U.S. Treasury Secretary Scott Bessent will travel to Ukraine this week to discuss a potential deal concerning rare earth minerals, according to a source familiar with his plans.

Bessent will be the first cabinet-level official in U.S. President Donald Trump's administration to visit Ukraine.

Both Ukrainian President Volodymyr Zelenskiy and Trump have expressed interest in a pact that would give the United States access to Ukraine's rare earth resources in exchange for continued support in fending off the Russian invasion.

The source, who requested anonymity as the plans were still confidential, did not offer additional details on the itinerary. The White House did not immediately respond to a request for comment.

Bloomberg first reported Bessent's travel plans.

Rare earths are a group of metals used to make magnets that turn power into motion for electric vehicles, cell phones, missile systems, and other electronics. There are no viable substitutes, and demand is widely expected to grow.

A number of other U.S. officials are traveling to Europe this week, in part to discuss the Ukraine war with Kyiv and other European allies. They include Secretary of State Marco Rubio, Vice President JD Vance, Defense Secretary Pete Hegseth and Keith Kellogg, the U.S. envoy for the Ukraine war.

Reuters reported this week that the Trump administration plans to push European allies to buy more American weapons for Ukraine ahead of potential peace talks with Moscow.