FX.co ★ Australia Mulls Critical Minerals Pact Before Trump Meeting

Australia is contemplating the implementation of floor prices for critical minerals and introducing new financing for rare earth initiatives in a proposed resource agreement with the United States, according to a report by The Age on Sunday. Discussions are in progress with mining companies to contribute to an AUD 1.2 billion "critical minerals strategic reserve," as detailed in a leaked document from Prime Minister Anthony Albanese's office. Prime Minister Albanese seeks to conclude this agreement prior to his October 20 summit with President Donald Trump in Washington, marking their initial meeting during Trump’s second term. This initiative underscores the increasing efforts by Western nations to lessen dependency on China for rare earth elements and minor metals. Previously, Reuters indicated that Australia is amenable to selling shares in its strategic reserve to allies, including the United Kingdom, as part of a broader initiative to ensure the security of supply chains.