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U.S. and Australia Seal Critical Minerals Pact With Early Funding and Defense Tie-Ins

Beijing’s new export controls highlight reliance on Chinese refining, prompting a move officials cast as the start of a years-long alternative supply build-out.

U.S. President Donald Trump and Australia's Prime Minister Anthony Albanese sign an agreement on rare earth and critical minerals during a meeting in the Cabinet Room at the White House, in Washington, D.C., U.S., October 20, 2025. REUTERS/Kevin Lamarque
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President Donald Trump, right, listens as Australian Prime Minister Anthony Albanese speaks in the Cabinet Room of the White House, Monday, October 20, 2025, in Washington. (AP Photo/Evan Vucci)

Overview

  • President Donald Trump and Prime Minister Anthony Albanese signed a framework on Oct. 20 to expand mining, processing and refining of rare earths and other critical minerals.
  • The White House cited more than $3 billion in initial government support, a requirement for at least $1 billion in financing from each country within six months, and an $8.5 billion project pipeline.
  • The U.S. Export-Import Bank issued seven letters of interest totaling about $2.2 billion, including support for Arafura Rare Earths and Sunrise Energy Metals.
  • A gallium recovery project in Western Australia, backed by U.S. investment and linked to Alcoa’s refinery, is projected to supply up to 10% of global gallium.
  • The deal was paired with defense steps as Australia plans to buy over $1 billion in unmanned underwater vehicles and the leaders discussed AUKUS, while Trump threatened a 100% tariff on Chinese goods absent a trade deal by Nov. 1 and analysts warned rebuilding non‑Chinese supply chains will take years given China’s current dominance.