00:00U.S. President Donald Trump and Australian Prime Minister Anthony Albanese have signed a new deal to boost cooperation on rare earths and critical minerals.
00:10The move aims to reduce reliance on China for key industrial materials.
00:15Albanese highlighted an $8.5 billion investment pipeline that is ready to go.
00:23Meeting at the White House for their first summit, Trump said the agreement had been months in the making.
00:30Albanese said Washington and Canberra will each commit $1 billion over the next six months to kickstart joint projects.
00:37China currently dominates global rare earth reserves and processing, though Australia also holds sizable deposits.
00:45The deal comes a week after Washington criticized Beijing's tighter controls on rare earth exports, calling them a threat to global supply chains.
00:54Separately, the two leaders also discussed the $239 billion AUKUS Defence Pact,
01:02which will seal Australia by U.S. nuclear-powered submarines from 2032,
01:08before co-developing a new class of submarines with Britain.
01:11Australia is already was about 16 for living at the time of security.
01:12Australia is in.
01:29Australia is above a million million foreign countries.
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