Sunday, 9 March 2025
Is the rare earths mining project going to save Ukraine?
To put it another way, is the minerals deal Trump wants Zelensky to sign up to, everything it's cracked up to be? On the surface it sounds like Ukraine has a treasure trove of much-in-demand rare minerals and metals which could help Ukraine's future, give a huge economic and industrial boost to Trump, reduce the domination of China in this field in the process and generally bring the war to an end. But the reality is very different. As Ed Conway of Sky News writing in the Sunday Times, points out in a brilliant article today, it's going to be a fantastically expensive business to get going and when the minerals are extracted, the massive task of refining the stuff dug up will take another huge chunk of money. And, as is well known, a large proportion of the best stuff is under ground occupied and "annexed" by Russia. Will they let American companies cross the line and start digging in what Putin regards as Russian land? Althougbnh ones instincts are that Putin will say 'keep out', I am wondering whether in all these talks going on between the US and Russia, someone has come up with the suggestion that if Putin lets US companies extract the minerals under xhe earth in eastern Ukraine, there could be a jont arrangement under which Putin will share in the profits. Maybe that's what Trump was hinting at when he said the other day that Russia was prepared to make concessions to get a peace deal. Could this be it?
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