Trump's billionaire pal scores massive lithium mining deal in Ukraine: report

One of President Donald Trump's billionaire friends was awarded a lucrative mining contract in Ukraine on Thursday, according to a new report.

The New York Times reported on Thursday that a Ukrainian government commission awarded a bid for a major lithium mine to a "consortium" of investors, including Ronald S. Lauder, a billionaire cosmetics heir who has known Trump for decades. Lauder is also quietly driving Trump's ambitions to acquire Greenland, according to the report.

Two members of the commission spoke to the Times about the deal on the condition of anonymity, citing the sensitive nature of the discussions. They said the winning bid for the contract "far-exceeded" the $179 million minimum investment tender.

Lauder's company, TechMet, may have a conflict of interest in the deal, according to the report. The U.S. International Development Finance Corporation, led by Ben Black, the son of billionaire investor Leon Black, holds a stake in both TechMet and the government-controlled lithium mine in Ukraine.

"The investment, however, will take years to translate into actual mining and profits," the report reads in part. "The consortium must first carry out a geological survey to determine the field’s true subsoil value and then finance the equipment and infrastructure needed for extraction. Industry experts say it typically takes about 15 years to move from a viable discovery to extraction — a timeline that would extend well beyond Mr. Trump’s current term in office."

The deal is also emblematic of the transactional relationship Ukraine and the second Trump administration have developed. Ukraine has recently agreed to allow U.S. businesses to invest in its reconstruction as part of its peace negotiations to end the war with Russia. President Volodymyr Zelenskyy has also said there is "a lot of wealth to be had" in the country.

Read the entire report by clicking here.