ISTANBUL 

Australia and the US signed a critical minerals and rare earths agreement worth $8.5 billion during Australian Prime Minister Anthony Albanese's White House visit Monday.

"This is an $8.5 billion dollar pipeline that we have ready to go," Albanese said as he met with US President Donald Trump at the White House.

Albanese praised the 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.

Defense partnership

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 by the 2030s.

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.