ISTANBUL 

Australia and the US announced bilateral investments worth billions of dollars in critical minerals, defense cooperation and technology during Australian Prime Minister Anthony Albanese's White House visit Monday.

The two countries signed a critical minerals and rare earths agreement that includes plans for projects worth a total of up to $8.5 billion, Albanese said as he met with US President Donald Trump.

"This is an $8.5 billion pipeline that we have ready to go," he told reporters.

Albanese praised bilateral ties, saying that Canberra will "continue to take every opportunity to improve the relationship even further."

"Today's agreement on critical minerals and rare earths is just taking it to the next level," he said.

Albanese said the agreement included both parties contributing $1 billion over the next six months "with projects that are immediately available."

He said the projects fall into three categories which include joint ventures, US-led investments within Australia, and Australian-run projects.

Albanese said the effort is part of Canberra’s Future Made in Australia plan aimed at strengthening supply chains with allies and adding value by processing rather than merely exporting raw materials.

The White House said the two governments plan to jointly invest over $3 billion in critical mineral projects in the next six months, aiming to unlock an estimated $53 billion worth of resources. The US Export-Import Bank will provide over $2.2 billion in financing, unlocking $5 billion in total investment for supply chain security.

In addition, the US Defense Department will fund construction of a 100-ton-per-year gallium refinery in Australia, according to the White House.

Albanese also stressed the significance of the AUKUS defense partnership between Australia, the UK and the US.

"On defense, we've already had a discussion about taking it to the next level. Our defense and security partnership with AUKUS is so important for us," he said.

The AUKUS agreement, signed in 2021, includes providing at least three Virginia-class nuclear-powered submarines to Australia, with the first deliveries starting in 2032.

The White House said Australia agreed to purchase $1.2 billion in unmanned underwater vehicles and $2.6 billion in Apache helicopters.

It said Canberra will contribute $1 billion toward expanding US submarine industrial capacity by the end of 2025 in addition to $1 billion since February.

Australia is also investing $2 billion in US companies for its Joint Air Battle Management System, it said.

According to the White House, Australian pension funds will increase US investments to $1.44 trillion by 2035, nearly $1 trillion above current levels.

It said NASA and the Australian Space Agency signed a framework agreement, with Australia providing a lunar rover for NASA's Artemis moon program.

Both nations agreed to develop a Technology Prosperity Deal focusing on artificial intelligence, quantum computing and "other critical technologies," the White House said.

Although the two leaders have had four phone calls since Trump's reelection in November 2024 and they also met briefly on the sidelines of the UN General Assembly in New York last month, Monday's meeting marks the leaders' first formal sit-down.

Australian exports to the US face a 10% tariff under Trump's worldwide tariff policy.