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The framework the Prime Minister signed this week with Donald Trump promised an immediate pipeline of critical minerals and rare earth elements – materials vital to modern technology – worth some $13bn. Figures vary, but China mines up to 70 per cent of the world’s supply and controls more than 90 per cent of refining. Asked on Sunday if he was concerned the move might rub the Chinese government up the wrong way, Mr Albanese said “no”, and vowed to “stand up for Australia’s national interests”. “And of course, the critical minerals deal is in Australia’s national interest,” Mr Albanese told Nine’s Weekend Today. “We want to make sure that we make more things in Australia and that if we can do so in partnership with the United States, then that’s a great thing.” He went on to say critical minerals and rare earths “will power the world in this century”. “This is a program that could set Australia up - just as iron ore and our resources have been so important in the last century and will continue to be - so this is absolutely critical,” Mr Albanese said. He signed the agreement with the US President at the White House after China slapped export restrictions on some materials with crucial defence applications – a move Western strategists have long-warned Beijing could pull in a bid to flex its control of the sector. NewsWire understands it was finalised mere hours before. In a lengthy exchange with the press at the signing, both leaders were hesitant to point to any particular reason why the deal had been concluded, with Mr Trump saying it was “negotiated over a period of four or five months”. “And it was sort of good timing that we got it done just in time for the visit,” he said, looking to Mr Albanese, who remarked the timing was “perfect”. “We’ve been working on that for quite a while. “In about a year from now, we’ll have so much critical mineral and rare earths that you won’t know what to do with them.” Against a backdrop of Chinese attacks targeting Australian critical mineral miners, Mr Trump was asked what would “happen to China if they don’t play fair”. He said he thought “we’re going to have a very good relationship with China”, but cautioned consequences if it meddled with the Australia deal. “We have a tremendous power, and that’s the power of tariff,” he said. Elaborating, Mr Trump said that “if they pay enough tariffs” it would cut-off China’s ability to do business with the US. “And if they don’t do business with us, I think China’s in big trouble, I’ll be honest with you,” he said. “I don’t know that they even make it. “I believe that they’re in big trouble, and I don’t want them to be in big trouble. “I want them to do great, I want them to thrive, but we have to thrive together. It’s a two-way street.” More to come.
