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.
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.
