President Donald Trump signed a critical minerals deal with Australian Prime Minister Anthony Albanese on Monday, a team-up explicitly intended to break China’s near-monopoly on mining and refining the valuable resources.

The agreement committed the U.S. and Australia to invest over a billion dollars each over the next six months into mining projects and refineries. The deal also set a minimum price for critical minerals.

The White House said the U.S. Export-Import Bank (EXIM Bank) would make up to $5 billion in financing available for mineral projects. Albanese said projects valued at roughly $8.5 billion would soon be up and running, giving the U.S.-Australian partnership access to mineral deposits worth up to $53 billion.

Albanese noted the agreement is more of an “action

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