A long-awaited minerals deal between Ukraine and the United States is poised to be signed on Wednesday after weeks of negotiations, as reported by a source familiar with the matter to CNN.
Ukrainian Prime Minister Denys Shmyhal revealed that the country's economy minister Yulia Svyrydenko is en route to Washington for the signing.
Shmyhal stated, "We are finalizing the last details with our American colleagues. As soon as all the final details have been confirmed, I hope that the agreement will be signed within the next 24 hours."
The mineral deal between the US and Ukraine aims to provide Washington access to Kyiv's untapped mineral resources in exchange for investment, a negotiation that has been ongoing since US President Donald Trump resumed office in January.
President Volodymyr Zelensky was initially expected to finalize the deal during his visit to Washington in February, but the agreement remained unsigned following a contentious Oval Office meeting.
One of the key points of contention was the issue of security guarantees, with Trump initially withholding them until after the agreement was signed.
Despite initial concerns, Ukrainian officials believe that US investment and the presence of American companies in Ukraine will enhance the country's security interests.
The details of the agreement have not been disclosed publicly, but Shmyhal described it as a strategic partnership fund for joint investments between the US and Ukraine.
Under the agreement, both countries will contribute equally to a joint investment fund in Ukraine, with the US potentially providing new military aid as part of its contribution.
The news of the impending deal was first reported by Bloomberg and the Financial Times, with CNN seeking comment from the US Treasury and the White House.
Ukraine's mineral resources, including rare earth minerals critical for electronics and clean energy technologies, have attracted attention from Western countries seeking alternative sources to China's dominance in production.
A memorandum of understanding under the Biden administration outlined US promotion of investment opportunities in Ukraine's mining projects in exchange for economic incentives and good business practices from Kyiv.
Ukraine's existing agreement with the European Union, signed in 2021, reflects a similar partnership in the mining sector.