Trump says there will be ‘so much critical mineral and rare earth that you won’t know what to do with them'

Donald Trump and Australian Prime Minister Anthony Albanese have signed a new agreement aimed at achieving “critical mineral and energy dominance,” pledging billions of dollars toward mining and processing projects across the United States and Australia.

Under the newly established Critical Minerals Framework, mining companies will be eligible to apply for financing to develop projects that extract and process minerals essential for defense systems, electronics, renewable energy technologies, and other high-demand sectors.

As part of the launch, both leaders announced initial funding from Australia and the U.S. Department of Defense for the framework’s first project — the construction of a gallium refinery in Western Australia, operated by Alcoa-Sojitz. The facility is expected to produce roughly 100 tonnes of gallium per year, a significant contribution to global output given that total worldwide demand for the semiconductor metal is estimated between 700 and 750 tonnes annually.

The initiative is widely seen as a strategic move to reduce reliance on China, which currently dominates global production of gallium and other critical minerals used in advanced technologies.

In total, the U.S. and Australian governments plan to invest $3 billion (USD) — approximately $4.6 billion (AUD) — over the next six months to fast-track critical minerals projects across nearly every Australian state and territory.

“We’ve been working on this for quite a while,” President Trump said. “About a year from now, you’ll have so many critical minerals and rare earths you won’t know what to do with them — they’ll be worth about $2.”