Australian Prime Minister Anthony Albanese and US President Donald Trump
The US and Australia have signed a deal intended to boost supplies of rare earth and other critical minerals as the Trump administration looks for ways to counter China's dominance of the market.
Australian Prime Minister Anthony Albanese said the deal would support a pipeline of $8.5 billion ready-to-go projects that would expand his country's mining and processing abilities.
A framework text says it includes $1 billion to be invested by the two countries in projects in the US and Australia over the next six months.
The US and Australia have been working on these issues since Trump's first term, but Albanese said the latest agreements would take the partnership to the next level.
China currently controls about 70% of rare earths mining and 90% of the processing of the materials which are found in everything from defense equipment to computer chips and cars.
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