Even as the US has been offering military and financial aid to Ukraine in the ongoing war against Russia, President Donald Trump asked for something in return—the rare earth minerals found in Ukraine as a form of payment for the "close to $300 billion" in support.
"We are telling Ukraine they have very valuable rare earths. We are looking to do a deal with Ukraine where they are going to secure what we are giving them with their rare earths and other things."
Trump had earlier made it clear to Ukraine that future assistance would be provided as a loan and on condition that Kyiv negotiates with Russia.
President Volodymyr Zelenskyy responded by saying his country is open to “investment” from countries as long as they help Kyiv in the war against Russia, although it was not clear if Trump was using the term "rare earths" to refer to all types of critical minerals or just rare earths. It is also not clear if Trump is demanding that Ukraine supplies these for free or sell them at a rate favourable to the US.
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Zelenskyy said Ukraine was open to “investment” from “partners who help us defend our land and push the enemy back with their weapons, their presence, and sanctions packages. And this is absolutely fair.”
Rare earth elements refer to a group of 17 metals used to make magnets that turn power into motion for electric vehicles, cellphones and other electronics.
According to a Reuters report, the US Geological Survey considers 50 minerals to be critical for the country's economy and national defense, including several types of rare earths, nickel and lithium.
There are large deposits of uranium, lithium and titanium in Ukraine.
Each of the 17 rare earths has various uses including for guided missiles. They are critical for advanced military technologies such as precision-guided munition. They are also used in electronic appliances like smartphones, computers and televisions.
Most of these are irreplaceable or can be replaced only at a very high cost.
