US Ukraine mineral deal: What minerals does Ukraine have? What does the deal mean?

The US and Ukraine have signed off on a deal that will give Washington access to Ukraine’s vast critical minerals and natural resources.

The announcement on Wednesday finalises an agreement weeks in the making to compensate the US for its help in repelling Russia’s invasion.

US President Donald Trump greets Ukrainian president Volodymyr Zelensky as he arrives at the White House in February, ahead of their explosive meeting involved JD Vance. Picture: Andrew Harnik/Getty Images | Getty Images

But what does the deal mean for the hopes of a peace settlement to end the war in Ukraine? The Scotsman aims to answer all your questions.

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What are the details of the mineral deal?

Officials from both signatories offered only barebone details about the structure of the deal, which they called the United States-Ukraine Reinvestment Fund.

It is expected to give the US access to Ukraine’s valuable rare earth minerals while providing Kyiv a measure of assurance about continued American support in its war with Russia.

A press release, sent external from the US Treasury Department, said the two countries had agreed to form a "Reconstruction Investment Fund". Details of how that fund will operate are still to emerge.

What minerals does Ukraine have?

About 5 per cent of the world's "critical raw materials" are in Ukraine, according to Kyiv.

There are about 19 million tonnes of proven reserves of graphite - used to make batteries for electric vehicles - while Ukraine contains about a third of Europe’s lithium deposits.

Among the minerals are Ukraine’s deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons.

Large deposits of beryllium, also used for nuclear weapons and reactors, are present, and amounts of copper, lead, zinc, silver, nickel, cobalt and manganese are also significant.

The Russian controlled area, which includes Donetsk, holds large mineral deposits.

What has the US and Ukraine said about the deal?

In a statement, US Treasury Secretary Scott Bessent said: “This agreement signals clearly to Russia that the Trump administration is committed to a peace process centred on a free, sovereign and prosperous Ukraine over the long term.

“President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity in Ukraine.”

Yuri Sak, an adviser to the Ukrainian government, has meanwhile described the minerals deal as "a success".

"It constitutes a part of the wider negotiating framework, which we hope will lead to establishment of lasting, enduring and just peace," Mr Sak told the BBC.

He added: "It's a deal about investment, it's about mutually beneficial projects and we have to view this deal as part of the wider negotiating process and as such it's a success."

Prime Minister Denys Shmyhal said: “Truly, this is a strategic deal for the creation of an investment partner fund.

“This is truly an equal and good international deal on joint investment in the development and restoration of Ukraine between the governments of the United States and Ukraine.”

What does the minerals deal mean for achieving a peach deal with Russia?

The announcement comes at a critical moment in the three-year war as US president Donald Trump has grown increasingly frustrated with both sides.

The signing comes two months after a different, but similar agreement was nearly signed before being derailed in a tense Oval Office meeting involving Mr Trump, Vice President JD Vance and Ukrainian President Volodymyr Zelensky.

President Donald Trump holds his hat in the wind as he arrives on Air Force One at Selfridge Air National Guard Base in April.

Mr Trump has long criticised Mr Zelensky, saying he did not “have the cards” to win the war and blaming him for prolonging the killing by not giving up Crimea.

In recent days, however, Mr Trump has rebuked Russian President Vladimir Putin as well, saying he was complicating negotiations with “very bad timing” in launching deadly strikes on Kyiv.

Mr Trump said on Wednesday night on NewsNation the deal “in theory” means that the US will get more from Ukraine than it contributed.

“I wanted to be protected,” he said, adding that he did not want to look “foolish” by not getting money back for the investment.

For Ukraine, the agreement is seen as key to ensuring its access to future US military aid.

U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky meet in the Oval Office at the White House on February 28, 2025 in Washington, DC.

The US has been seeking access to more than 20 raw materials deemed strategically critical to its interests, including some non-minerals such as oil and natural gas.

However, despite the deal being viewed as a significant step in the Ukraine-Russia war in providing an economic incentive for the US to continue to invest in Ukraine's defence and reconstruction, it has not yet stopped attacks on the ground.

At least two people were killed by Russian drones overnight, with another five injured, as the Ukrainian city of Odesa was hit by a sustained attack.

Russia has yet to comment on the minerals deal, but the agreement is expected to assert significant pressure on Mr Putin to come to the negotiating table to stay on favourable terms with Mr Trump and the US administration.