The White House said on Friday (Feb 21) that Ukraine will soon sign an agreement granting the United States access to its mineral resources, a deal President Volodymyr Zelensky had previously rejected due to the lack of security guarantees.

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“Look, here’s the bottom line, President Zelensky is going to sign that deal, and you will see that in the very short term, and that is good for Ukraine,” Trump’s National Security Advisor Michael Waltz told attendees at the Conservative Political Action Conference (CPAC) near Washington.

Also read: Is Ukraine's Zelensky really a 'dictator without elections'? Trump’s claim vs. the reality of wartime voting

He added, “By the end of this all, we are going to have the Nobel Peace Prize sitting next to the name of Donald J. Trump.”

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Ukraine previously rejected US demands

Zelensky on Wednesday dismissed the US calls to share its rare earth minerals, a deal Trump argued was fair compensation for the aid provided to Ukraine during its war with Russia.

Earlier on Thursday, Waltz had suggested that US access to Ukraine’s mineral resources could be exchanged for continued aid or even as repayment for past support.

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Also read: Three years of Russia-Ukraine war: Who started it - Kremlin or Kyiv?

“We presented the Ukrainians with an incredible and historic opportunity,” Waltz said, calling it a “sustainable” plan and “the best” security guarantee Ukraine could receive. However, Zelensky refused, declaring, “I can't sell our state.”

Zelensky signals shift in stance

Despite initially rejecting the proposal, Zelensky later signalled a willingness to negotiate. Following his meeting with US envoy to Ukraine Keith Kellogg in Kyiv, the Ukrainian leader announced he was open to an "investment and security agreement" with the US to help end the war.

Also read: 'Big announcement on war anniversary': Russia to declare 'victory' over Ukraine on Feb 24, claims Kyiv intel

What are rare earth minerals?

Rare earth minerals refer to a group of 17 metals that are essential for producing magnets used in electric vehicles, smartphones, and other electronics. These elements have no known substitutes, making them highly valuable for global industries.

According to the US Geological Survey, 50 minerals are classified as critical to the American economy and national defence. This list includes rare earth elements, nickel, and lithium.

Ukraine has significant deposits of uranium, lithium, and titanium, though it does not rank among the top five countries in terms of total reserves. The US also possesses its own untapped reserves of these minerals.

Why is Trump interested in Ukraine’s rare earth deposits?

The US currently has only one operational rare earth mine and limited processing capabilities. Although American companies are working to expand domestic production, China remains the world's dominant supplier of rare earth elements and other key minerals.

Also read: Trump wants Ukraine to repay US aid with 'rare earths': What are they and why does he want them?

Trump’s interest in Ukraine’s mineral wealth is not new. Zelensky has previously promoted Ukraine’s vast resources as a way to strengthen ties with the Trump administration. In recent months, the Ukrainian leader has argued that supporting Ukraine is also in America’s economic interest, as access to these minerals could benefit US industries.

(With inputs from agencies)