Ukraine’s Prime Minister Yulia Svyrydenko announced preparations for three joint Ukraine-US projects in the mining sector, with implementation planned to begin within the next 18 months under a bilateral minerals agreement.

Svyrydenko made the announcement on Facebook following negotiations with US Treasury Secretary Scott Bessent. The officials discussed creating the American-Ukrainian Investment Recovery Fund, with the first board of directors meeting scheduled for September.

“We are working to expand its mandate so that the fund can also invest in the defense sector. The task is to launch the first three projects within 18 months,” Svyrydenko said.

The talks focused significantly on defense cooperation, including President Volodymyr Zelenskyy’s initiative for a potential agreement on production and export of Ukrainian drones, as well as possible procurement of American weapons.

“We also raised the issue of strengthening sanctions pressure and cooperation with international financial organizations,” Svyrydenko added.

The mining projects represent the latest development in expanding Ukraine-US economic ties. On 1 May, Economics Minister Yulia Svyrydenko and the US Treasury Secretary signed a minerals agreement. The following day, the government submitted the Investment Recovery Fund agreement to the Verkhovna Rada (Ukraine’s Parliament) for ratification.

The International Policy Committee supported the minerals agreement on 6 May, and the Verkhovna Rada voted to ratify the Ukraine-US minerals agreement on 8 May.

The investment fund’s expanded mandate could potentially channel American capital into Ukraine’s defense industry, marking a significant shift in bilateral economic cooperation beyond traditional reconstruction efforts.