Australian critical metals and rare earths shares surged following the announcement of a massive minerals deal between Washington and Canberra.

US President Donald Trump said the deal had been negotiated over the last four to five months.

The projects include rare earths processing, Australian Prime Minister Anthony Albanese said at the White House during a meeting with President Donald Trump.

The US and Australia agreed to a framework that includes investments in projects to expand mining and processing of rare earth and critical minerals.

Australian critical metals and rare earths shares surged following the announcement of a massive minerals deal between Washington and Canberra.