Who holds the keys to the world’s most important materials?
Right now, it’s China — but the U.S. and Australia just teamed up to change that.
In a new deal announced this week, both countries agreed to boost supplies of rare earths and other critical minerals.
These are the stuff that powers everything from fighter jets to smartphones.
Australian Prime Minister Anthony Albanese said the pact supports a whopping $8.5 billion worth of “ready-to-go” mining and processing projects.
$1 billion in joint investments is expected within six months.
“We’re taking this partnership to the next level,” Albanese said, calling it a crucial step toward loosening Beijing’s grip on the supply chain.
Breaking China’s Grip
China currently dominates roughly 70% of mining and 90% of processing for these materials.
This near monopoly has left Western industries exposed.
Washington is also pouring $2.2 billion into critical mineral projects via its Export-Import Bank.
It is backing new ventures like a gallium refinery in Western Australia.
The move comes as Trump’s administration deepens investments in U.S. and Canadian mining firms — in some cases taking ownership stakes in return.
Still, the White House kept the fine print vague. After all, breaking up China’s mineral monopoly won’t be easy.
But as one analyst quipped — “When it comes to rare earths, rare cooperation might just be what the world needs.”
