US and Australia sign $3B critical minerals deal

The United States and Australia have signed a $3 billion deal to collaborate on securing critical minerals supplies outside of Chinese control. The agreement aims to strengthen the supply chain for essential minerals, such as lithium, cobalt, and rare earth elements, which are crucial for various industries, including renewable energy and defense. The deal includes the establishment of a new gallium refinery in Western Australia, a metal used in semiconductor manufacturing. This move is seen as a strategic step to reduce reliance on China, which currently dominates the global supply of many critical minerals. The partnership between the two countries is expected to boost economic growth, create new jobs, and enhance their technological competitiveness in the global market. The agreement also highlights the growing geopolitical importance of critical minerals as countries seek to diversify their supply chains and reduce their vulnerability to potential supply disruptions.