WASHINGTON, 21 October (H.S.): The United States and Australia signed a significant agreement on Monday aimed at boosting the supply of rare earths and other critical minerals, a strategic move designed to counter China's overwhelming control of the global market.

The deal was formalized at the White House by U.S. President Donald Trump and Australian Prime Minister Anthony Albanese.The agreement establishes a framework to support a pipeline of $8.5 billion in ready-to-go projects intended to expand Australia's mining and processing capabilities.

As part of the pact, the two nations will jointly invest at least $1 billion each within the next six months into mining and processing initiatives in both countries.This partnership is a direct response to China's market dominance, as it currently controls approximately 70% of rare earths mining and 90% of the processing for these materials, which are vital for everything from defense technology to consumer electronics.

The urgency of the deal has been heightened by China's recent moves to restrict access to these supplies amid trade tensions.Prime Minister Albanese stated that the agreement elevates the U.S.-Australia partnership to the next level, building on cooperative efforts that began during Trump's first term.

The framework also includes U.S. investment in a new gallium refinery in Western Australia and a commitment of up to $2.2 billion in financing for critical minerals projects from the U.S. Export-Import Bank.

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Hindusthan Samachar / Jun Sarkar