US President Donald Trump and the Albanese government have put a rocket under the share prices of Australian critical minerals players with a multibillion dollar funding deal designed to break China’s dominance of the sector.

Gina Rinehart-backed Arafura Rare Earths shares soared as much as 29 per cent to a high of 62c on Tuesday, and have risen 300 per cent since last month, after the Australian government and the US government’s Export-Import Bank (US EXIM) announced financial backing for one of its projects.

The backing was announced was part of a deal on critical minerals and rare earths announced by Prime Minister Anthony Albanese and US President Donald Trump. Under the agreement, each country will contribute at least US$1 billion ($1.5 billion) over the next six months to he

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