Trump-Australia critical minerals push tops US$3.24B — but China still refines the world
What's the deal? The US and Australia have committed more than US$3.24B to Australian critical minerals projects under a joint framework agreed by President Donald Trump and Prime Minister Anthony Albanese. The programme targets nickel, cobalt, gallium, magnesium, vanadium, and graphite — materials needed for batteries, semiconductors, defence systems, and power grids.
Why now? A Reuters analysis dated September 14 shows how hard it is for Washington to loosen China's grip on processing. That has pushed Australia to the centre of Western supply-chain strategy.
China still dominates. According to International Energy Agency data cited by Reuters, China's share of global rare-earth refining slipped from about 90% in 2023 to roughly 85% in 2025. But its share of lithium, cobalt, and graphite processing has recently risen.
The long-term outlook is stark: even if every announced project outside China is built, the IEA estimates China could still control about 70% to 73% of global rare-earth refining in 2035.
How the deal grew. Trump and Albanese signed the "United States–Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths" at the White House in October 2025. Each country initially agreed to commit at least $1 billion within six months, alongside a pipeline of priority projects worth about $8.5 billion.
In April 2026, the Australian government said the two countries would together provide more than US$3.24B to support Australian projects.
Who benefits? De.mem LimitedDealroom has a profile for this one. Try Dealroom → is one company positioned for the investment cycle. It now earns nearly half its revenue in Western Australia, supplying the mining sector with water technology, pumps, specialty chemicals, and long-term services.
The signal: Raw material policy is becoming industrial and security policy. In February, US Vice President JD Vance proposed a preferential trade bloc for critical minerals to build supply chains with allied states — a sign that new mines alone won't close the gap, and that whole processing chains, not just deposits, are now the prize.
Read more: wallstreet-online.de
Image credit: brewbooks
