US-Aus rare-earths deal won't affect China soon

US President Donald Trump's backing of Australia’s critical minerals will bring much-needed financial support to the industry, but experts say the US president will have to wait longer to shift the supply chain away from China and weaken its market dominance.

- REUTERS

In a wide-ranging agreement signed on Monday, US 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. The White House said US investments into Australia would unlock deposits of critical minerals worth $53 billion, without offering many details.