(Al Jazeera Media Network) United States President Donald Trump and Australian Prime Minister Anthony Albanese have signed an agreement on rare earth and critical minerals as China tightens control over global supply.
The two leaders signed the deal on Monday at the White House.
Trump said the agreement had been negotiated over four or five months. The two leaders will also discuss trade, submarines and military equipment, Trump said.
Albanese described it as an $8.5-billion pipeline āthat we have ready to go.ā
A copy of the agreement, provided by the prime ministerās office, said the two countries will each invest $1 billion over the next six months into mining and processing projects. They also set a minimum price floor for critical minerals, a move that western miners have long sought.
China has the worldās largest rare earths reserves, according to the US Geological Survey data, but Australia also has significant reserves.
The two leaders also planned to discuss the $239.4-billion agreement, reached in 2023 under then-US President Joe Biden, in which Australia is to buy US nuclear-powered submarines in 2032 before building a new submarine class with Britain.
US Navy Secretary John Phelan told the meeting the US and Australia were working very closely to improve the original framework for all three parties āand clarify some of the ambiguity that was in the prior agreement.ā
Trump said these were ājust minor detailsā.
āThere shouldnāt be any more clarifications, because weāre just, weāre just going now full steam ahead, building,ā Trump said.
