While Donald Trump’s backing of Australia’s critical minerals will bring financial support to the industry, experts believe the U.S. president will have to wait longer before he can shift the supply chain away from China and weaken its dominance in the market, Melanie Burton of Reuters reports. On Monday, the U.S. and Australia committed $3B to mining and processing projects, which the White House believes could unlock deposits of critical minerals worth $53B. Rare earths are common in the Earth’s crust and China has mastered the technically difficult refining process, comparatively cheaply. The Fly notes that companies involved in the development and mining of rare earth minerals include Nova Minerals (NVA), Ioneer (IONR), Lynas Rare Earths (LYSCF), MP Materials (MP), Energy Fuels (UUUU), NioCorp (NB) and VanEck Vectors Rare Earth/Strategic Metals ETF (REMX).
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