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Ukraine open to mining rare earths in cooperation with partners, Zelensky says

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Ukraine open to mining rare earths in cooperation with partners, Zelensky says
Volodymyr Zelensky speaks to the media during a joint press conference with Turkish President Recep Tayyip Erdogan at the Vahdettin Mansion in Istanbul, Turkey, on July 8, 2023. (Ozan Guzelce/ dia images via Getty Images)

Ukraine is open to mining rare earths with its partners, President Volodymyr Zelensky said on Feb. 4 during a press briefing in Kyiv, NV reported.

Zelensky's statement comes after U.S. President Donald Trump said that Washington was seeking Ukrainian rare earths in exchange for aid.

"We are open to the idea that mineral resources can be developed with our partners who help us protect our land and push the enemy back with their weapons, their presence, and sanctions packages," Zelensky said.

"This is absolutely fair. I talked about this back in September when we met with President Trump," Zelensky added.

Zelensky's 10-point peace plan first presented in 2023 includes a clause on foreign investment in Ukraine's mining industry.

Zelensky also noted that if Russia controls mineral resources on the international market, there is a possibility that companies from other countries, such as Iran or North Korea, will get involved.

"I know that they (American businesses) are really interested in entering Ukraine, and I would like them to develop this area here," Zelensky said.

Trump wants Ukraine’s ‘rare earths’ — What critical minerals does it actually have?
President Donald Trump came out on Feb. 3 saying he was looking to cut a deal with Ukraine by giving the war-torn country weapons and aid in return for its “rare earths and other things.” “We’re looking to do a deal with Ukraine, where they’re going to secure what we’re
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Trump did not previously specify what kind of rare earths the U.S. wants to acquire but said that Kyiv was ready to cooperate.

Ukraine is home to 20 of the world’s critical minerals and metals like titanium used in the aerospace and defense industries and lithium, an essential component of electric vehicle batteries.

Ukraine also possesses rare earth elements — under which titanium and lithium do not fall — such as cerium, yttrium, lanthanum, and neodymium.

Demand for these materials has jumped in recent years as the world shifts to renewable forms of energy. Rare earth elements are crucial for making the powerful magnets used in wind turbine generators.

Trump’s interest in Ukraine’s critical materials may lie in China’s current dominance over the rare earth elements market. China controls 70% of the global rare earth mining capacity and 90% of the processing capacity. With his “America First” agenda, the new U.S. president may be looking to fuel American competitiveness by gaining the upper hand over Beijing.

Ukraine and its allies have been concerned about the future of U.S. aid under President Trump since he has repeatedly criticized former President Joe Biden for his administration's assistance to Kyiv.

The U.S. is the largest backer of Ukraine's defense, having provided over $91 billion in aid, including over $62 billion worth of military assistance, since 2022.

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Kateryna Hodunova

News Editor

Kateryna Hodunova is a News Editor at the Kyiv Independent. She previously worked as a sports journalist in several Ukrainian outlets and was the deputy chief editor at Suspilne Sport. Kateryna covered the 2022 Olympics in Beijing and was included in the Special Mentions list at the AIPS Sport Media Awards. She holds a bachelor's degree in political journalism from Taras Shevchenko University and a master's degree in political science from the National University of Kyiv-Mohyla Academy.

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