Trump wanted a deal for Ukraine's minerals. Now it looks like he'll get one.
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- Ukraine's prime minister said Wednesday that Ukraine and the US had agreed on a mineral deal.
- Denys Shmyhal said they planned to set up an investment fund based on Ukraine's mineral wealth.
- Discussions about Ukraine's minerals have been a source of tension between the two countries.
Ukrainian Prime Minister Denys Shmyhal said Wednesday that his country and the US had agreed on a major deal for Ukraine's minerals.
While the full terms of the deal haven't been made public, Shmyhal told Ukrainian TV that the two countries planned to set up an investment fund based on much of Ukraine's mineral wealth, per the BBC.
Kyiv and Washington will manage it on equal terms, he added.
Shmyhal also said Ukraine would contribute 50% of future revenues from its mineral and metal extraction into the fund, which would go toward the country's reconstruction, according to the Ukrainian state broadcaster Suspilne.
On Tuesday, President Donald Trump responded to reporters' questions about the proposed agreement, details of which were first reported by the Financial Times.
He said he believed Ukrainian President Volodymyr Zelenskyy was preparing to visit the US to formalize a deal on Friday. "I understand that's a big deal, a very big deal," he added.
Ukraine has significant deposits of valuable minerals, including uranium, titanium, and lithium β the last being a key component in batteries relied on by the EV industry. It also has considerable oil and gas fields.
The draft deal, seen by the FT, doesn't include mineral resources already being extracted by the likes of the oil and gas producers Naftogaz and Ukrnafta, the report said.
The extent of the US's holding in the project remains undefined, the FT reported.
The Ukrainian government and various ministries didn't respond to requests for comment from Business Insider.
The Ukrainian minister who led the negotiations, Deputy Prime Minister Olha Stefanishyna, told the FT on Tuesday that the agreement was "only part of the picture."
"We have heard multiple times from the US administration that it's part of a bigger picture," she added.
On Monday, Stefanishyna wrote on X that Ukrainian and US teams were "in the final stages of negotiations regarding the minerals agreement."
She added: "The negotiations have been very constructive, with nearly all key details finalized. We are committed to completing this swiftly to proceed with its signature. We hope both US and UA leaders might sign and endorse it in Washington the soonest to showcase our commitment for decades to come."
Trump said Tuesday that through the deal, "the American taxpayer now is going to get their money back plus," without offering specifics.
"It could be a trillion-dollar deal," he said.
Asked what Ukraine gets, Trump said: "The right to fight on."
Both Ukraine and the US have dropped key demands that were earlier being discussed, the FT reported.
The US will no longer demand $500 billion in revenue from the resources extracted, the report said, while Ukraine will no longer demand security guarantees in return.
But Shmyhal said Wednesday that the deal was "directly tied" to security guarantees, according to Euromaidan Press.
The reported deal would be a notable step in recent relations between Trump and Zelenskyy.
Zelenskyy refused earlier proposed terms that would have seen Ukraine send the US up to $500 billion in proceeds from its minerals, while Trump has called the Ukrainian president a "dictator."