What are Ukraine’s rare earth minerals, where are they and what does this deal with Trump involve?
US president Donald Trump has claimed a rare earth minerals deal with Ukraine – a crucial first step to achieving peace in the region – is back on after Volodymyr Zelensky sent him a letter signalling his willingness to sign.
After a series of spats between Mr Trump and Mr Zelensky culminated in the deal being temporarily canned last Friday and the Ukrainian leader being kicked out of the White House, the US president said in a speech to Congress that he had “received an important letter” seeking to end the disagreements.
Quoting from the letter, he said Mr Zelensky told him that “Ukraine is ready to come to the negotiating table as soon as possible to bring lasting peace closer. Nobody wants peace more than the Ukrainians.”
“My team and I stand ready to work under President Trump’s strong leadership to get a peace that lasts,” Mr Trump quoted Mr Zelensky as writing. “We do really value how much America has done to help Ukraine maintain its sovereignty and independence.”
Mr Trump added that Mr Zelensky said he was ready to sign the minerals deal “at any. time that is convenient for you”.
Last week, Ukraine agreed to a revised deal with the US to secure support to end the war after the Trump administration dropped some of its toughest demands.
But a tense exchange between the two countries’ leaders on Friday brought the negotiations crashing down again, with the Ukrainian president berated in front of cameras by Mr Trump and his second-in-command JD Vance.
The deal, which was touted as a central point of peace negotiations, was left unsigned and what can be salvaged from it remains uncertain.
The US had been pushing for a deal that would grant it half of Ukraine’s revenues from critical minerals, oil, gas, and stakes in key infrastructure, such as ports, through a joint investment fund.
A White House official said that the minerals deal was a “first step to lasting peace” but Zelensky had “overplayed his cards”.
Below, The Independent looks at what could be included in the deal if it is struck.
While negotiations are up in the air, it has been reported the preliminary agreement establishes a fund in which Ukraine would contribute 50 per cent of proceeds from the “future monetisation” of state-owned mineral resources such as oil and gas, which would be invested in Ukrainian projects.
Included in the deal was a US commitment to back Ukraine’s economic development into the future. Deputy prime minister Olha Stefanishyna told the Financial Times that the minerals agreement is just one part of the bigger picture.
But the deal will not include the US security guarantees keenly sought after by Kyiv.
