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Australia and the United States have signed a critical minerals framework agreement to secure cooperation for the natural resources supply chain between the two countries.
The agreement was signed by Australian Prime Minister Anthony Albanese and US President Donald Trump.
Under the agreement, both governments will invest more than $3 billion together in critical mineral projects in the next six months, with recoverable resources in the projects estimated to be worth $53 billion.
In addition, the Export-Import Bank of the United States is issuing seven letters of interest for more than $2.2 billion in financing, unlocking up to $5 billion of total investment, to advance critical minerals and supply chain security projects between the two countries.
The US Department of War will invest in the construction of a 100-metric tonne-per-year advanced gallium refinery in Western Australia, further advancing self-reliance in critical minerals processing.
“There are no closer friends and allies than the United States of America and Australia,” Minister Albanese said.
“President Trump and I agreed today we will work very hard together in both our nations’ interests.
“We’ve agreed today Australia and America are going to make more things together with our historic framework on critical minerals.
“Australia is home to much of the periodic table of critical minerals and rare earth metals that are vital for defence and other advanced technologies.
“Cooperation on critical minerals and rare earth supply chains is testament to the trusted partnership between Australia and the United States as strategic defence allies.
“I look forward to continuing to work with President Trump to strengthen our partnership and support American and Australian workers, businesses and investors.”
The agreement is envisioned to deliver a strengthened US and Australia secured supply chain for critical minerals and rare earths, required for defence and other advanced technologies.
“Welcome but not surprisingly that US commitment to AUKUS has been confirmed by President Trump at today's meeting with PM Albanese in Washington and has rightly acknowledged the important role AUKUS plays as a deterrent to potential Chinese aggression in the Indo-Pacific,” former Australian prime minister Scott Morrison said.
“The commitment to SRF West and additional upgrade of Henderson is a welcome contribution to ensure ongoing support. AUKUS has now been confirmed by two US presidents, three UK PMs and two Australian PMs.
“Important to now just get on with it without hollowing out of broader defence budget and capabilities and ensuring we are realising the opportunities of Pillar 2.
“This is all very welcome, together with the announcement on critical minerals and rare earths.
“The alliance is strong and vital to Australian and US national interests and stability in the Indo-Pacific.”
