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The U.S. and Australia have signed a critical minerals agreement with a projected pipeline of $8.5 billion (CNBC).

What’s going on: “President Donald Trump and Australian Prime Minister Anthony Albanese on Monday signed an agreement on critical minerals that Albanese said includes plans for projects worth a total of up to $8.5 billion.”

• Albanese said the two countries will contribute $1 billion over the next six months, but the White House put the figure at $3 billion in a fact sheet issued after the Trump–Albanese meeting.

Other features: As part of the agreement, EXIM Bank will issue seven Letters of Interest for more than $2.2 billion in financing, according to the White House.

• The U.S. Department of War will also invest in the construction of a 100 metric ton-per-year advanced gallium refinery in Western Australia.

The big picture: China, which controls most of the world’s critical minerals, announced tightened export controls on rare earth minerals earlier this month. The latest crackdown follows others from China earlier this year and last year.

The NAM’s advocacy: In the NAM’s May 16 comments  to the Commerce Department about Section 232 tariffs on critical minerals, it advocated the expansion and acceleration of EXIM Bank and Development Finance Corporation Financing earlier in the mining project lifecycle, as well as providing these agencies with greater flexibility to work with higher income countries like Australia.

• The NAM also called for the Defense Department to expand international partnerships as one of the fastest ways to scale all facets of the mining and critical minerals supply chain.