U.S. and Australia Sign $8.5 Billion Critical Minerals Deal to Reduce Reliance on China
The U.S. and Australia have inked a landmark $8.5 billion agreement to develop critical minerals projects, with an immediate $1 billion commitment from both nations. The deal, signed by President Donald TRUMP and Prime Minister Anthony Albanese, focuses on rare earths processing and includes collaboration with Japan. This strategic move aims to counter China's dominance in the global supply chain for minerals essential to advanced technologies like electric vehicles and smartphones.
Alcoa (AA) is among the companies involved in the three joint project groups. "We're seizing the opportunities that exist," Albanese stated during the WHITE House announcement. The partnership underscores a broader shift toward securing alternative supply chains for critical materials.
