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President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical-minerals deal at the White House on Monday.
The deal came as the US eyes the continent’s rich rare earth resources at a time when China is imposing tougher rules on exporting its own critical minerals abroad.
The US and Australian leaders described the agreement as an $8.5 billion (€7.3bn) deal between the allies. Trump said it had been negotiated over several months.
“In about a year from now we’ll have so much critical mineral and rare earths that you won’t know what to do with them," said Trump. "They’ll be worth $2.”
Albanese added that the agreement takes the US-Australia relationship “to the next level”.
Earlier this month, Beijing announced that it will require foreign companies to get approval from the Chinese government to export magnets containing even trace amounts of rare earth m
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