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Australia scores big win in US with critical minerals deal, Aukus commitment

The allies will invest US$1 billion in various critical minerals projects in a bid to cut their reliance on dominant supplier China

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US President Donald Trump and Australian Prime Minister Anthony Albanese hold up their signed agreements on critical minerals and rare earths in the White House on Monday. Photo: AP
Maria Siow
Australia has secured backing from US President Donald Trump on two critical fronts through a new minerals investment deal and the future of the Aukus submarine pact, a development that analysts have said represents a major win for Canberra’s geopolitical status and economic security.
During Australian Prime Minister Anthony Albanese’s visit to the White House on Monday, the two countries signed a critical minerals agreement aimed at reducing their dependency on dominant supplier China and strengthening supply chains for key industries.

The deal will see Canberra and Washington invest US$1 billion over the next six months in mining and processing projects and set a price floor for the critical minerals.

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A White House statement said the initiative would focus on US$53 billion worth of mineral deposits. It did not specify which minerals or sites would be prioritised.

“In about a year from now, we’ll have so much critical minerals and rare earths that you won’t know what to do with them,” Trump told reporters.

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The two leaders also reaffirmed their commitment to the Aukus security pact – a trilateral agreement between Australia, the US and the United Kingdom under which Canberra is expected to receive nuclear-powered submarines built by its allies.

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