On October 21, 2025, in a report by Dajiyuan, it was announced that the President of the United States, Donald Trump, and the Australian Prime Minister, Anthony Albanese, reached an agreement on Monday, October 20, to ensure a stable supply of critical minerals and rare earths. With China weaponizing exports of rare earths and other key minerals, the United States has taken this significant step to reduce dependency on Chinese supply chains.
Albanese explained that the long-term goal of this agreement is to establish a “Key Minerals Pipeline Project” with a total value of $8.5 billion.
As the first step in implementing this agreement, the Export-Import Bank of the United States (EXIM) issued seven Letters of Intent (LOIs) on the same day to advance critical minerals and supply chain security projects between the two countries.
Additionally, Albanese revealed that the governments of the United States and Australia will invest $1 billion in projects to be operational within the next six months.
According to reports by Reuters, the following Australian mining companies have been announced to have received LOIs from EXIM along with details of their projects:
Australia boasts the world’s fourth-largest rare earth deposits and a long history of mining, making it a viable candidate to replace China as a supplier. Australia is also home to the only company outside of China with large-scale rare earth separation and processing capabilities – Lynas Rare Earths. While Lynas mainly produces light rare earths, its unique position in the industry and technological capabilities have made it a “lifeline” for the United States to break China’s monopoly and ensure a stable supply of critical minerals.