---
title: "Fundable Earth: The Mineral Sovereignty Regime"
description: "Roman Shemakov, an advisor at Ukraine's Ministry of Economy, extrapolates from two real 2025 events, China's rare-earth export controls and the United States–Ukraine reconstruction investment fund, to a world in which resource-rich states are governed as portfolio companies."
type: "reading-notes"
authors:
  - "Roman Shemakov"
published: "2025-11-21"
original_url: "https://hemstacks.antikythera.org/"
doi: "10.1162/ANTI.5D06"
canonical_url: "https://antikythera.wiki/work/journal/hemstacks/fundableearth"
md_url: "https://antikythera.wiki/md/work/journal/hemstacks/fundableearth"
last_updated: "2026-08-23"
site: "Antikythera Wiki"
---

# Fundable Earth: The Mineral Sovereignty Regime

> Independent, unofficial reading notes from Antikythera Wiki (https://antikythera.wiki). Written with AI from the published text, with citations; not by the work's author and not affiliated with Antikythera (https://antikythera.org). Read the original at the link below.

- **Authors:** Roman Shemakov
- **Published:** 2025-11-21
- **Kind:** Journal · Journal article
- **DOI:** https://doi.org/10.1162/ANTI.5D06
- **Original:** https://hemstacks.antikythera.org/
- **Length:** 1.0k words
- **Part of:** [Hemispherical Stacks](https://antikythera.wiki/work/journal/hemstacks)
- **This page:** https://antikythera.wiki/work/journal/hemstacks/fundableearth
- **Notes generated:** 2026-08-23

## Summary

[Roman Shemakov](https://antikythera.wiki/people/roman-shemakov), an advisor at Ukraine's Ministry of Economy, extrapolates from two real 2025 events, China's rare-earth export controls and the United States–Ukraine reconstruction investment fund, to a world in which resource-rich states are governed as portfolio companies. The "Twin Triggers" produce URIF-25, a Delaware limited partnership whose terms spread to Kazakhstan, Niger, and Mongolia by 2028 and turn private-equity vocabulary into the language of sovereignty.

## The argument

Shemakov's claim is that a hemispherical stack can be built from contract law as much as from hardware. Two provisions do the work. Investment Opportunity Rights make the Fund the statutory "first window" for any extractive or infrastructure project, so geological maps once classed as state secrets become "deal flow." Market-Based Offtake Rights let the US development finance corporation designate "aligned industrial consumers" for the minerals, which he reads as commodity-escrowed geopolitical hedges that route AI-processor and battery inputs to American firms. The cascade follows: ministries become "operating subsidiaries" of their Funds; cabinets cite limited partnership agreements before constitutions because breaching a covenant triggers arbitration in New York while breaching a promise triggers a news cycle. He calls this "fiduciary inversion."

## Section by section

The piece is organised as Trigger, Levers, and Cascade, a structure borrowed from scenario planning rather than narrative. The Cascade section is the longest and most concrete: Tier 1 buyers, defence primes and hyperscalers, lock in tonnage a decade ahead while Tier 2 nations queue for spot volume; "Fund-qualified" becomes an ESG label; royalties, port tariffs, and carbon credits are bundled into units traded in Singapore and Luxembourg. Ukraine gets rail spurs and an Odesa terminal, but also a "Royalties First" strike in Poltava under the slogan "Vote ≠ LP Unit," answered with non-voting "Community Side-Pocket Classes." The closing line reframes the century's question as "who governs the fund that governs the state."

## Key concepts

- **[Fiduciary Inversion](https://antikythera.wiki/terms/fiduciary-inversion)** — elected officials owing de facto loyalty to fund General Partners, who can call default, claw back dividends, or freeze capital.
- **Self-repaying aid** — the reclassification of military shipments as paid-in equity, repaid from future mineral dividends rather than the public budget.
- **Mineral sovereignty regime** — the stratified global order in which access to critical minerals follows Fund membership rather than territory.

## Connections

Part of [Hemispherical Stacks](https://antikythera.wiki/work/journal/hemstacks). Its siblings in the collection's financial cluster are [The Great Taiwan Freeze](https://antikythera.wiki/work/journal/hemstacks/greattaiwanfreeze), where corporate credit unions rather than Funds become the de facto sovereigns, and Malik's [Actionable Strategies](https://antikythera.wiki/work/journal/hemstacks/actionablestrategies), where business lobbies ask central banks for corporate welfare. All three agree that sovereignty migrates to whoever controls the ledger; Shemakov is the most specific about the legal instruments.


## Terms used

- [Fiduciary Inversion](https://antikythera.wiki/terms/fiduciary-inversion)