Ukraine appears set to sign a deal that gives the United States access to its mineral supply in exchange for continued military aid.
A Ukrainian government source told Sky News that Kyiv has agreed its terms with Washington.
Mr Trump told reporters on Tuesday that the mineral fund means US taxpayers will “get their money back and then some” for three years of providing weapons against Russia.
The idea of a deal first emerged in September. With concerns swirling Mr Trump would withdraw support if elected, Ukrainian President Volodymyr Zelenskyy reportedly suggested it during a meeting at Trump Tower.
The imminent signing of the deal comes amid strained US-Ukrainian relations since Mr Trump’s return to the White House, with the president branding Mr Zelenskyy a “dictator” and excluding Ukraine from negotiations with Russia.
Here we look at Ukraine’s mineral supply – and why the US wants access to it.
Image: Donald Trump meets Volodymyr Zelenskyy at Trump Tower in September 2024. Pic: AP
Which minerals does Ukraine have?
Before Russia’s invasion in February 2022, minerals made up 6.1% of Ukraine’s GDP (gross domestic product) and 30% of its exports.
It is home to various ‘critical’ minerals, so called for their use in technology manufacturing, defence systems, and green energy, with examples including copper, nickel, lithium, and titanium.
According to the European Commission, in 2019 Ukraine supplied 7% of global titanium, which is used for building nuclear power plants and planes.
Image: Source: Institute for the Study of War/Ministry of Environmental Protection and Natural Resources of Ukraine
Similarly, it is believed to have more lithium (used to make batteries) than any other European country – a suspected 500,000 tonnes.
Before Russia’s invasion, it was also responsible for a fifth of global graphite, which is a key material for nuclear power stations and electric vehicle batteries.
Other raw materials in good supply include coal, iron ore, and manganese.
Image: A titanium plant in Armyansk, Crimea. File pic: Reuters
Pre-war figures are the most reliable, as up to 40% of Ukrainian metallic minerals are now in areas occupied by Russia – namely the Donbas and neighbouring eastern regions.
For example, two of Ukraine’s lithium deposits are under Russian control – Zaporizhzhia and Donetsk.
Image: A graphite pit in Zavallia, Ukraine. Pic: Reuters
Rare earth elements
Rare earth elements (REE) are a group of 17 exotic minerals used to make everything from smartphones and electronic devices, to electric vehicles, wind turbines, and weapons systems.
Examples include europium, a material for control rods at nuclear power plants, and gadolinium, used to make the magnets inside mobile phones – as well as holmium, ytterbium, and dysprosium.
They are not strictly rare – but their extraction and storage are highly energy-intensive.
With the details of war-torn Ukraine’s mineral supplies uncertain – it is not clear which REEs are present there and how much there are of them.
But in a pre-war assessment of 109 critical mineral deposits across the country by the Kyiv School of Economics, three were reported to contain REEs.
Ukrainian mineral data, seen by Reuters, has also cited cerium, neodymium, erbium, yttrium, and lanthanum.
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Donald Trump has not been clear about which minerals he wants from Ukraine, although he referred to the agreement as a “deal on rare earths” on Tuesday.
But what is far more certain is the role China has to play in Mr Trump’s demands.
As the biggest manufacturer in the world, China processes more REEs than any other country – with its deposits representing between 50% and 75% of global supply, according to estimates.
As a result, both the US and Europe are trying to reduce their dependency on Beijing.
Image: A chinese rare earth smelting plant spews polluted water
In December as Mr Trump prepared to return to office, China banned the export of some REEs to the US. Under Joe Biden’s administration, it had already restricted its US mineral exports.
In response on 1 February, the Trump administration announced 10% tariffs on all Chinese imports.
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2:02
Why did China restrict mineral exports last year?
Beyond the trade war with China, REEs and critical minerals are fundamental to the global green energy transition.
According to the World Meteorological Organisation, to meet net-zero targets by 2030, we will need three times as much copper, lithium, nickel, and cobalt.
This will mean a further 50 lithium, 60 nickel, and 17 cobalt mines globally.
National Guard troops have begun arriving on the streets of Washington DC in a controversial move by Donald Trump to “rescue our nation’s capital from crime”.
The deployment of some of the planned 800 troops comes despite the Washington mayor revealing crime in the capital was at its “lowest level in 30 years” – and with official data also showing a steep decline.
The army has indicated there were no specific locations for the deployment, according to the Associated Press, citing a White House official who spoke on the condition of anonymity.
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Trump: National Guard deployment will ‘take capital back’
At the beginning of the week, Mr Trump said he was sending in 800 National Guard troops to “re-establish law, order, and public safety”.
He announced a “historic action to rescue our nation’s capital from crime, bloodshed, bedlam and squalor and worse”.
But according to preliminary figures from Washington DC’s Metropolitan Police, violent crime is down 26% in 2025 – after dropping 35% in 2024 compared with 2023.
Image: Pic: Reuters
Washington mayor Muriel Bowser said crime was at historic lows in the capital and called the move “unsettling and unprecedented” – but would use the extra personnel to reduce crime further.
And in a post on social media, she wrote: “Violent crime in DC is at its lowest level in 30 years. We had an unacceptable spike in 2023, so we changed our laws and strategies.”
She said the National Guard would not have the power to arrest people.
Troops will carry no weapons but will have their standard issue firearms, usually rifles, close at hand, an official said.
The Democrats and other critics have called Mr Trump’s deployment “political theatre” – but the president has threatened to repeat the move in other big cities.
Jeanine Pirro, the US attorney for the capital, dismissed a question from a reporter about how violence in Washington compared to other cities.
