REPORT: Zelensky rejects Trump’s demand for half of Ukraine’s rare minerals

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From the New York Times: President Volodymyr Zelensky of Ukraine, during a closed-door meeting on Wednesday, rejected an offer by the Trump administration to relinquish half of the country’s mineral resources in exchange for U.S. support, according to five people briefed on the proposal or with direct knowledge of the talks.

The unusual deal would have granted the United States a 50 percent interest in all of Ukraine’s mineral resources, including graphite, lithium and uranium, according to two European officials. But it was unclear whether this was meant as compensation only for past American support to Kyiv’s war effort against Russian invaders, or if it would also come in exchange for future military and financial assistance.

On Sunday, the U.S. national security adviser, Mike Waltz, indicated it was at least partly for past support. “The American people deserve to be recouped, deserve to have some kind of payback for the billions they have invested in this war,” he was quoted as saying. “I think that Zelensky would be very wise to enter into this agreement with the United States.”

A Ukrainian official and an energy expert briefed on the proposal said that the Trump administration sought not only Ukraine’s minerals but additional natural resources, including oil and gas. The proposal, they said, would entitle the United States to half of Ukraine’s resource earnings — funds that are today mostly invested in the country’s military and defense production.

Journalist Chay Bowes wrote earlier this month:

Ukraine has mineral deposits worth $14.8 trillion. About 70% of these resources are concentrated in the once Russian and now again Russian LPR and DPR and Dnipropetrovsk region (10.5 trillion). And resources worth $7 trillion are concentrated directly in the LPR and DPR.

The largest reserves are coal estimated at $9.1 trillion. Iron ore – $2 trillion, rock salt – $707 billion, apatite ore – $625 billion. Granite and building stone – $490 billion.

Last week, President Trump explained in a Fox News interview why he wants the money back that the U.S. spent on Ukraine.

Zelenskyy had written on Sunday:

We have begun working with President Trump’s team and can already see that success is attainable. Right now, the world is looking up to America as the power that has the ability to not only stop the war but also help ensure the reliability of peace afterward.

Ahead of the Munich Security Conference, I had a good call with @POTUS, as well as a substantive meeting with Vice President Vance and Secretary of State Rubio. We are also expecting General Kellogg to visit Ukraine soon to further assess the situation and explore pathways to President Trump’s strong solutions, which can be truly peacemaking.

Our teams are working throughly and in detail on a special agreement between our countries—one that will certainly strengthen both America and Ukraine. We are committed to making it a real success, exactly as we agreed.

We also had productive meetings with U.S. senators and members of the House of Representatives.

Of course, we will see more of Putin’s attempts to deceive the world and prolong the war. But real peace is possible—and we must achieve it together: Ukraine, the United States, and Europe. This is about our shared security. Thank you, America!

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