U.S., Australia Sign Critical Minerals Deal

President Donald Trump and Australian Prime Minister Anthony Albanese signed a White House agreement to build an approximately $8.5 billion pipeline of rare‑earth and critical‑minerals projects, with each country pledging at least $1 billion over six months and measures including permitting reforms and a price floor. The pact includes targeted Pentagon support for processing facilities and other measures such as recycling and mapping to speed development. Named beneficiaries include Alcoa's proposed gallium refinery at Wagerup, Western Australia, and Astron Corporation's Donald rare‑earth and mineral‑sands project in Victoria, which was granted federal major‑project status and is backed by U.S. firm Energy Fuels with plans to export heavy‑mineral concentrate (and trace uranium) to the United States. Markets reacted positively, but analysts warned specifics remain thin and that mining and refining are capital‑intensive, making it slow to reduce China’s dominance in refining. Local communities have voiced environmental, water‑safety and rehabilitation concerns, and China criticized the pact as disruptive to established supply chains.