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The United States and Australia have expanded their strategic partnership in the critical minerals sector with a multibillion-dollar investment aimed at reducing reliance on China’s mineral supply chain. Under a new agreement signed by U.S. President Donald Trump and Australian Prime Minister Anthony Albanese, both countries pledged to invest at least $1 billion each over the next six months in mining and processing projects while introducing a price floor for critical minerals—a move long sought by Western miners.
The U.S. Export-Import Bank (EXIM) announced seven Letters of Interest (LOIs) worth more than $2.2 billion to support U.S.-aligned critical mineral projects in Australia. Beneficiaries include Arafura Rare Earths, Northern Minerals, Graphinex, Latrobe Magnesium, VHM, RZ Resources, and Sunrise Energy Metals. These investments are designed to strengthen mineral supplies vital for U.S. manufacturing, clean energy, and defense sectors.
The announcement triggered a surge in Australian mining stocks. Shares of Arafura rose 8%, Northern Minerals climbed 11%, Latrobe Magnesium gained 15%, and VHM jumped 20%, while Sunrise traded lower. The broader market was up 0.7%.
Additionally, both governments will back U.S. aluminum giant Alcoa’s plan to construct a gallium plant adjacent to its alumina refinery in Western Australia, which could supply up to 10% of global gallium demand. Gallium is a critical material for semiconductors and defense technologies. Australia will provide up to $200 million in concessional equity financing, while the U.S. will co-invest with offtake rights.
Alcoa previously signed a joint development agreement with Japan Australia Gallium Associates (JAGA), a venture between the Japanese government and Sojitz Corp. Once feasibility studies conclude, a joint venture among Alcoa, the U.S. and Australian governments, and JAGA will oversee plant construction and operations.
