago, plans to sign it fell apart in February following a tense meeting between Trump and Zelenskyy at the White House.
What’s going on now: In a notable development, US Treasury Secretary Scott Bessent confirmed that the United States is prepared to sign the long-anticipated minerals deal with Ukraine, but expressed frustration over last-minute changes introduced by the Ukrainian side. “We’re ready to sign this afternoon, if they are,” Bessent stated during a cabinet meeting, adding, “The Ukrainians decided last night to make some last-minute changes.” He noted that the deal on the table was consistent with what had already been agreed upon days earlier. Despite the sudden hesitation from Kyiv, Bessent voiced confidence that Ukraine would ultimately move forward, saying, “We’re sure that they will reconsider that.”
Meanwhile, Ukrainian Prime Minister Denys Shmyhal said that Ukraine remains committed to the agreement but wants to ensure that key technical aspects are finalized properly. “We are finalizing the last details with our American colleagues,” Shmyhal said, noting that Ukraine was ready to sign the framework agreement, but insisted that two additional “technical” documents—one on the fund’s creation and another on financing—still required work. He described the deal as a “truly good, equal and beneficial international agreement.”
He added, “The American side may also count new, I emphasize new, military aid to Ukraine as a contribution to this fund.” Shmyhal was also clear that the agreement applies only to new licenses and permits and that Ukraine would retain full control over its natural resources.
More details on the potential deal: The bones of the US/Ukraine mineral deal outline the creation of a 50/50 US-Ukraine joint investment fund designed to channel resources into Ukraine’s postwar reconstruction, particularly in critical sectors like mining, energy, and infrastructure. According to Ukrainian news outlets, the deal ensures “the equality of the parties,” with both countries contributing financially and sharing decision-making power. While the US will receive preferential—though not exclusive—access to new investment opportunities in Ukraine’s resource sectors, the agreement does not cover existing contracts or Ukraine’s natural gas infrastructure.
