A fiery exchange between Ukrainian President Volodymyr Zelenskyy and his United States counterpart, Donald Trump, at the White House on Friday scuttled plans – at least for now – for them to sign a deal in Washington that would allow the US access to the Eastern European nation’s vast reserves of critical and rare earth mineral deposits.
Zelenskyy left the White House earlier than scheduled after clashing with Trump and US Vice President JD Vance in front of television cameras on the direction of Russia’s war on Ukraine and whether he has been thankful enough for US assistance to Kyiv.
Before his departure from the Oval Office, the minerals deal was expected to have been a major takeaway from his visit. Zelenskyy has agreed to the preliminary terms of the deal, which Trump said is aimed at helping US taxpayers recoup aid sent to Ukraine during the war with Russia, which launched a full-fledged invasion in February 2022.
If the deal is eventually signed, both parties will begin negotiations on a Reconstruction Investment Fund to determine how resources will be allocated, under the current draft agreement that the two sides had decided on before tensions erupted on Friday.
What are the known deal terms?
The deal outlines a proposal for the US and Ukraine to develop a plan to utilise future revenues from Ukraine’s rare earth and critical minerals reserves, as well as its oil and gas sector.
- A Reconstruction Investment Fund will be created – its aim is to use revenues generated from Ukraine’s natural resources to reinvest back into Ukraine for reconstruction, further development projects, infrastructure and state-owned enterprises.
- Ukraine will contribute 50 percent of revenues from state-owned resources to the joint fund.
- It is unclear where the remaining 50 percent will come from, and how much control the US will wield over the fund.
- The US will commit to supporting Ukraine’s long-term economic stability and prosperity.
- The US will support Ukraine’s efforts to secure lasting peace but offer no direct security guarantees.
How much aid has the US sent to Ukraine?
President Trump had previously demanded a right to $500bn in potential revenues from using Ukraine’s natural resources to compensate for US military aid and support Kyiv has received. He has subsequently said that the US has paid more than $350bn – a figure he repeated during the exchange with Zelenskyy on Friday.
Zelenskyy has pushed back, arguing that actual US aid to Ukraine is much less.
According to the Kiel Institute for the World Economy, which tracks military, financial and humanitarian aid to Ukraine since the war began, the United States has donated 114 billion euros ($118bn).
However, the US Department of Defense puts the figure higher at nearly $183bn, which includes the cost of replenishing Ukraine’s defence stocks. The source of Trump’s $350bn figure is unclear.
What minerals does Ukraine have?
According to data from Ukraine’s Economy Ministry, the country holds deposits of 22 out of the 34 minerals classified as critical by the EU.
Ukraine also holds reserves of rare earth elements (REEs), a group of 17 metallic minerals essential for high-tech applications in electronics, defence, aerospace and renewable energy, including lanthanum, cerium and neodymium.
According to the United Nations’ Russian-language news service, Ukraine’s critical mineral reserves made up approximately 5 percent of the global supply as of 2022.
Its critical minerals include precious and non-ferrous metals, ferroalloys and minerals such as titanium, zirconium, graphite and lithium.
Ukraine accounts for 7 percent of the global production of titanium.
Its lithium reserves are largely untapped and considered one of Europe’s largest, at an estimated 500,000 tonnes.
Where exactly are these minerals?
According to the Center for International Relations and Sustainable Development (CIRSD), a public policy think tank registered in Belgrade and New York, prior to the 2022 Russian invasion, Ukraine had registered 20,000 mineral deposits, with 8,700 of them proven, encompassing 117 of the 120 most globally used metals and minerals.
The country has some of the world’s top recoverable coal, gas, iron, manganese, nickel, ore, titanium, and uranium reserves.
Most of these minerals span Luhansk, Donetsk, Zaporzhizhia, Dnipropetrovsk, Korovohrad, Poltava and Kharkiv.
Russia, which controls approximately 20 percent of Ukraine, including large parts of Luhansk, Donetsk and Zaporizhia, is sitting on about 40 percent of Ukraine’s metal resources according to estimates by Ukrainian think tanks We Build Ukraine and the National Institute of Strategic Studies, reports the Reuters news agency.
Ukraine has said that a significant portion of its rare earth elements are located in the Donetsk and Luhansk regions. The Shevchenko Field of Lithium Ores, one of Ukraine’s biggest lithium deposits, is located in a rural settlement in Donetsk.
How much natural resource wealth does Ukraine have?
According to Ukraine Invest, the Ukrainian government’s investment promotion office, it possesses significant natural wealth in mineral resources worth trillions of dollars.
The areas with the greatest natural resource wealth are located in the east of the country, primarily under Russian control.
The loss of access to these resources has not only impacted Ukraine’s economy but also disrupted global supply chains, particularly in high-tech and defence sectors.
Despite the ongoing war, Ukraine Invest reports that the mining sector remains a crucial part of the economy, with ongoing production in safer regions and growing international interest in securing long-term investment opportunities.
Who has the most rare earth minerals in the world?
The countries with the largest rare earth mineral reserves are ranked below based on their estimated reserves according to the US Geological Survey’s Mineral Commodity Summaries 2025:
- China – 44 million metric tonnes (mt; 1mt is equal to 1,000 kilogrammes). It also controls about 70 percent of global rare earth mineral processing
- Brazil – 21 million mt
- India – 6.9 million mt
- Australia – 5.7 million mt
- Russia – 3.8 million mt
- Vietnam – 3.5 million mt
- United States – 1.9 million mt
- Greenland – 1.5 million mt
- Tanzania – 890,000mt
- South Africa – 860,000mt
- Canada – 830,000mt
- Thailand – 4,500mt
