President Donald Trump and Australian Prime Minister Anthony Albanese on Monday signed an agreement on rare earths and critical minerals as the two allies look to stabilize global supplies amid China's efforts to clamp down on its control over the market.

Trump and Albanese met at the White House for their first summit and Trump said the deal was negotiated over the past four or five months ahead of the announcement. Albanese said it's an $8.5 billion ($13 billion AUD) pipeline "that we have ready to go."

Reuters reported that, according to a copy of the agreement provided by the prime minister's office, the two countries agreed to each invest $1 billion over the next six months into mining and processing projects, as well as set a minimum price floor for critical minerals.

"In about a

See Full Page