The U.S. Geological Survey did not find rich deposits of rare earth metals in Ukraine – Bloomberg

Ukraine does not possess the vast mineral reserves claimed by U.S. President Donald Trump.

This information reported according to Bloomberg’s energy and commodities analyst Javier Blas.

Blas argues that Ukraine is essentially a “scorched land” in terms of natural resources, and reports about rare earth deposits are nothing more than an “illusion” and “nonsense.”

“As far as I know, Ukraine does not have significant deposits of rare earth metals, apart from a few small scandium mines. The U.S. Geological Survey, an authoritative source on this matter, does not indicate that the country has any such reserves—nor does any other database commonly used in the mining industry,” Blas stated.

He dismissed claims of $500 billion worth of mineral deposits as “complete nonsense” and suggested that Trump may have confused rare earth elements with the broader category of critical minerals. While Ukraine does have some commercial titanium and gallium mines, their value does not come close to the $500 billion figure mentioned by Trump.

Blas also recalled how in 2010, Washington claimed that Afghanistan had $1 trillion worth of untapped mineral reserves, including lithium—something that turned out to be “pure fantasy.”

“The same applies to Ukraine’s so-called mineral wealth,” he concluded.

Meanwhile, Ukrainian President Volodymyr Zelensky has reportedly instructed officials not to sign a mining agreement with the U.S., citing concerns that it does not adequately protect Ukraine’s interests. However, Kyiv has not yet fully abandoned the agreement.