**Ukraine and US Close to Deal on Mineral Deposits**
The Ukrainian government is close to signing a deal with the United States that will give American companies access to Ukraine’s mineral deposits. This was announced by Olga Stefanishyna, deputy prime minister for European and Euro-Atlantic integration.
The negotiations have been going on for some time and both sides seem to be making progress. Stefanishyna said that “negotiations have been very constructive, with nearly all key details finalised”. She added that the Ukrainian government is committed to completing the deal quickly so it can be signed.
**What minerals does Ukraine have?**
Ukraine has significant mineral deposits, including graphite, lithium, and rare earth metals. These are used in the production of batteries for electric vehicles, electronics, and other products. The country also has titanium deposits, which are used in the construction of planes and power stations.
However, some of these mineral deposits have been seized by Russia, particularly in occupied territories. According to Ukraine’s Minister of Economy, Yulia Svyrydenko, resources worth $350bn remain in occupied areas today.
**Why does the US want access to Ukraine’s minerals?**
The US is keen on accessing Ukraine’s mineral deposits because they are critical for the 21st century economy. They are used in renewable energy, military applications, and industrial infrastructure. The US also wants to reduce its dependency on China, which controls 75% of rare earth deposits worldwide.
**What do we know about the negotiations so far?**
The negotiations have been going on for some time, but there were several sticking points earlier this month. Ukrainian President Volodymyr Zelensky rejected a US demand for a 50% share of Ukraine’s rare earth minerals. Instead, the US is asking for full control over these resources.
Zelensky also wants any deal to include security guarantees. Former UK prime minister Boris Johnson has described an agreement on mineral access as “the great prize” because it would secure a US commitment to a free and sovereign Ukraine.
**What’s next?**
Developing Ukraine’s mineral resources is difficult and expensive, but it could be beneficial for the country’s economy if done correctly. Iryna Suprun, chief executive of the Geological Investment Group, says that attracting American investors to develop these resources would bring in new technologies, capital, jobs, and tax payments.
The deal with the US is expected to be signed soon, but there are still some details to be finalised.