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The US and Australia announced on Saturday at the G7 meeting in Japan that they would partner to manage vulnerable critical mineral supply chains, with President Joe Biden saying he would ask Congress to define Australia as a domestic source for materials critical to defence and clean energy.

The Biden administration’s big-ticket funding package in the US – the $US369 billion ($584 billion) Inflation Reduction Act – is supercharging its clean energy economy and corralling the critical minerals needed to power its energy transition.

Governments and businesses around the world are scrambling to follow suit, but a deal between the US and Australia will rapidly expand mineral supplies to the US, potentially create more local refining capacity, and eventually underpin production of magnets and batteries in Australia.

Read more at: https://www.smh.com.au/business/companies/rare-earth-deal-with-us-a-magnet-for-australia-s-refineries-20230522-p5dab3.html