US, Australia to Invest Over $100 Billion in Critical Minerals Projects to Counter China's Dominance

Reuters reports that the funding, provided by agencies including Export Finance Australia (EFA) and the U.S. Export-Import Bank (EXIM), will be used to help Australian companies mine and refine metals crucial for industries such as defense, advanced manufacturing, and the energy transition—a market long dominated by China.

Australia and the United States stated when signing a framework agreement last October that the move would help the re-industrialization of America's high-tech manufacturing sector while 'countering China's export dominance and ensuring the resilience of Western supply chains.'

Under the agreement, the two countries agreed to each invest at least $1 billion within the next six months of the signing to advance priority critical minerals projects totaling $8.5 billion.

Australia has abundant resources of critical minerals like rare earths, but China has mastered the technologically complex refining techniques.

Australian Resources Minister Madeleine King said in a statement that the two countries are delivering on the commitments made at the White House, and Australia's priority projects will support the production of rare earths and critical minerals. (Translation: Hung Chi-yuan) 1150412