President Donald Trump and Australian Prime Minister Anthony Albanese signed an agreement Oct. 20 to expand cooperation on rare earth materials and critical minerals.
According to a White House fact sheet, the U.S. and Australia will together invest more than $3 billion in the next six months to develop critical mineral projects, with recoverable resources estimated to be worth $53 billion.
“In about a year from now we’ll have so much critical mineral and rare earth that you won’t know what to do with them,” Trump said, seated alongside Albanese.
Rare earths and critical minerals are used in products such as cars, semiconductors, and electronics.
While the deal has been in the works for four or five months, Trump said, it follows China’s announcement of new restrictions on critical mineral exports, according to The Hill.
The deal also expands defense cooperation, including Australia’s purchase of $1.2 billion in underwater vehicles, $2.6 billion in Apache helicopters, and $2 billion in U.S. air and missile defense systems. Beyond minerals and defense, the White House said the agreement paves the way for new technology and trade initiatives with Australia.
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