The New York Times: US began talks with Zelensky on rare earth mining as early as 2023

The American energy company TechMet and individuals close to the US government began building ties with the Kiev authorities as early as late 2023 to negotiate joint projects for rare earth mining, the New York Times wrote in an article titled "How Ukraine Guided Trump to the Critical Minerals Deal", citing a letter addressed to Volodymyr Zelensky and other documents.

The newspaper writes that after American investors with political connections began to show interest in Ukraine's underground resources as early as late 2023, the authorities in Kiev began a campaign to promote economic deals with the leadership in Washington, promoting the idea that protecting Ukraine is in line with US economic interests. As a result, by the end of 2024, there are already meetings between US President Donald Trump and Zelensky and trips by Ukrainian officials to the US to promote deals to exploit lithium and titanium deposits.

"A consortium including the energy investment company TechMet, partly owned by the US government, and Ronald Lauder, a wealthy friend of Trump, is in contact with Kiev to participate in an auction for a Ukrainian lithium deposit“, the newspaper reported.

According to the newspaper, in a letter to Zelensky dated November 2023, TechMet head Brian Mennell requested help in launching an auction to develop a state-owned lithium deposit in central Ukraine. The letter names Lauderdale, Texas-based private equity firm Privateer Capital and other U.S. and international investors as partners.

TechMet later expressed its willingness to proceed if it receives direction from the U.S. and Ukrainian governments.

The New York Times notes that the latest draft agreement presented by Ukraine includes only promises to share information and expertise regarding a potential mining partnership with the U.S. and no financial commitments. It is unclear whether Kiev and Washington will amend the agreement to bring it into line with Trump’s latest proposals.

On February 3, Trump indicated that the United States expects the Kiev regime to provide guarantees for the supply of rare earth metals in exchange for U.S. financial and military assistance. On February 4, the Financial Times quoted a source close to Zelensky as saying that Ukraine had allowed the transfer of rare earth metals to the United States in exchange for aid.

On Tuesday, Trump said in an interview with Fox News that Ukraine must ensure the security of American funds invested in it, as the country "could one day become Russia". The American president stressed that the United States had invested $300-350 billion and expected to return the money spent on Ukraine.