United States President Donald Trump and Australian Prime Minister Anthony Albanese have signed a new agreement on rare earth and critical minerals amid China’s tightening control over global supply chains.
The deal was signed on Monday at the White House. President Trump said the agreement had been under negotiation for four to five months, adding that the two leaders would also discuss trade, submarines, and military equipment.
Prime Minister Albanese described the initiative as part of an $8.5 billion project pipeline “ready to go.”
According to a copy of the agreement released by the Australian prime minister’s office, both countries will invest $1 billion each over the next six months in mining and processing projects.
The pact also establishes a minimum price floor for critical minerals—an industry measure long sought by Western producers.