Commodities
EU, Australia Sign Critical Minerals Pact to Diversify Supply Chains
- Deal to cover greater cooperation, research in crucial sector
- Western nations are attempting to set up alternative supplies
A lithium project in Western Australia.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Australia and the European Union have struck an agreement to boost cooperation and investment in critical minerals, part of a drive by Western nations to loosen China’s grip on supply chains of materials essential to high-tech and green manufacturing.
Ministers in Canberra and Brussels signed a memorandum of understanding on Tuesday, which will be followed by the joint development of “concrete actions” over the next six months to improve collaboration on critical minerals projects.