(MENAFN) During Australian Prime Minister Anthony Albanese’s visit to the White House on Monday, Australia and the United States announced plans for multi-billion-dollar investments spanning critical minerals, defense collaboration, and advanced technology.

The leaders signed an agreement focused on critical minerals and rare earths, outlining projects valued at up to $8.5 billion, Albanese noted while meeting with US President Donald Trump.

"This is an $8.5 billion pipeline that we have ready to go," Albanese told reporters.

Highlighting the strength of bilateral relations, Albanese emphasized Canberra’s commitment to deepening cooperation.

"Today's agreement on critical minerals and rare earths is just taking it to the next level," he said.

The Prime Minister explained that both nations will contribute $1 billion over the next six months toward projects that are immediately actionable. These initiatives are organized into three main categories: joint ventures, US-led investments within Australia, and Australian-run projects.

Albanese noted that the effort aligns with Canberra’s Future Made in Australia plan, which aims to fortify supply chains with allied countries and create value by processing resources domestically rather than merely exporting raw materials.

According to reports, the two governments intend to jointly invest over $3 billion in critical mineral projects over the next six months, potentially unlocking resources worth an estimated $53 billion. The US Export-Import Bank will provide more than $2.2 billion in financing, enabling a total of $5 billion in investments to enhance supply chain security.

Additionally, the US Defense Department will fund construction of a gallium refinery in Australia capable of producing 100 tons per year.

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