In February 2025, U. S. President Donald Trump expressed interest in Ukraine providing the U. S. with rare earths in exchange for financial support for Ukraine’s war against Russia. This statement aligns with a strategy called the “victory plan” proposed by Ukrainian President Volodymyr Zelenskiy, which aims to secure agreements with foreign partners for access to Ukraine’s valuable resources. It remains unclear if Trump meant only rare earths or other critical minerals as well.
Rare earths consist of 17 essential metals that are used in various high-tech applications, including electric vehicles, smartphones, and military technology. China is the leading producer of rare earths and critical minerals globally. Trump has also shown interest in acquiring Greenland, which has significant rare earth deposits.
The U. S. Geological Survey identifies 50 minerals as critical, including multiple rare earths, nickel, and lithium. According to Ukraine’s economy ministry, the country has 22 of the 34 critical minerals recognized by the European Union, which encompass a variety of resources such as industrial materials and metals. However, most of Ukraine’s coal reserves are currently under Russian control.
Rare earths are important because, while they are not rare in the earth’s crust, economically viable deposits are challenging to locate. The rarity mainly lies in the complicated extraction and processing needed to produce usable materials. China dominates the rare earth market, accounting for about 60% of mining and around 90% of processing and magnet production worldwide.
The production process for rare earths begins with mining, where ore is extracted and processed. Some ores require treatment to remove radioactive elements. The separation of individual rare earths is complex and involves advanced technologies. After separation, rare earth oxides are converted into metals and alloys, which are then transformed into magnets through high-temperature and high-pressure processing techniques.
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