U.S. President Donald Trump and Australian Prime Minister Anthony Albanese inked a deal on Monday in Washington that will see up to $8.5 billion invested in projects to develop and refine metals vital to industries including defence, advanced manufacturing and the energy transition…The agreement was touted by the White House in a fact sheet that was headlined: "Achieving critical mineral and energy dominance."…China currently produces about 90% of refined rare earths, more than 90% of graphite, just under 80% of cobalt and nearly 70% of lithium…Its share of nickel is considerably less, but if its control of Indonesian nickel refining is added to what is produced in China, around 70% of refined nickel is under Chinese control…However, the U.S.-Australia agreement does show that Western governments are starting to take steps to reduce their reliance on China, and are also prepared to spend capital to achieve these aims…The concrete first steps in the deal include seven letters of interest for $2.2 billion of investments by the U.S. Export-Import Bank…Then there is the question of costs as it's unlikely that even with cheap government capital that projects in countries such as Australia could produce refined metals at prices competitive to those made by China…This means Western governments and manufacturers will have to be prepared to pay more to secure supply chains that don't touch China…It may well be the harbinger of bigger deals and commitments, especially if it ushers in an era where public-private partnerships can accelerate the development of mines and refineries.

Donald Trump's backing of Australia's critical minerals will bring much-needed financial support to the industry, but experts say the U.S. president will have to wait longer to shift the supply chain away from China and weaken its market dominance…In a wide-ranging agreement signed on Monday, U.S. and Australia committed a combined $3 billion to mining and processing projects, and to a price floor for critical minerals, a step long sought by Western miners. The countries will also sign off on financing that includes offtake rights…The White House said U.S. investments into Australia would unlock deposits of critical minerals worth $53 billion, without offering many details…With trade tensions and security concerns rising, the U.S. and its Western allies have been looking to loosen China's grip…The U.S. Export-Import Bank (EXIM) sent seven Letters of Interest (LOIs) totalling more than $2.2 billion to miners in Australia, including Arafura Rare Earths.

Goldman Sachs flagged mounting risks to global supply chains of rare earths and other critical minerals, emphasising China's dominance in mining and refining, and outlining challenges for nations seeking to build independent supply chains…China expanded export curbs on rare earths on October 9, adding five new elements and extra scrutiny for semiconductor users ahead of an expected summit of leaders Donald Trump and Xi Jinping…Goldman Sachs flagged samarium, graphite, lutetium, and terbium as particularly vulnerable to export curbs…Countries are scrambling to build independent REE and magnet supply chains, but Goldman Sachs saw barriers from geological scarcity to technological complexity and environmental challenges…Goldman Sachs suggested equities as a way for investors to manage rare earth disruption risks..Beyond rare earths, Goldman Sachs warned that commodities such as cobalt, oil, and natural gas faced rising risks of supply disruptions due to geopolitical tension.

Private equity firm Appian Capital Advisory and the International Finance Corporation (IFC) have launched a $1 billion fund to invest in critical minerals projects in Africa and Latin America, the companies said on Tuesday…The fund, anchored by an initial $100 million commitment from IFC, a member of the World Bank Group, will focus on nickel, copper, cobalt and rare earths, all essential for the energy transition and digital technologies…The fund's first investment will be in Atlantic Nickel's Santa Rita mine in Brazil, a nickel-copper-cobalt open pit mine that the parties will also develop underground, expected to produce 30,000 metric tons of nickel a year for 34 years…As governments and companies race to secure supplies of critical minerals, the fund will seek to strengthen supply chain resilience and support sustainable industrialisation in developing economies.

“Mining has been central to the Northwest Territories’ economy for generations, and our government shares the concern about the challenges the industry is facing…At a time when there is concern about the future of the industry, what is needed most is steady leadership and action. Our focus is on supporting the people and communities that rely on this industry, and on creating the conditions for new projects to move forward…Prime Minister Carney and the new federal government have signaled a genuine interest in advancing critical minerals and investing in the North in ways that demonstrate Canada’s commitment to sovereignty, security, and economic growth. We welcome that focus and will continue to be strong partners in making it a reality…The mining industry remains the foundation of our private sector and a driver of good jobs, strong businesses, and resilient communities. It has given the territory a great deal — good careers, thriving local companies, and capacity that continues to benefit Northern communities…Our government believes in this sector and in the people who make it work. We will continue working with Indigenous governments, industry, and the federal government to bring new projects online, protect Northern jobs, and create new opportunities for Northerners.”