WASHINGTON, Feb 3 (Reuters) - U.S. President Donald

Trump said on Monday he wants Ukraine to supply the United

States with rare earth minerals as a form of payment for

financially supporting the country's war efforts against Russia.

Trump, speaking to reporters at the White House, said

Ukraine was willing, adding that he wants "equalization" from

Ukraine for Washington's "close to $300 billion" in support.

"We're telling Ukraine they have very valuable rare earths,"

Trump said. "We're looking to do a deal with Ukraine where

they're going to secure what we're giving them with their rare

earths and other things."

It was not immediately clear if Trump was using the term

"rare earths" to refer to all types of critical minerals or just

to rare earths.

Rare earths are a group of 17 metals used to make magnets

that turn power into motion for electric vehicles, cellphones

and other electronics. There are no known substitutes.

The U.S. Geological Survey considers 50 minerals to be

critical for the country's economy and national defense,

including several types of rare earths, nickel and lithium.

Ukraine contains large deposits of uranium, lithium and

titanium, although none are considered to be among the world's

five biggest by volume and the U.S. has its own untapped

reserves of those and other critical minerals.

The U.S. has only one operating rare earths mine, which

is owned by MP Materials ( MP ). Several other companies are

working to develop U.S. rare earths projects.

In 2024, the United States was reliant on China,

Malaysia, Japan and Estonia for 80 percent of its rare earths

needs, according to the U.S. Geological Survey.