US and Australia Unite Against China's Rare Earth Dominance
US and Australia Unite Against China's Rare Earth Dominance
What's Happening?
The US and Australia just signed a deal to boost rare earth supplies and reduce dependence on China.
The deal includes $1bn investment in projects over the next 6 months
Australia will expand its mining and processing abilities
The US will invest in a 100 tonnes-per-year advanced gallium refinery in Western Australia
Why Does it Matter?
China currently controls about 70% of rare earths mining and 90% of processing, making the US vulnerable to supply restrictions.
This deal is a BIG step towards changing that!