President Donald Trump said his administration wants an agreement with Ukraine in which the war-torn country will provide access to its rare earth resources in return for the US’ assistance in its defense against Russia.
“We’re looking to do a deal with Ukraine where they’re going to secure what we’re giving them with their rare earth and other things,” Trump said at the White House. “We want a guarantee. We’re handing them money, hand over fist.”
According to various estimates, Ukraine holds critical mineral deposits with an estimated value of over $26T, making it a significant player in the global supply chain. The country boasts approximately 20,000 mineral deposits, covering 116 types of minerals, including titanium, lithium, beryllium, manganese, gallium, uranium, zirconium, graphite, apatite, fluorite, and nickel.
China currently dominates the production and sale of rare earth metals, a group of minerals that are key to green energy and advanced weapons, among other uses. Globally, China controls about 70% of output and over 90% of refining.