Ukraine to Supply Rare Earth Minerals to US in Exchange for Financial Support
US President Donald Trump has proposed that Ukraine provide rare earth minerals to the United States as a form of payment for financial aid amid the ongoing conflict with Russia.
Trump stated that Ukraine possesses "very valuable rare earths" and expressed his intent to establish a deal where Ukraine would secure the support provided by the US through these minerals and other resources.
The term "rare earths" potentially refers to a broader spectrum of critical minerals used in various industries, including electric vehicles, cellphones, and electronics. There are currently no known substitutes for these essential materials.
Ukraine is known to hold substantial deposits of uranium, lithium, and titanium, though not all are among the world's largest reserves by volume. Additionally, the US possesses untapped reserves of various critical minerals, including those found in Ukraine.
The US currently operates only one rare earths mine with limited processing capabilities. However, several companies are actively pursuing projects to increase domestic production.
China remains the leading producer of rare earths and other critical minerals globally.