The Australia-US agreement on critical minerals and rare earths has been hailed as an historical deal that will help counter China's hold on the market and deliver benefits to at least two Australian projects.

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WHAT DOES IT INVOLVE

* The US and Australia have now secured a supply chain for critical minerals and rare earths

* Each nation will add "at least" $US1 billion in investments to support a $US8.5 billion pipeline of critical projects over the next six months

* Those projects will be in Australia and the US

WHAT AUSTRALIAN PROJECTS ARE INVOLVED

* Australia has named two priority projects: the Alcoa-Sojitz Gallium Recovery Project in

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