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The US and Australia have signed a deal aimed at boosting supplies of rare metals and other critical minerals, as the Trump administration seeks ways to counter China's dominance in the market.
Australian Prime Minister Anthony Albanese said the deal would support an $8.5 billion (£6.3 billion) pipeline of “ready-to-implement” projects that would expand his country’s mining and processing capabilities.
It includes $1 billion to be invested by the two countries in projects in the US and Australia over the next six months, a framework text says.
The US and Australia have been working on these issues since Trump's first term, but Albanese said the latest agreement will take the partnership to the "next level."
China currently controls about 70% of rare earth metal mining and 90% of the processing of the materials, which are found in everything from defense equipment to computer chips and cars.
American companies rely heavily on the materials, making them vulnerable this year as China has taken steps to restrict access to supplies in response to new U.S. tariffs and other tensions.
Albanese said the agreement aimed to accelerate investments in three types of projects, including US investments in processing plants in Australia.
The two countries also agreed to work together on issues such as pricing, permits and rules for government review of company sales and projects in the sector.
The US said separately that it would invest in building an advanced gallium refinery with a capacity of 100 tonnes per year in Western Australia and was preparing to provide about $2.2 billion in financing to advance critical mineral projects through its Export-Import Bank.
The Trump administration in recent months has already announced a number of investments in companies such as the American rare earth mining company MP Materials and the Canadian companies Trilogy Metals and Lithium America, which have projects in the US.
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