In brief
Both the US and Ukraine are poised to finalize a landmark agreement allowing American companies to tap into Ukraine's vast reserves of rare minerals, with negotiations moving swiftly towards a possible signing.
A pivotal minerals agreement between the United States and Ukraine is on the verge of completion, promising American companies access to Ukraine's abundant rare mineral resources. US Treasury Secretary Scott Bessent noted on Wednesday that the US is prepared to sign the deal, although some last-minute changes proposed by Ukraine have caused delays. Ukraine's Deputy Prime Minister Yulia Svyrydenko was en route to Washington for discussions after a breakthrough in negotiations.According to a draft reviewed by BBC, the agreement encourages the formation of a joint investment fund focused on mineral exploration in Ukraine, establishing revenue-sharing mechanisms. However, a US source criticized Ukraine's attempts to amend previously settled terms, highlighting issues around fund governance and transparency.Despite these negotiations, a signing may still occur by Wednesday evening if the US determines that Ukraine adheres to previous agreements. Bessent confirmed that no modifications on the US side are expected. Meanwhile, Ukrainian Prime Minister Denys Shmyhal expressed optimism that the deal will be finalized within 24 hours.Amid ongoing battles with Russian forces, access to critical minerals such as lithium, titanium, and graphite is increasingly vital for both nations. These resources are essential for renewable energy and military applications, as the US aims to reduce dependence on Chinese mineral supplies, currently dominating the market.The proposed deal signifies more than just economic cooperation; it reflects the United States' backing of Ukraine's security amidst ongoing conflict. This follows a recent face-to-face meeting between US President Donald Trump and Ukrainian President Volodymyr Zelensky, indicating a warming relationship and a shared goal of enhancing Ukraine's resource management.