She said: “All I know is we rank in death. I don’t need any more statistics.”
In Washington, the DC National Guard reports directly to the president.
In the states, the troops answer to the governor except when called into federal service.
The Trump-Putin summit is pitched as “transparent” but it’s difficult to find any path to peace right now.
White House press secretary Karoline Leavitt has reduced it to a “listening exercise” where Donald Trump will seek a “better understanding” of the situation.
There isn’t much to understand – Russia wants territory, Ukraine isn’t ceding it – but Ms Levitt rejects talk of them “tempering expectations”.
It’s possible to be both hopeful and measured, she says, because Mr Trump wants peace but is only meeting one side on Friday.
It’s the fact that he’s only meeting Vladimir Putin that concerns European leaders, who fear Ukraine could be side-lined by any Trump-Putin pact.
Volodymyr Zelenskyy claims Mr Putin wants the rest of Donetsk and, in effect, the entire Donbas region in eastern Ukraine.
He’s ruled out surrendering that because it would rob him of key defence lines and leave Kyiv vulnerable to future offensives.
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‘Steps have been taken to remedy the situation’ in Pokrovsk
European leaders – including Sir Keir Starmer – will hold online talks with Mr Zelenskyy twice on Wednesday, on either side of a virtual call with Mr Trump and US Vice President JD Vance.
Their concerns may be getting through, hence the White House now framing the summit as a cautious fact-finding exercise and nothing more.
The only thing we really learned from the latest news conference is that the first Trump-Putin meeting in six years will be in Anchorage.
Alaska itself, with its history and geography, is a layered metaphor: a place the Russians sold to the US in the 1800s.
Donald Trump has said he would try to return territory to Ukraine as he prepares to meet Vladimir Putin and lay the groundwork for a deal to bring an end to the war.
“Russia has occupied a big portion of Ukraine. They’ve occupied some very prime territory. We’re going to try and get some of that territory back for Ukraine,” the US president said at a White House news conference ahead of Friday’s summit in Alaska.
Mr Trump also said: “There’ll be some land swapping going on. I know that through Russia and through conversations with everybody, to the good of Ukraine.”
He said he’s going to see what Mr Putin “has in mind” to end the three-and-a-half-year full-scale invasion.
Image: Donald Trump speaks to reporters at the White House. Pic: Reuters
And he said if it’s a “fair deal,” he will share it with European and NATO leaders, as well as Volodymyr Zelenskyy, who have been liaising closely with Washington ahead of the meeting.
Asked if Mr Zelenskyy was invited to the summit with Mr Putin in Alaska, Mr Trump said the Ukrainian leader “wasn’t a part of it”.
“I would say he could go, but he’s gone to a lot of meetings. You know, he’s been there for three and a half years – nothing happened,” Mr Trump added.
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The US president said Mr Putin wants to get the war “over with” and “get involved” in possible talks but acknowledged Moscow’s attacks haven’t stopped.
“I’ve said that a few times and I’ve been disappointed because I’d have a great call with him and then missiles would be lobbed into Kyiv or some other place,” he said.
Mr Trump said he will tell Mr Putin “you’ve got to end this war, you’ve got to end it,” but that “it’s not up to me” to make a deal between Russia and Ukraine.
Image: Vladimir Putin is set to meet Donald Trump in Alaska. Pic: Reuters
Zelenskyy says Russia ‘wants to buy time’
Ukrainian President Volodymyr Zelenskyy has said Russia “wants to buy time, not end the war”.
“It is obvious that the Russians simply want to buy time, not end the war,” he wrote in a post on X, after a phone call with Canada’s Prime Minister Mark Carney.
Image: Ukrainian President Volodymyr Zelenskyy. Pic: Reuters
“The situation on the battlefield and Russia’s wicked strikes on civilian infrastructure and ordinary people prove this clearly.”
Mr Zelenskyy said the two “agreed that no decisions concerning Ukraine’s future and the security of our people can be made without Ukraine’s participation”, just as “there can be no decisions without clear security guarantees”.
Sanctions against Russia must remain in force and be “constantly strengthened,” he added.
European leaders meet ahead of call with Trump
Meanwhile, European officials have been holding meetings ahead of a phone call with Mr Trump on Wednesday.
The European Union’s foreign policy chief, Kaja Kallas, has been speaking to foreign ministers virtually, saying on X that work “on more sanctions against Russia, more military support for Ukraine and more support for Ukraine’s budgetary needs and accession process to join the EU” is under way.
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‘Russians want to carry on fighting’
Over the weekend, European leaders released a joint statement, welcoming Mr Trump’s “work to stop the killing in Ukraine”.
“We are convinced that only an approach that combines active diplomacy, support to Ukraine and pressure on the Russian Federation to end their illegal war can succeed,” read the statement.
It was signed by UK Prime Minister Sir Keir Starmer, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, German Chancellor Friedrich Merz, Polish Prime Minister Donald Tusk, Finland’s President Alexander Stubb, and European Commission President Ursula von der Leyen.
“We underline our unwavering commitment to Ukraine’s sovereignty, independence and territorial integrity,” they said.
Despite Donald Trump’s efforts to convince Vladimir Putin to commit to a ceasefire and negotiations, Russian attacks on Ukraine have only intensified in the past few months.
Ukraine’s president has said that, in the past week, Russia launched more than 1,000 air bombs, nearly 1,400 drones and multiple missile strikes on Ukraine.
On 9 July, Russia carried out its largest aerial attack on Ukraine since the start of the war, launching more than 740 drones and missiles, breaking its records from previous weeks.
Furthermore, Mr Zelenskyy has said Russia is preparing for new offensives.