President Donald Trump and Australian Prime Minister Anthony Albanese signed a critical minerals agreement to counter China, which is holding tight to its own rare earth metals.
According to Bloomberg, Australia “holds the world’s fourth-largest deposits of rare earths.”
With China trying to control the rare earths and critical minerals market, Australia hopes to become “a viable alternative” for countries.
Australia has these key elements:
- Neodymium and praseodymium: needed for high-strength magnets for electric vehicles and wind turbines
- Dysprosium and terbium: needed for magnets used in high temperatures
- Lanthanum and cerium: used in catalytic converters and batteries
- Europium and gadolinium: needed for phosphors used in screens and medical imaging
- Samarium: used in high-temperature permanent magnets and lasers