The US has updated the terms of its proposed mineral agreement with Ukraine.

The head of the US Treasury Department, Scott Bessent, shared key details of the rare earth metals agreement that the US and Ukraine are set to sign. It is expected that the US will invest in Ukraine’s development without gaining ownership rights to its assets and without creating new debt obligations.

Bessent emphasized that the US will financially support Ukraine, in exchange for which it will gain economic and management rights. A portion of the income from Ukraine’s natural resources and infrastructure is intended to be directed towards long-term reconstruction and development.

The updated agreement proposes the establishment of a joint commercial reconstruction investment fund in which the US would have a full financial stake. The fund will receive 50% of the net revenue from the extraction of Ukrainian minerals and oil and gas resources for further investment into Ukraine’s economy, primarily for the development of mining and processing infrastructure, ports, and other key areas.

Ukraine has rejected the $500B special fund proposal that was aimed at repaying US aid, believing that $90B will suffice. Ukraine’s primary goal is to secure specific guarantees for protection.