Europe Asia News

Australian Prime Minister Anthony Albanese said the agreement will support “ready-to-go” projects worth $8.5 billion to strengthen the country’s mining and processing capacity.

According to a framework document, the deal includes a $1 billion investment in projects in the US and Australia over the next six months.

The US and Australia have been working on these issues since Trump’s first term, but Albanese said the latest agreement would take the partnership “to the next level.”

On Monday, US President Donald Trump also commented on the multi-billion-dollar submarine deal known as AUKUS between the US, UK, and Australia, saying it was “moving full steam ahead.”

Earlier this year, the deal resurfaced after the Trump administration said it would review details to ensure it aligns with the “America First” agenda, raising concerns that Australia might not be able to purchase US submarines to replace its aging fleet.

When asked whether Australia would buy the submarines, Trump said, “Yes, they are.”

China currently controls about 70% of rare earth mining and 90% of the processing of these materials, which are used in everything from defense equipment to computer chips and cars.