According to a Bloomberg report cited by Mining.com, Australian Prime Minister Anthony Albanese emphasized the country's abundant critical mineral reserves and its capacity to enhance value-added processing ahead of his first formal meeting with US President Donald Trump.
In an interview with the Australian Broadcasting Corporation on the 28th, Albanese stated that the country's clean energy facilities and vast land provide opportunities to "increase value-added" domestically.
There is also an opportunity to build a "reserve that ensures our access to international markets, to stop manipulation, especially by state-owned enterprises."
Trade in critical minerals, including rare earths, has become a focal point in major power negotiations this year. The US is also accelerating efforts to increase domestic supply.
Bloomberg reported this month that under the latest US policy, the International Development Finance Corp. (IDFC) is negotiating the establishment of a $5 billion critical minerals investment fund. The US Department of Defense (DOD) also agreed to a $400 million equity investment in MP Materials Corp.
Stimulated by escalating trade tensions and supportive policies domestically and overseas, shares of Australian rare earth mining companies rose sharply. The industry views the IDFC's critical minerals investment fund positively, while the US government considered a rare earth price floor in August.
Albanese is scheduled to meet Trump on October 20. He described his phone conversation with the US president as "warm, constructive, positive, and optimistic."
"I believe it is in the mutual interests of Australia and the US to maintain friendly relations between the two countries. I think so," he said.
