U.S. mining stocks may hope for a payday after Ukraine agreed to a mineral rights deal with President Donald Trump in a major step to improving ties between the two countries. “It’s a very big deal. It could be a trillion-dollar deal,” Trump told reporters Tuesday.
According to various media outlets the deal was agreed as the U.S. dropped its demand for the right to $500 billion in potential revenue from mining in Ukraine. It comes after Trump heaped pressure on the alliance supporting Ukraine to do more, while he signalled an apparent readiness to take Russia’s side in the conflict. Trump called Ukraine president Zelensky a dictator and falsely accused Ukraine of starting the war.
While details about security guarantees for Ukraine are sketchy, Trump said on Tuesday that in return for the deal Ukraine would get “the right to fight on.”
Who Gets to Mine the Minerals?
While it remains unclear what might happen in terms of extraction of the minerals, it could in theory offer U.S. miners access to Ukrainian assets, albeit it’s believed close to half of the mineral deposits are in territory controlled by Russia.
Ukrainian data shows it has deposits of 22 of 34 critical minerals identified by the European Union. Kyiv estimates that it possesses about 5% of the world’s “critical raw materials.”
It’s estimated that Ukraine has a third of all European lithium deposits, essential for batteries. Prior to the Russian invasion, the nation’s global share of titanium production was 7%, while it produced about a fifth of the world’s supply of graphite, a key material for nuclear power stations and electric vehicles.
According to the Wall Street Journal, Ukraine has deposits of at least 20 of the 50 minerals that the U.S. labels critical, including lithium, graphite, titanium, uranium and rare earths. Rare earth elements are a group of 17 exotic minerals used in the manufacture of smartphones, electric vehicles, wind turbines, and weapons systems.
SecDev, a Canadian consultancy, estimated in 2022 that Russia had occupied 63% of Ukraine’s coal mines, as well as taking over half of its manganese, caesium, tantalum and rare earth deposits.
Which Are the Biggest U.S. Mining Stocks?
Many of the top mining stocks are based in Canada, Australia and the UK. However here is a look at some of the top U.S. mining companies focused on minerals of the sort present in Ukraine.
Albemarle Corporation (ALB) is the largest lithium miner in the U.S. and thought to be the largest supplier of the metal for use in electric vehicle batteries globally.
On a smaller scale is Philadelphia-headquartered Arcadium Lithium (ALTM), which formed out of the 2024 merger of Livent and Allkem.
Freeport-McMoRan (FCX) specializes in copper, gold, and molybdenum extraction, centered on its Grasberg mine in Indonesia.
Southern Copper Corporation (SCCO), a globally integrated copper producer with notable projects in Mexico and Peru.
MP Materials (MP), the largest producer of rare earths outside China, operates the Mountain Pass mine in California.
Energy Fuels (UUUU) is a uranium mining company that operates mines in Utah, Colorado, and Wyoming.
NioCorp Developments (NB) operates the Elk Creek project in Nebraska, with deposits of niobium, scandium and titanium.
Uranium Energy (UEC) is a uranium miner which in 2022 secured a US Department of Energy contract to supply U308, or triuranium octoxide, a radioactive uranium compound used in nuclear reactors and semiconductor manufacturing, as part of the country’s move to establish a domestic uranium reserve.
Finally, Colorado-based Newmont Corporation (NEM) is the world’s largest gold miner.
What is the Best U.S. Mining Stock?
Investors interested in U.S. mining stocks can analyse them using the TipRanks Stocks Comparison Tool.
