08/11/2024
Mining News

Australia and US near agreement on critical minerals supply chain

Australia is set to finalize an agreement with the US regarding critical minerals by the end of the year, according to Prime Minister Anthony Albanese.

After a meeting with President Joe Biden in Philadelphia, Albanese emphasized the significance of critical minerals for global growth. He noted that Australia possesses a wealth of these resources, which are essential for high-tech industries. “This presents an opportunity not just to access these resources, but also to enhance value and address supply chain issues,” he said.

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The discussions follow more than a year of talks about the Australia-US Climate, Critical Minerals and Clean Energy Transformation Compact, aimed at ensuring a stable supply of rare earth minerals, particularly given China’s dominance, controlling about 70% of global output.

Albanese also mentioned the potential for collaboration with other nations, including Canada, to further their objectives. His remarks were made ahead of a meeting with the Quadrilateral Security Dialogue, which includes India and Japan, as reported by ABC News.

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