U.S., Australia Seal $8.5B Rare Earth Pact To Counter China’s Grip On Supply Chains

Benzinga

Trump and Australian PM Albanese signed an $8.5B framework to expand rare earth and mineral projects, aiming to reduce dependence on China. The U.S. and Australia will fund joint ventures and a Pentagon-backed gallium refinery in Western Australia.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02President Trump and Australian Prime Minister Anthony Albanese signed a framework agreement

00:06Monday to expand critical mineral and rare earth projects valued at up to $8.5 billion

00:11according to CNBC. Albanese said the two nations will contribute $1 billion over the next six

00:16months toward immediately available projects, though a White House fact sheet cited a $3 billion

00:21figure. The export and import bank in the United States will issue seven letters of interest

00:26for $2.2 billion in financing, allotting up to $5 billion in total investment.

00:31The deal aims to build a supply chain independent of China, which dominates global rare earth

00:35processing. The U.S. and Australia will collaborate on three joint projects, including Alcoa Partnerships

00:40and a Pentagon-funded gallium refinery in Western Australia. Trump's heading on to meet Chinese

00:46President Xi Jinping in South Korea this month and visit China early next year.

00:50For all things money, visit Benzinga.com.

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