US, Australia Strike $8.5B Critical Minerals Deal

U.S. President Donald Trump and Australian Prime Minister Anthony Albanese signed an $8.5 billion bilateral minerals agreement to boost supplies of critical metals and rare earths for defense manufacturing and energy security. Each country will contribute about $1 billion over the next six months, and the pact identifies priority projects including an Alcoa-led gallium recovery and refining project in Western Australia that will receive a U.S. equity investment. The announcement sent Australian critical-minerals stocks sharply higher in early Asian trading — Lynas +4.7%, Iluka +9%, Pilbara +5%, VHM ~+30%, Northern Minerals ~+16%, Latrobe Magnesium ~+47%, and Alcoa nearly +10%. Officials said the deal is intended to diversify supply chains as China, the dominant global producer, has tightened export controls amid trade tensions.