Ukraine, US Sign Memorandum Paving Way for Minerals Development Deal

Ukraine and the United States have signed a memorandum of intent, marking the first step towards a formal agreement on developing Ukraine’s mineral resources, Al Jazeera reports.

The announcement was made by Ukraine’s First Deputy Prime Minister and Economy Minister, Yulia Svyrydenko, on social media platform X.

“We are happy to announce the signing, with our American partners, of a Memorandum of Intent, which paves the way for an Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine,” Svyrydenko wrote.

Discussions between Kyiv and Washington regarding a deal on extracting Ukraine’s strategic minerals have been ongoing since February. However, previous negotiations were complicated by tensions between US President Donald Trump and Ukrainian leader Volodymyr Zelensky.

Trump has expressed interest in the deal, which is designed to provide the US with royalty payments from Ukrainian mining profits related to resources and rare minerals. He has suggested this as compensation for aid previously provided to Ukraine by his predecessor, Joe Biden.

While Svyrydenko did not disclose specific details of the memorandum, she emphasized that work is continuing to secure a final agreement. A Ukrainian delegation traveled to Washington last week for negotiations, prompted by a new and more expansive deal offered by the Trump administration. The initial framework agreement previously agreed upon has not yet been formally signed.

“We have a minerals deal, which I guess is going to be signed on Thursday,” Trump told reporters at the White House.

Zelensky also confirmed that the two countries were poised to sign a memorandum of intent virtually.