Ukrainian President Volodymyr Zelensky has confirmed that negotiations with the United States on a rare earth minerals agreement are advancing well, describing the progress as “good” in his daily address on Wednesday.

“The basic legal stuff is almost finalised, and then, if everything moves as quickly and constructively, the agreement will bring economic results to both our countries,” Zelensky said.

The deal, aimed at enhancing cooperation in the extraction of strategic minerals in Ukraine, had faced setbacks earlier this year following a political clash between Zelensky and US President Donald Trump in February.

The Trump administration has reportedly pushed for royalty payments from Ukrainian mining profits as compensation for US aid previously provided under President Joe Biden.

Despite the political friction, talks appear to be back on track. Ukrainian Economy Minister Yulia Svyrydenko stated that “significant progress” had been achieved and revealed that both sides are working toward signing a memorandum of intent.

She confirmed that Ukraine’s Parliament would be required to approve any final version of the agreement.

A senior official familiar with the negotiations said the two parties are moving “quite fast” and that the latest drafts no longer frame US aid as a debt owed by Ukraine—a significant shift that could accelerate final approval.

This aligns with a report by Bloomberg that US Treasury Secretary Scott Bessent signaled the deal could be signed as early as this week.

The proposed deal, revised last month by the Trump administration, does not include future security guarantees for Ukraine. However, it does call for the creation of a joint investment fund, into which all income from resource exploitation—both by state and private entities—would be channeled.

The strategic partnership aims to strengthen economic ties between the two countries and enhance the US’s access to rare earth elements, which are vital for high-tech and defense industries.