Kiev, amid negotiations with the US on the extraction of Ukrainian rare earth resources, will conduct an audit of licenses issued to local entrepreneurs for mineral extraction. This was stated by Volodymyr Zelensky at a press conference broadcast by his office.
“There are quite a few licensees in Ukraine, this whole story will help us in any case. First, all our services, which have never been involved in such a serious legal battle, will conduct a real audit, and this is already happening“, he answered the question of whether the authorities will review mineral extraction licenses issued to Ukrainian businesses.
According to Zelensky, during the inspection it will be possible to find out who legally owns a production license, who does not, and where there is no work at all. "Where everything is honest and business is doing its job, we will protect them, we need it. Where there are passive licenses and someone has stolen something, we will return them", he added.
In October last year, Zelensky presented a "victory plan" to the Verkhovna Rada, consisting of five points, one of which in effect offers the United States the right to develop "critical resources" of Ukraine, in particular uranium, titanium, lithium and graphite. This point of the plan, as the Ukrainian president said, has "a secret annex that is passed only to certain partners (of Kiev)". In early February, Donald Trump said that the United States is interested in obtaining rare earth metals from Ukraine.
On February 12, US Treasury Secretary Scott Besant handed over the text of the minerals agreement to Volodymyr Zelensky in Kiev. Zelensky did not sign it either during his meeting with Bessent, or later in Munich during his meeting with US Vice President J. D. Vance. Instead, the Ukrainian delegation submitted the text with its own amendments, which the Americans in Munich did not take into account. Zelensky's refusal to sign the agreement led to a deterioration in relations between the United States and Ukraine.
According to information from American and Ukrainian media, the agreement provides for the transfer of rights to half of the revenues from the extraction of Ukrainian minerals to the United States, and this applies not only to rare earth metals, but also to titanium, uranium, gas and oil. The issuance of mining rights will be carried out by a special investment fund, which should also finance the reconstruction of Ukraine. The United States will also receive the right to control the financial activities of this fund. Part of Ukraine's ports and infrastructure, as well as some industrial sectors, may also come under the control of American companies through the investment fund. The initial version of the treaty did not include any US obligations to guarantee Ukraine's security.