Today’s meeting between Volodymyr Zelenskyy and Donald Trump is centred around an agreement that would give the US access to Ukraine’s deposits of rare earth minerals.

The prospect of a minerals deal was first raised by Zelenskyy last year as a way to offer America a tangible reason to continue supporting Ukraine.

Kyiv estimates that about 5% of the world’s “critical raw materials” are in Ukraine. Before Russia’s invasion in February 2022, minerals made up 6.1% of the country’s GDP and 30% of its exports.

It is home to minerals including lithium, used in batteries, and uranium for nuclear power, medical equipment and weapons.

What’s in the deal?

Key details have not yet been made public, but Ukrainian prime minister Denys Shmyhal said this week the preliminary agreement envisaged an “investment fund” would be set up for Ukraine’s reconstruction.

Kyiv and Washington would manage the fund on “equal terms”, he added.

He said Ukraine would contribute 50% of future proceeds from state-owned mineral resources, oil and gas to the fund, and the fund would then invest in projects in Ukraine itself.

Zelenskyy said an initial request from Washington to receive $500bn (£395bn) worth of minerals was “no longer” a part of the agreement.

What has Zelenskyy said?

Ukraine’s president hasn’t revealed many details about the deal, besides confirming an agreement was on the table when he spoke in a news conference on Wednesday.

Zelenskyy framed it as a broader economic partnership, as opposed to a deal strictly on minerals. 

He also confirmed Kyiv, so far, had no security guarantees from the US against further Russian aggression.

Zelenskyy said he “really wanted at least one sentence” that mentions security guarantees in the deal, adding that US government officials had told him it is there.

“It is important that there is this mention, I am yet to read the detail of it,” he said. 

“If we don’t get security guarantees, we won’t have a ceasefire, nothing will work, nothing,” he added.

What has Trump said?

The US president has framed the deal as a way of helping American taxpayers “get their money back” for aid sent to Ukraine throughout the war.

He said Ukraine would get “the right to fight on” in return for access to its minerals, adding it would continue to supply Kyiv equipment and ammunition “until we have a deal with Russia”.

He said this week the US wouldn’t provide security guarantees “beyond very much”, saying responsibility for this fell to Europe.

“We’re going to have Europe do that because… we’re talking about Europe is their next door neighbour, but we’re making sure everything goes well.”

But Trump added that the presence of American workers in Ukraine would provide “automatic security”.