Zelenskyy Says US Has Offered ‘Full-Scale’ Critical Minerals Deal

Kyiv says Washington’s proposal is a ‘full-scale agreement’ that could pave the way for a joint revenue-sharing agreement on rare earths.

President Donald Trump greets Ukrainian President Volodymyr Zelenskyy at the White House in Washington on Feb. 28, 2025. Madalina Vasiliu/The Epoch Times

Ukrainian President Volodymyr Zelenskyy said on March 25 that the United States had proposed a new “full-scale agreement” on critical minerals that goes further than the previous framework, according to Ukraine’s state-owned news agency, Ukrinform.

Negotiators from the United States, Russia, and Ukraine have been engaged in talks in Saudi Arabia this week, as Washington seeks to broker a peace deal between the two nations.

The United States previously stated that a deal granting access to deposits of rare earths and critical minerals in Ukraine could be worth up to $500 billion.

The deal has been on ice since Zelenskyy, President Donald Trump, and Vice President JD Vance had a heated argument in the White House on Feb. 28, 2025.

Zelenskyy said on March 25 that the United States has offered a new mineral agreement.

“Yesterday, my team briefed me on the new agreement. What does it look like now? This is a full-scale agreement as envisioned by the American side. That’s how they see this,” Zelenskyy said. “They have moved past previous steps, such as the framework agreement, which you may recall was supposed to be followed by a more detailed agreement. Now, the U.S. has proposed a major agreement right away.”

The Ukrainian president said he did not have the full details of the deal.

“I don’t have all the details yet. I’ve asked for a thorough review of the agreement, a clear explanation of all its details, and only then will we convene to discuss it, recognizing that this is a serious document. Most likely, both sides will continue to refine this document,” he said.

Trump said on March 24 that he expects that a revenue-sharing agreement on Ukrainian critical minerals will be signed soon.

He also told reporters he is talking to Ukraine about the possibility of U.S. firms’ owning Ukrainian power plants.

“We’re talking about territory right now. We’re talking about lines of demarcation, Talking about power, power plant ownership,” he said. “Some people are saying the United States should own the power plant ... because we have the expertise.”

A Treasury spokesperson told The Epoch Times by email: “The United States remains committed to the quick conclusion of this vital agreement, and to securing a lasting peace for both Ukraine and Russia.”

Rare Earths

Rare earth metals, a group of 17 essential elements, play a key role in powering modern technology, from electric vehicle motors to missile guidance systems.

In February, Trump said that Ukraine had “essentially agreed” to give the United States access to its deposits of rare earths and critical minerals.

“They have tremendously valuable land in terms of rare earth [minerals], in terms of oil and gas, in terms of other things. I want to have our money secured because we’re spending hundreds of billions of dollars [in Ukraine],” Trump told Fox News.

He said the United States is owed “more than $300 billion, probably $350 [billion]” over its support for Ukraine and that Europe is “in for probably $100 billion.”

“I told [Ukraine] that I want the equivalent of like $500 billion worth of rare earth [minerals], and they’ve essentially agreed to do that,” Trump said.

Securing supply chains for these elements, which have no practical substitutes, has been a priority for Trump as he seeks to strengthen the United States’ manufacturing base.

Ukrainian President Volodymyr Zelenskyy shows Reuters journalists a map of strategic resources at his presidential office in Kyiv on Feb. 7, 2025. Valentyn Ogirenko/Reuters

According to a map that Zelenskyy showed to journalists in February, there are numerous mineral deposits in Ukraine. He said less than 20 percent of Ukraine’s mineral resources, including about half its rare earth deposits, were under Russian occupation.

Zelenskyy has previously said that Ukraine will sign a deal if the United States can provide security guarantees.

The United States has framed the proposed deal as a way to attract private investment and align the long-term interests of both nations, fostering economic growth and stability in Ukraine.

Ukraine’s rare earths and minerals may not be that easy to extract.

According to a Feb. 13 report by rating agency S&P’s global commodity insights team, Ukraine is “relying on a Soviet-era assessment of difficult-to-access rare earths deposits.”

“Some are stuck behind battle lines or, in the case of the geological record for one of the sites, require advanced processing technology and a stable energy grid to extract,” the report stated, adding that the valuation of the deposits is based on “decades-old data.”

“No sources contacted by Commodity Insights were aware of any commercial exploration or assessment of those deposits in the post-Soviet period.”

Reuters and Andrew Thornebrooke contributed to this report.