The President of the United States, Donald Trump, announced that his administration will soon finalize a deal with Ukraine for the procurement of rare earth minerals, after using emergency powers to increase domestic production of essential minerals.
During a speech at the White House, Trump revealed that agreements are being made in different locations to secure access to rare earth minerals, which are crucial for the production of electronics, batteries, and magnets, among other things.
“We are in the process of finalizing a deal with Ukraine for rare earth minerals very soon… They have a significant amount of rare earth minerals, and we are thankful for that,” stated Trump.
This statement came shortly after Trump signed an executive order instructing federal agencies to identify potential mines and government-owned land that could be utilized to boost critical mineral production.
By invoking powers granted in the Defense Production Act, a law dating back to the Korean War, the US government now has broad authority to mobilize industrial resources in the interest of national security.
An agreement between the US and Ukraine for access to Kyiv’s natural resources was in the works until a public disagreement between Trump and Ukrainian President Volodymyr Zelenskyy derailed the plan last month.
Zelenskyy recently confirmed that Ukraine is prepared to finalize a deal for rare earth minerals, despite the tensions with the US, but he emphasized the importance of Ukraine’s stance being acknowledged.
Trump has been pushing for access to Ukraine’s natural resources as part of the US government’s efforts to help resolve the conflict in Ukraine swiftly.
On Wednesday, Zelenskyy announced that Kyiv had accepted a US proposal to halt attacks on energy infrastructure, which was then followed by Russian President Vladimir Putin agreeing to the plan.
During his speech at the White House, Trump expressed optimism about the progress in reaching a peace agreement.
“We are making good progress in our efforts to bring an end to the conflict and hopefully prevent unnecessary deaths,” Trump said.
“Many lives can be saved this way. That’s the ultimate goal,” he added.
