Australia is looking to revitalize its critical minerals industry and Washington is pitching in to help.
The two nations have agreed on a new deal—the climate, critical minerals, and clean energy compact.
Australian Prime Minister Anthony Albanese informed the country’s Parliament Monday.
He explained the deal would aid the processing of critical minerals and maintain a sustainable supply of them.
Plus, it would also “expand and diversify” the nation’s clean energy production. Including “hydrogen, battery technologies, and other clean energy products.”
The pact works by allowing Australian minerals and energy suppliers to be treated as U.S. domestic ones under Washington’s Defence Production Act.
That investment will then help Australian companies develop.
Over 50 percent of the global lithium supply comes from Australia. The material is critical for making electric car batteries as demand for them rises.