Ukrainian Prime Minister Denys Shmyhal has announced that Kyiv and Washington have finalized the draft of their mineral agreement, which is expected to be approved by the Ukrainian government today.
"We have completed the final draft, now officially called the Agreement on the Rules and Conditions of the Ukraine Reconstruction Investment Fund. This is a preliminary agreement and will carry legal weight," Shmyhal stated on February 26.
Key Features of the Agreement
Shmyhal explained that the agreement establishes a joint U.S.-Ukraine Reconstruction Investment Fund, directly linking it to Ukraine’s security guarantees. He emphasized that neither President Volodymyr Zelensky nor his cabinet would approve the deal without those guarantees.
"The introduction of the agreement clearly states that it is based on the American desire to invest in a free, sovereign, and secure Ukraine," he said. "This is directly quoted from the document, and it is critical to understanding its purpose. Security provisions in this agreement are our top priority."
The agreement consists of six key provisions:
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The creation of the Ukraine Reconstruction Investment Fund, a structure within a broader security framework that may include NATO accession support or alternative security guarantees.
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Ukraine’s contribution of 50% of revenue from mineral extraction licenses and related infrastructure into the fund.
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Joint funding by the U.S. and Ukraine, which will be invested in Ukraine’s reconstruction, economic recovery, and security.
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Recognition of Ukraine’s contributions to global security, referencing the 1994 Budapest Memorandum, where Ukraine surrendered its nuclear arsenal in exchange for security assurances.
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A governance model in which Ukraine and the U.S. will co-manage the fund on equal terms.
Agreement to Be Signed During Zelensky-Trump Meeting
The Ukrainian government is set to approve the draft agreement overnight on February 26, in preparation for its signing when President Zelensky meets U.S. President Donald Trump in Washington on February 28.
"Once both presidents finalize security guarantees for Kyiv and integrate them into this agreement, government representatives will sign the preliminary deal in their presence," Shmyhal confirmed.
Zelensky emphasized that this is only the beginning, as Kyiv hopes to secure broader U.S. security guarantees through further negotiations.
"This is just a framework agreement, but it could be a major success. The final outcome will depend on our discussions with President Trump," he said.
Ukraine’s Mineral Wealth and Strategic Importance
According to the 2024 World Mining Data (WMD) report, Ukraine ranks 40th in global mineral production and possesses around 5% of the world’s mineral reserves. However, not all of these resources have been fully developed or are easily extractable.
A 2023 geological study, including research from France’s Bureau of Geological and Mining Research (BRGM), identified over 100 types of mineral resources in Ukraine, including:
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Iron, manganese, graphite, titanium, lithium, and uranium
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Lithium and graphite, which are crucial for electric vehicle battery production
(Sources: RBC Ukraine, Reuters)
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