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Investing.com-- Australian mining stocks jumped to record highs on Tuesday after the U.S. and Australia announced multi-billion-dollar investments to strengthen supply chains for critical minerals, aiming to reduce reliance on China.
The two governments unveiled plans to channel at least US$1 billion each into mining and processing ventures over the next six months, including projects involving rare earths, lithium, and gallium.
The initiative is expected to create an AU$8.5 billion pipeline of investment opportunities across Australia’s critical minerals sector.
As of 01:09 GMT, Australia’s benchmark S&P/ASX 200 index traded neary 1% higher, as the S&P/ASX 300 Metals & Mining sub-index hit a record high with gains over 2%.
Shares of key critical mineral miners rallied sharply following the deal announcement.
Northern Minerals (ASX:NTU) shares jumped about 12%, while Latrobe Magnesium (ASX:LMG) soared as much as 46%.
VHM Ltd (ASX:VHM) climbed as much as 30% in early trade. Arafura Rare Earths (ASX:ARU) gained 10%.
The agreement provides long-term policy clarity and lowers financial risk for Australian producers, as Washington and Canberra seek to secure alternative sources of strategic materials used in electric vehicles, defence systems and clean-energy technologies.
In other news, major miner BHP Group (ASX:BHP) reported mixed first‐quarter producton results but held firm on full‐year guidance, helping underpin sentiment in the sector. Its shares rose 2.3% in early trade.