U.S., Australia Announce Up-to-$8.5B Minerals Pact

President Donald Trump and Australian Prime Minister Anthony Albanese announced a critical-minerals and rare-earths framework described by leaders as an up-to-$8.5 billion pipeline intended to reduce Western reliance on China’s dominant supply. Australian documents cite each country committing $1 billion over six months to mining and processing projects, while some U.S. statements and reporting refer to roughly $3 billion in initial U.S.-backed projects, reflecting differing accounts of near-term funding. The agreement includes measures to accelerate permitting, boost mining and processing capacity, set a minimum price floor for key minerals, cooperate on geological mapping and recycling, and screen sales of mineral assets on national-security grounds. Leaders said the pact aims to strengthen U.S.-Australia ties and protect technology and defense supply chains from geopolitical risk.