President Trump wants Ukraine’s valuable rare earth materials
Former U.S. President Donald Trump has suggested negotiating a deal with Ukraine, asking for access to the country’s valuable rare earth materials, which are essential for high-tech industries like electronics and electric vehicles. Ukraine holds key minerals like titanium and uranium, making it a critical player in the global supply of rare earths.
Trump told reporters at the White House that he wanted “equalisation” from Ukraine for Washington’s “close to” $375.8bn in support. “We’re looking to do a deal with Ukraine where they’re going to secure what we’re giving them with their rare earths and other things,” he added.
According to the German Kiel Institute, which tracks the world economy, the US has allocated $92bn to Ukraine from January 2022 to October 31, 2024. Germany, Ukraine’s second biggest supporter, gave $16.3bn, followed by the UK at $15.3bn.
Rare earth minerals are a group of 17 heavy metals – the 15 lanthanides on the periodic table, scandium and yttrium – that are found on the Earth’s crust worldwide. In the past few years, demand has grown for the minerals because they are used to make electric cars, phones and other high-tech devices.
The largest producer of the minerals is China, which extracts at least 60 percent of the world’s supply. China also processes at least 90 percent of the world’s rare earths, giving it a “near monopoly”, the Center for Strategic and International Studies reported in 2024.
Ukraine said its rare earth materials and other critical minerals are in six locations across the country. In 2023, Forbes business magazine estimated that Ukraine’s mineral resources amounted to 111 billion tonnes, mainly coal and iron ore, worth $14.8 trillion. However, more than 70 percent of the resources are in the Donetsk and Luhansk regions in eastern Ukraine, which Russia partly controls. The Crimean Peninsula is also rich in minerals, but it was annexed by Russia in 2014.
