The U.S. is seeking access to more than 20 raw materials deemed strategically critical to its interests, including some non-minerals such as oil and natural gas. Among them are Ukraine's deposits of titanium, which is used for making aircraft wings and other aerospace manufacturing, and uranium, which is used for nuclear power, medical equipment and weapons.
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Ukrainian President Volodymyr Zelenskyy, right, and President Donald Trump, talk as they attend the funeral of Pope Francis in Vatican, Saturday. (Ukrainian Presidential Press Office via AP)
Ukraine also has lithium, graphite and manganese, which are used in electric vehicle batteries.
The deal will establish an equal partnership between the two countries and last for 10 years. Financial contributions to a joint fund would be made in cash, and only new U.S. military aid would count toward the American share.
Neither party will have a majority vote, reflecting an equal partnership between Ukraine and the United States, Svyrydenko said. The fund is supported by the U.S. government through the U.S. International Development Finance Corporation.
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Unlike an earlier draft of the agreement, the deal would not conflict with Ukraine’s path toward European Union membership — a key provision for Kyiv.
Under the terms of the deal, the Ukrainian government will determine where and what minerals will be extracted, Svyrydenko said.
The Associated Press contributed to this report.
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