U.S. President Donald Trump meets Australia’s Prime Minister Anthony Albanese within the Cupboard Room on the White Home, in Washington, D.C., U.S., October 20, 2025.
Kevin Lamarque | Reuters
President Donald Trump and Australian Prime Minister Anthony Albanese on Monday signed an settlement on important minerals that Albanese stated consists of plans for initiatives price a complete of as much as $8.5 billion.
Albanese, throughout a gathering with Trump on the White Home, stated, “There can be $1 billion contributed from Australia and america over the subsequent six months with initiatives which can be instantly out there.”
However the White Home subsequently issued a truth sheet that stated the international locations would make investments greater than $3 billion in important mineral initiatives over the subsequent six months.
The White Home additionally stated that the Export-Import Financial institution of america will subject seven letters of curiosity for greater than $2.2 billion in financing, unlocking as much as $5 billion in complete funding.
CNBC has requested the White Home for clarification on the discrepancy between what Albanese stated and what the actual fact sheet stated.
Albanese stated there can be three teams of joint initiatives between the 2 international locations, which is able to embrace firms comparable to Alcoa. The U.S. will spend money on uncommon earths processing in Australia, the prime minister stated. One mission is a three way partnership between Australia, the U.S. and Japan, he stated.
“What we’re making an attempt to do right here is to take the alternatives that are there,” Albanese informed reporters.
The U.S. will spend money on constructing a gallium refinery in western Australia with a capability of 100 metric tons per yr, in line with the White Home. Alcoa introduced in August that it’s exploring the feasability of a gallium mission with Japan at certainly one of firm’s alumina refineries in western Australia.
China dominates the worldwide uncommon earths provide chain, notably refining and processing. The U.S. depends on Beijing for uncommon earths imports. Australia, a detailed U.S. ally, is without doubt one of the few international locations on the planet apart from China that processes uncommon earths.
“In a few yr from now, we’ll have a lot important mineral and uncommon earths that you just will not know what to do with them,” Trump informed reporters. The U.S. can also be working with different nations to construct a provide chain that is not depending on China, the president stated.
China-U.S. tensions
China introduced strict export controls on uncommon earths earlier this month, pushing Beijing and Washington to the brink of a renewed commerce warfare. Trump has threatened 100% tariffs on Chinese language items beginning Nov. 1 or sooner if Beijing doesn’t again down.
“They threatened us with uncommon earths, and I threatened them with tariffs, however I might additionally threaten them with many different issues, like airplanes,” Trump stated Monday.
Trump confirmed he’ll meet with Chinese language President Xi Jinping in South Korea later this month. The U.S. president stated he’ll go to China early subsequent yr.
“We had presidents that allowed China and different international locations get away with homicide,” Trump stated. “We’re not going to permit that, however we will have a good deal. I need to be good to China. I like my relationship with President Xi. We have now a fantastic relationship.”
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