U.S. President Donald Trump meets Australia’s Prime Minister Anthony Albanese within the Cupboard Room on the White Home, in Washington, D.C., U.S., October 20, 2025.
Kevin Lamarque | Reuters
President Donald Trump and Australian Prime Minister Anthony Albanese on Monday signed an settlement on essential minerals that Albanese mentioned contains plans for initiatives price a complete of as much as $8.5 billion.
Albanese, throughout a gathering with Trump on the White Home, mentioned, “There might be $1 billion contributed from Australia and america over the following six months with initiatives which might be instantly obtainable.”
However the White Home subsequently issued a reality sheet that mentioned the international locations would make investments greater than $3 billion in essential mineral initiatives over the following six months. It described the settlement as a “framework.”
The White Home additionally mentioned that the Export-Import Financial institution of america will difficulty seven letters of curiosity for greater than $2.2 billion in financing, unlocking as much as $5 billion in whole funding.
CNBC has requested the White Home for clarification on the discrepancy between what Albanese mentioned and what the actual fact sheet mentioned.
Albanese mentioned there might be three teams of joint initiatives between the 2 international locations, which can embody firms corresponding to Alcoa. The U.S. will put money into uncommon earths processing in Australia, the prime minister mentioned. One mission is a three way partnership between Australia, the U.S. and Japan, he mentioned.
“What we’re making an attempt to do right here is to take the alternatives that are there,” Albanese instructed reporters.
The U.S. will put money into constructing a gallium refinery in western Australia with a capability of 100 metric tons per yr, in accordance with the White Home. Alcoa introduced in August that it’s exploring the feasability of a gallium mission with Japan at one in every of firm’s alumina refineries in western Australia.
China dominates the worldwide uncommon earths provide chain, notably refining and processing. The U.S. relies on Beijing for uncommon earths imports. Australia, a detailed U.S. ally, is likely one of the few international locations on the earth apart from China that processes uncommon earths.
“In a couple of yr from now, we’ll have a lot essential mineral and uncommon earths that you simply will not know what to do with them,” Trump instructed reporters. The U.S. can also be working with different nations to construct a provide chain that is not depending on China, the president mentioned.
China-U.S. tensions
China introduced strict export controls on uncommon earths earlier this month, pushing Beijing and Washington to the brink of a renewed commerce conflict. Trump has threatened 100% tariffs on Chinese language items beginning Nov. 1 or sooner if Beijing doesn’t again down.
“They threatened us with uncommon earths, and I threatened them with tariffs, however I may additionally threaten them with many different issues, like airplanes,” Trump mentioned Monday.
Trump confirmed he’ll meet with Chinese language President Xi Jinping in South Korea later this month. The U.S. president mentioned he’ll go to China early subsequent yr.
“We had presidents that allowed China and different international locations get away with homicide,” Trump mentioned. “We’re not going to permit that, however we’ll have a good deal. I wish to be good to China. I like my relationship with President Xi. We have now an incredible relationship.”
