Australia has secured backing from US President Donald Trump on two critical fronts through a new minerals investment deal and the future of the Aukus submarine pact, a development that analysts have said represents a major win for Canberra’s geopolitical status and economic security.
During Australian Prime Minister Anthony Albanese’s visit to the White House on Monday, the two countries signed a critical minerals agreement aimed at reducing their dependency on dominant supplier China and strengthening supply chains for key industries.
The deal will see Canberra and Washington invest US$1 billion over the next six months in mining and processing projects and set a price floor for the critical minerals.
A White House statement said the initiative would focus on US$53 billion worth of mineral deposits. It did not specify which minerals or sites would be prioritised.
“In about a year from now, we’ll have so much critical minerals and rare earths that you won’t know what to do with them,” Trump told reporters.
The two leaders also reaffirmed their commitment to the Aukus security pact – a trilateral agreement between Australia, the US and the United Kingdom under which Canberra is expected to receive nuclear-powered submarines built by its allies.
