US 'pretty close' to minerals deal with Ukraine, Trump claims

The United States is "pretty close" to signing a rare earth minerals agreement with Ukraine, U.S. President Donald Trump claimed on Feb. 21.

Trump's remarks come after reports that the U.S. sent Ukraine a revised version of the deal on Feb. 20 after President Volodymyr Zelensky rejected an initial proposal presented on Feb. 12.

"I think we're pretty close," Trump told reporters from the Oval Office on Feb. 21.

"I think (the Ukrainians) want it. They feel good about it, and it's a significant — it's a big deal, but they want it, and it keeps us in that country, and they're very happy about it. We get our money back."

U.S. and Ukrainian officials have been reportedly working through the night to hammer out an agreement that would give Washington access to Ukraine's rare earth mineral deposits in exchange for continued military aid to Kyiv.

Earlier in the day, U.S. National Security Adviser Mike Waltz predicted that Zelensky would sign the deal "in the very short term." In his evening address on Feb. 21, Zelensky said the agreement could improve relations between the U.S. and Ukraine.

"This is an agreement that can strengthen our relations, and the key is to work out the details to ensure its effectiveness. I look forward to the outcome — a just result," he said.

The latest round of negotiations follow a week of heightened tensions between Trump and Zelensky.

Shortly after U.S. and Russian officials met in Saudi Arabia for talks on the war without inviting Ukraine, Trump blamed Ukraine for starting the war and called Zelensky a "dictator." Zelensky in turn accused Trump of succumbing to Russian disinformation.

A visit from Trump's Special Envoy on Ukraine and Russia, Keith Kellogg, appeared to ease tensions somewhat. Kellogg praised Zelensky as a "courageous leader" and Zelensky said the meeting "restores hope" for U.S.-Ukraine relations.  

Trump said in early February that he wanted to strike a deal with Ukraine involving access to rare earth minerals in exchange for continued aid. Trump later claimed that Kyiv has "essentially agreed" to a $500 billion resource deal.

The initial U.S. proposal reportedly sought a 50% stake in Ukraine's natural resources, including critical minerals, oil, and gas, as well as stakes in ports and other key infrastructure through a joint investment fund.

Zelensky aid Kyiv was not ready to sign the document as it lacked concrete security guarantees. A former senior Ukrainian official reportedly called the proposal "a colonial agreement."

The U.S. has revised the deal to better align with Ukrainian law, Axios reported. The details of the revised deal have not yet been disclosed.