The United States and Australia have signed a major $8.5 billion agreement to expand cooperation in the mining and processing of rare and critical minerals. The deal aims to strengthen both countries’ mineral supply chains while reducing their reliance on China, which currently dominates around 70% of global mineral extraction and 90% of processing. Under the framework, both nations will invest $1 billion in new projects over the next six months. Australian Prime Minister Anthony Albanese said the agreement will elevate bilateral ties to new heights. U.S. President Donald Trump also confirmed progress on the AUKUS submarine pact. The new minerals deal is part of a broader U.S. effort to secure critical resources needed for defense technology, electric vehicles, and semiconductors, amid escalating trade tensions with China and shifting global economic alliances.