Minerals deal with USA may be signed within next 24 hours – Shmyhal

(Additional quotes, agreement details, context added)

Minerals agreement with the United States may be signed within the next 24 hours, hopes Prime Minister of Ukraine Denys Shmyhal.

"Today, First Deputy Prime Minister Yulia Svyrydenko is on her way to Washington. We are already finalizing the final details with our American colleagues... As soon as all the details are finalized, in the near future, I hope in the next 24 hours, the agreement will be signed and we will receive the first step," Shmyhal said on the air of the national telethon on Wednesday.

He emphasized that technical details are currently being worked out, as all the fundamental points have already been agreed, and the government has collected approval of the text from the main ministries.

"The government will be ready at any moment, as soon as there is final information from our colleagues from Washington, to approve the agreement," he added.

Shmyhal added that will be necessary to sign two more technical agreements on the creation of the Investment Fund (Fund) and its financing and replenishment.

Shmyhal noted that after the consultation with the US, the agreement became as partnership-based as possible. In particular, the Fund will be established in Ukraine with a 50/50 distribution of management shares (three representatives from each party) and contributions from the parties. Contributions will be made in cash, the American side will be able to calculate new military assistance as a contribution to the Fund and Ukraine retains control over all resources (subsoil, infrastructure, natural resources), and makes a contribution from new licenses and new mineral rents. Under the agreement, the Fund will invest in the development and restoration of Ukraine for 10 years (both capital investments in the creation of enterprises and agreements on the purchase of Ukrainian-made products). After that, by agreement of the parties, the profits can be distributed. The agreement exempts the parties operating within the framework of this agreement from taxation and customs duties and the American side undertakes to involve other international partners and private business in work with the support of the Fund. Disputes within the framework of the agreement are resolved through mutual consultations.

"No debts, no assistance provided to Ukraine before the signing of the agreement are the subject of this agreement," the Prime Minister emphasized.

In addition, Shmyhal added that the agreement with the United States does not contradict Ukraine's accession to the European Union and European integration obligations.

As reported, on April 17, Ukraine and the United States signed a joint Memorandum on an Economic Partnership Agreement, which will open up opportunities for significant investments, infrastructure modernization, and a mutually beneficial partnership between Ukraine and the United States.