SYDNEY, Oct 21 (Reuters) – Donald Trump’s backing of Australia’s critical minerals will bring much-needed financial support to the industry, but experts say the U.S. president will have to wait longer to shift the supply chain away from China and weaken its market dominance.
In a wide-ranging agreement signed on Monday, U.S. and Australia committed a combined $3 billion to mining and processing projects, and to a price floor for critical minerals, a step long sought by Western miners. The countries will also sign off on financing that includes offtake rights.
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The White House said U.S. investments into Australia would unlock deposits of critical minerals worth $53 billion, without offering many details.
Trump said in a year they would have
US-Australia rare earths deal is a start but won’t shake China dominance any time soon
