A billion-dollar plan or a trillion-dollar risk? Inside the US–Australia rare earth & critical minerals deal
The United States and Australia have officially shaken hands to boost the supply chain for rare earths and other essential minerals. This strategic agreement aims to lessen their dependence on China's market control. Australian Prime Minister Anthony Albanese pointed out that this partnership will support a series of "ready-to-go" projects valued at USD 8.5 billion.
With the rising demand for rare earths and critical minerals, China has begun to limit access to these supplies in response to new US tariffs and ongoing tensions. China currently holds a staggering 70 per cent of the world's rare earth mining and an impressive 90 per cent of the processing of these essential materials. These rare earths are crucial for a wide range of products, from defence equipment to computer chips and cars. As a result, the US companies find themselves heavily dependent on these materials, which puts them in a precarious position this year.
US-Australia trade relations
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