US-Ukraine Minerals Pact: Key Points on the New Reconstruction Deal

Ukraine and the United States have sealed a long-awaited accord that links post-war rebuilding money to future mining projects. Signed in Washington on April 30, the deal creates a joint reconstruction fund that will receive half of Kyiv’s royalties from new permits for critical minerals such as lithium, titanium and rare-earths. In return, Washington gains first pick at bidding on those projects, while Ukraine keeps ownership of the resources and is no longer expected to repay past US military aid.

The agreement is designed to reassure President Donald Trump that American taxpayers will see “something tangible” for the $100 billion (Cdn) in weapons and grants sent since Russia’s 2022 invasion. It also aims to coax fresh private investment into Ukraine’s shattered economy without handing the US any automatic share of gas pipelines or existing mines. Details on who will control the fund’s spending, or how profits will flow back into roads, housing and energy infrastructure, will be worked out over the next few months.

Kyiv hopes the pact will keep Washington engaged while cease-fire talks with Moscow stall and missile strikes continue. Critics, however, warn that tying reconstruction cash to commodity extraction could expose Ukraine to resource “Dutch disease” and leave local communities battling the environmental costs of rapid mining expansion. With Europe exploring its own role in Ukraine’s security, the minerals deal underscores how geopolitics, rebuilding and the global race for battery metals are now tightly intertwined.