United States President Donald Trump and Australian Prime Minister Anthony Albanese have signed an agreement on rare earth and critical minerals as China tightens control over global supply. The two leaders signed the deal on Monday at the White House.

Trump said the agreement had been negotiated over four or five months. The two leaders will also discuss trade, submarines and military equipment, Trump said.

Albanese described it as an $8.5bn pipeline “that we have ready to go”.

A copy of the agreement, provided by the prime minister’s office, said the two countries will each invest $1bn over the next six months into mining and processing projects. They also set a minimum price floor for critical minerals, a move that Western miners have long sought.

China has the world’s largest rare earths reserves, according to the US Geological Survey data, but Australia also has significant reserves.

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