United States President Donald Trump and Australian Prime Minister Anthony Albanese have signed an agreement on rare earth and critical minerals as China tightens control over global supply.
The two leaders signed the deal on Monday at the White House.
Trump said the agreement had been negotiated over four or five months. The two leaders will also discuss trade, submarines and military equipment, Trump said.
Albanese described it as an $8.5bn pipeline “that we have ready to go”.
The full terms of the agreement were not immediately available. The two leaders said part of the agreement had to do with processing of the minerals. Albanese said both countries will contribute $1bn over the next six months for joint projects.
China has the world’s largest rare earths reserves, according to the US Geological Survey data, but Australia also has significant reserves.
The two leaders also planned to discuss the $239.4bn agreement, reached in 2023 under then-US President Joe Biden, in which Australia is to buy US nuclear-powered submarines in 2032 before building a new submarine class with Britain.
US Navy Secretary John Phelan told the meeting the US and Australia were working very closely to improve the original framework for all three parties “and clarify some of the ambiguity that was in the prior agreement”.
Trump said these were “just minor details”.
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