Australian Prime Minister Anthony Albanese and US President Donald Trump after signing an $8.5 billion agreement on rare minerals during a bilateral meeting at the White House, October 20, 2025. ANNA MONEYMAKER / GETTY IMAGES VIA AFP
For its opening on Tuesday, October 21, in Sydney, the International Mining and Resources Conference (IMARC) could not have hoped for a better announcement. The day before in Washington, the US and Australia had signed an unprecedented agreement on critical minerals and rare earths.
For major industry players from around the world who were gathered for three days at this annual event, the partnership marked a significant step. Washington would help fund a series of priority projects related to strategic metals in Australia in exchange for preferential access to the extracted minerals. Both countries pledged to provide at least $1 billion each (approximately €930 million) over the next six months, notably to fund mining, processing and refining projects on Australian soil, for a total value of $8.5 billion.
"My government is making our critical minerals sector one of the biggest in the world," Prime Minister Anthony Albanese said from Washington. In the coming years, Canberra aims to help ensure a secure supply chain for its allies and reduce their dependence on China, which has just announced a new round of export restrictions on rare earths and related technologies.
