Overview
- Canberra and Washington pledged at least $US1 billion each over six months to unlock an $US8.5 billion pipeline of critical‑minerals projects and reduce reliance on Chinese refining.
- The Alcoa–Sojitz gallium plant in Western Australia will receive up to $US200 million from Australia with additional US support under consideration, and Japan will fund Sojitz’s share for a facility projected to supply up to 10% of global gallium.
- Arafura Rare Earths said it has conditional federal approval for up to $US100 million in equity and noted the US is considering up to $US300 million, with the Nolan project targeting roughly 5% of future global rare‑earth output once operational.
- The US Export‑Import Bank issued letters of interest totaling more than $US2.2 billion to Australian firms including Arafura Rare Earths, Northern Minerals, Graphinex, Latrobe Magnesium, VHMRZ Resources and Sunrise Energy Metals.
- Shares swung sharply after the announcement, with gains for Alcoa, South32, Pilbara Minerals, BHP and Mineral Resources and a drop for Lynas, while analysts welcomed the signal but flagged midstream gaps, long timelines to 2026 FIDs and environmental and cultural safeguards still required.