US seeks critical minerals from Ukraine in exchange for aid
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday called on Ukraine to provide the United States with critical minerals in exchange for the country's financial support against Russia.
Speaking to reporters at the White House, Trump claimed that Ukraine is willing to make such an arrangement, stating that he seeks "equalization" from the nation for Washington's "close to $300 billion" in financial assistance.
"We're telling Ukraine they have very valuable critical minerals," Trump said. "We're looking to do a deal with Ukraine where they're going to secure what we're giving them with their critical minerals and other things."
It remains unclear whether Trump's use of the term "critical minerals" encompasses only rare earth elements or all types of critical minerals. Rare earth elements are a group of 17 metals utilized in the production of magnets, which are essential components of electric vehicles, cellphones, and other electronics. These elements have no known substitutes.
The U.S. Geological Survey designates 50 minerals as critical to the nation's economy and defense, including several rare earth elements, nickel, and lithium. While Ukraine possesses substantial reserves of uranium, lithium, and titanium, none rank among the world's top five in terms of volume. Furthermore, the U.S. has untapped domestic reserves of these and other critical minerals.
Currently, the U.S. operates only one rare earth mine with limited processing capabilities. However, several companies are pursuing projects to develop domestic production. China remains the world's primary producer of rare earths and other critical minerals.