US and Australia sign rare earths deal to counter China's dominance
Summary
The United States and Australia have signed an agreement to enhance their supply of rare earths and critical minerals to reduce reliance on China, which currently dominates this market. The deal includes a $1 billion investment and aims to expand mining and processing capabilities in both countries. This initiative seeks to improve supply security for materials vital in technology and defense industries.Key Facts
- The US and Australia signed a deal to increase rare earth supplies.
- This agreement aims to counter China's control of the market.
- China currently manages 70% of rare earth mining and 90% of processing globally.
- The deal includes a $1 billion investment over the next six months.
- It will support $8.5 billion in projects for mining and processing.
- The US plans to build an advanced gallium refinery in Western Australia.
- US firms are highly dependent on these materials, affecting sectors like defense and technology.
- The agreement will also focus on pricing, permitting, and rules for sales in the mineral sector.
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