Critical Minerals Working Group

According to the MiningWeekly website citing Reuters, a senior U.S. government official revealed that Australian Prime Minister Albanese will announce a key mineral cooperation plan during his visit to the United States this week.

An important agenda item during Albanese's visit to the United States is to promote the Critical Minerals Working Group, which aims to promote private investment in Australia's rare earth industry and reduce import dependence.

Albanese said Australia wanted to work with U.S. companies.

“Australia has an advantage as the world’s largest supplier of lithium, also in cobalt, vanadium, copper and nickel. The minerals needed for 21st century energy are abundant in Australia," he told reporters in Washington on Monday.

Australian analysts believe that the U.S. automotive and defense industries are large users of rare earths, and signing long-term sales contracts can reduce investment risks.