The U.S. and Australia agreed on critical minerals projects Monday that could be worth up to $8.5 billion, according to a CNBC report.
A fact sheet from the U.S. set a goal of $3 billion in critical mineral projects over the next six months.
President Donald Trump’s administration wants to rely less on China for critical minerals and rare earth materials.
Rare earths, a subset of critical minerals, can be used for magnets in the production of weapons, semiconductors and robotics.
China is the leader in the global rare earths supply chain, specifically in regard to refining and processing.
While the U.S. relies on Beijing for rare earth imports, Australia is also able to process rare earths.
China recently announced stricter export controls on rare earth materials earlier this month, in which Trump replied with tariffs.
