SYDNEY (Reuters) -Australia is mulling the introduction of mandated floor prices for critical minerals and funding for new rare earth projects as part of a proposed resources deal with the United States, The Age newspaper reported on Sunday.
Government officials have initiated talks with miners about contributing to a A$1.2 billion ($776.28 million) “critical minerals strategic reserve,” The Age reported, citing a leaked brief from the department of Prime Minister Anthony Albanese.
According to the newspaper, Albanese wants to secure the deal before meeting President Donald Trump on October 20 in Washington, the first summit between the security allies during Trump’s second term.
On Friday, Trump revived a trade war against Beijing in a reprisal against China for curbing its rare earths exports. China dominates the market for such elements, which are essential to tech manufacturing.
Reuters reported last month that Australia is willing to sell shares in a strategic reserve of critical minerals to allies, including Britain, as Western governments scramble to end their reliance on China for rare earths and minor metals.
($1 = 1.5458 Australian dollars)
(Reporting by Sam McKeith in SydneyEditing by Rod Nickel)