Australia and US sign multi-billion-dollar critical minerals deal
Prime Minister Anthony Albanese’s meeting with US President Donald Trump in Washington saw the duo strike a deal that challenges China’s critical minerals dominance.
It comes after China tightened rules on its rare earth exports, threatening to halve them altogether – a move that heightened tensions with the US.
“In a year from now, we’ll have so much [critical minerals] … you won’t know what to do with them,” Trump said.
While the full agreement has not been made public, Albanese said both Australia and the US will contribute $1 billion each over the next six months.
He said the deal “isn’t just about digging things up” and would create a US$8.5 billion ($13 billion) pipeline of projects. Vast sums of money are expected to soon pour into the industry, providing a bonanza for miners.
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