A sensational kind of barter may be in the offing. US President Donald Trump and Ukrainian President Volodymyr Zelenskyj appear to be reaching an agreement that can ensure continued US support for Ukraine.
It is Ukraine's rare earths that have caught the US president's interest. Trump believes that the US must have the minerals, which include rare metals, which are crucial in various types of technologies, if the US is to support Ukraine in the war against Russia.
And Zelenskyj is open to the idea. Read more about the US interest in Ukraine's natural resources here.
- What are Ukraine's rare earths?
Rare earths are a group of 17 metals that are used in, for example, electric cars, mobile phones, missile systems and other electronics. There are no known alternatives.
And Ukraine has large quantities of them. Among them are rare earths such as lanthanum and cerium. They are used in TVs and lighting. There is also neodymium, which is used in wind turbines and batteries for electric vehicles.
The list is much longer. According to the World Economic Forum, Ukraine is a potential key supplier of a wide range of rare earths and minerals.
- Is there anything else?
Yes. Overall, Ukraine's subsoil is rich in sought-after metals and resources.
According to the State Geological Institute of Ukraine, the country has one of Europe's largest reserves of lithium. It is not a rare earth, but a highly sought-after metal. Demand for the metal is growing rapidly. It is crucial for making, for example, batteries for electric cars. Ukraine is estimated to have lithium worth a total of 273 billion kroner.
The Institute of Geology also estimates that Ukraine has the largest reserves of titanium in Europe. It is used in aerospace and electronics. And Ukraine also has one of the world's largest reserves of graphite, which is also used in a number of industries. In 2023, the United States imported all of its graphite.
- What does Trump want?
Trump said on Monday that he wants Ukraine to supply the United States with rare earths as a kind of payment for continued economic support from the United States.
- We are telling Ukraine that they have very valuable rare earths. We are looking at making a deal with Ukraine, he said.
It is not clear whether Trump was referring to all types of critical minerals or only rare earths. The US is dependent on imports of some critical minerals, while China is the leading producer of them, including rare earths.
The European Commission estimates that Ukraine is "a potential source of over twenty critical raw materials".
- What does Ukraine say?
President Zelenskyy is calling on US companies to invest in the country's rare earths. Zelenskyy believes that it would be "fair" to give US companies access to the minerals, since the Americans have helped Ukraine fight Russian forces.
He sees it as an "important economic" part of his so-called victory plan, which aims to end the almost three-year war with Russia.
/ritzau/
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