https://www.bbc.com/news/articles/cly9kvrdk2xo
“The US and Australia have signed a deal intended to boost supplies of rare
earths and other critical minerals, as the Trump administration looks for ways
to counter China's dominance of the market.
Australian Prime Minister Anthony Albanese said the deal would support a
pipeline of $8.5bn (A$13bn; £6.3bn) "ready-to-go" projects that would expand
his country's mining and processing abilities.
It includes $1bn to be invested by the two countries in projects in the US and
Australia over the next six months, a framework text says.
The US and Australia have been working on these issues since Trump's first
term, but Albanese said the latest agreement would take the partnership to the
"next level".
On Monday, US President Donald Trump also commented on Australia's
multi-billion dollar submarine deal with the US and UK, known as Aukus, saying
it was "full steam ahead".
Earlier this year, the deal came under the spotlight after the Trump
administration said it would review the details to ensure it fit with its
"America First" agenda, raising concerns Australia may not be able to buy US
submarines to replace its ageing fleet.
Asked if Australia would be getting the submarines, Trump said: "Oh no, they're
getting them".
China currently controls about 70% of rare earths mining and 90% of the
processing of the materials, which are found in everything from defence
equipment to computer chips and cars.
US companies rely heavily on the materials, making them vulnerable this year as
China has taken steps to restrict access to supplies in response to new US
tariffs and other tensions.
The shares in Australia rare earths mining companies jumped on Tuesday after
the announcement.”
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
