Trump: "I Want Rare Earths in Return for Support"
EU Has Sought Joint Development Since 2013
U.S. President Donald Trump has expressed a desire to receive rare earth elements in exchange for military support to Ukraine, raising expectations for joint resource development. Ukraine has been known since the Soviet era as Europe's largest uranium producer, and recently, large deposits of rare earth elements have been discovered, attracting significant interest in resource development not only from the United States but also from the European Union (EU). However, since the major rare earth deposits are located across the eastern and southern frontlines, full-scale resource exploration and development are expected to be possible only after a ceasefire.
Trump: "I Want Rare Earths in Exchange for Guaranteeing Support to Ukraine"
U.S. President Donald Trump held a press conference after signing an executive order in the White House Oval Office on the 3rd (local time). Photo by AP and Yonhap News
On the 3rd (local time), during a press conference held in the White House Oval Office, President Trump stated, "Ukraine has very valuable rare earth elements. We are considering a deal where we guarantee support to Ukraine in exchange for receiving rare earths and other resources from Ukraine," adding, "Ukraine is also favorable toward such an agreement." This means that instead of continuing military support to Ukraine, the U.S. would demand development rights to the rare earth elements deposited in Ukraine as compensation.
Not only President Trump but also figures within and outside U.S. politics have raised the opinion since last year that securing rare earth minerals deposited in Ukraine is necessary. According to CNN, in November last year, U.S. Senator Lindsey Graham of the Republican Party stated, "Ukraine has substantial deposits of graphite, uranium, titanium, lithium, and more," and argued, "Supporting Ukraine to conclude resource extraction agreements with the U.S. would be beneficial to national interests."
The Ukrainian government is also known to have proposed agreements on rare earths and key minerals to the U.S. government before the Trump administration took office. The New York Times (NYT) reported, "The Ukrainian government first proposed agreements for mineral mining and processing cooperation to the Joe Biden administration but delayed signing the agreements when the Trump administration was expected to take over," adding, "After President Trump took office, they waited to directly conclude agreements with him."
EU Has Been Engaged in Resource Development Talks Since 2013... Lithium, Titanium, Uranium Are a Bonanza
The rare earth elements deposited in Ukraine are the largest in Europe. The Washington Post (WP) analyzed that there are enormous rare earth deposits worth $12 trillion (approximately 1,750 trillion KRW) in eastern and southern Ukraine. Ukraine not only has rare earths but also possesses Europe's largest uranium mining areas and is famous as a major source of iron ore and graphite.
Since the dissolution of the Soviet Union, the EU has shown great interest in Ukraine's rare earth deposits. Since 2013, the EU has sought to reduce dependence on Chinese rare earths by initiating joint mining development with Ukraine, but in 2014, Russia's forced annexation of Crimea led to the cancellation of many cooperative projects. The EU attempted again in 2021 to develop rare earths, oil, and natural gas with Ukraine, but the outbreak of the war in Ukraine in 2022 once again thwarted cooperation efforts.
The joint rare earth development with Ukraine that the Trump administration aims to pursue is also expected to face the greatest obstacle in Russian interference. The NYT pointed out, "Although there are large rare earth deposits in Ukraine, extensive local exploration is necessary to assess profitability, but most deposits are located in frontline areas," adding, "Even in the large lithium deposit in Donetsk Province in eastern Ukraine, fighting with Russian forces continues just 10 km away, making exploration nearly impossible."
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