Nigeria, May 2 -- The agreement between Washington and Kyiv to create an investment fund to search for rare earth minerals has been seen as something of a turn by the Trump administration. From hectoring and mocking the Ukrainian President Volodymyr Zelensky before the cameras on his visit to the US capital two months ago, President Donald Trump had apparently softened. It was easy to forget that the minerals deal was already on the negotiating table and would have been reached but for Zelensky's fateful and ill-tempered ambush. Dreams of accessing Ukrainian reserves of such elements as graphite, titanium and lithium were never going to dissipate.

Details remain somewhat sketchy, but the agreement supposedly sets out a sharing of revenue...