Ukraine has launched its first concrete action under a high-profile minerals agreement with the United States, moving to open a major lithium deposit to private investment — a step aimed at proving to the Trump administration that the deal can yield results, NYT says.

Ukraine begins process to open Dobra lithium field

On 16 June 2025, Ukrainian authorities approved initial measures to allow companies to bid for mining rights at the Dobra lithium field in central Ukraine. According to two government officials who spoke to The New York Times on condition of anonymity due to the sensitivity of the matter, the government has agreed to begin drafting recommendations to open bidding.

The Dobra site is one of Ukraine’s largest lithium deposits — a key mineral in electric battery production. The move marks the first practical step under the broader minerals deal signed in April 2025 between Kyiv and Washington.

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Joint fund and US investor interest

The agreement stipulates that 50% of revenues generated from mineral extraction would go into a joint US-Ukraine investment fund, with the remainder also benefiting the US through shared returns. Former President Donald Trump has publicly framed this arrangement as partial repayment for previous American aid to Ukraine.

One of the leading investor groups expected to bid is a consortium that includes TechMet — an energy firm partially owned by the US government — and Ronald S. Lauder, a billionaire and close associate of Trump. According to The New York Times, this group has long expressed interest in the Dobra site and had urged President Volodymyr Zelenskyy in late 2023 to open it for development.

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US Treasury and Ukrainian economy ministers engaged in deal talks

Earlier this month, a Ukrainian delegation led by Economy Minister Yulia Svyrydenko traveled to Washington to present mineral exploitation projects involving lithium, titanium, and graphite. After meeting with US Treasury Secretary Scott Bessent, Svyrydenko said, “These are exactly the kinds of strategic initiatives where US-Ukraine cooperation can deliver mutual benefit.”

The meeting followed the April 2025 signing of the minerals agreement, which was attended by Svyrydenko and Bessent. The Ukrainian government distributed a photo of the event via Agence France-Presse showing both officials signing documents in Washington.

Despite this progress, industry analysts warn that any significant output or revenue from the minerals pact could take a decade or more.

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In addition to minerals, Ukraine’s government is seeking to direct part of the joint investment fund toward its defense sector. Economy Minister Svyrydenko has proposed using future revenues to support domestic arms manufacturing, citing the country’s ability to produce drones, artillery, and shells at far lower costs than the US or EU.

A joint Ukrainian-American investment fund tied to the countries' minerals agreement could begin operations by the end of 2025, Ukrainian Economy Minister Yulia Svyrydenko said June 4, according to Reuters.

The fund is a central component of the bilateral mineral resources agreement signed April 30, which grants the U.S. special access to projects developing Ukraine’s vast reserves of strategic minerals, including lithium, titanium and rare earth elements.

On June 4, Svyrydenko met in Washington with U.S. Treasury Secretary Scott Bessent and officials from the U.S. International Development Finance Corporation (DFC), which will serve as the American partner in the fund's management.

"We discussed very concrete steps how to make this fund operational during this year," Svyrydenko said in Washington. We plan to have the first board meeting of this fund in July, and we will discuss what will be the seed capital to start operating this fund."

The Reconstruction Investment Fund will be jointly managed by the DFC and Ukraine's Public-Private Partnerships Agency. While both governments have withheld operational specifics, the fund is expected to serve as a long-term vehicle for Ukraine's postwar recovery.

Kyiv launched the fund on May 23, after months of negotiations that strained ties with Washington. Negotiations led to the removal of controversial provisions Ukrainian officials feared could allow for exploitation of Ukraine's resources.

The Ukrainian parliament approved the necessary amendments to the Budget Code on June 4 to allow for national revenue streams — including rent payments, subsoil permit proceeds, and production-sharing revenues — to be redirected to the fund.

President Volodymyr Zelensky signed the ratified minerals agreement on May 12. Two additional operational agreements were signed on May 13 to facilitate the fund's launch.

Prime Minister Denys Shmyhal previously said that future U.S. military assistance could count as contributions to the fund, but clarified that past aid would not be included.

Despite lacking explicit security guarantees from the U.S. — a key priority for Kyiv — the agreement signals a new phase in U.S.-Ukraine economic cooperation.

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The Kyiv IndependentOlena Goncharova