Rare earths shares jumped in Sydney after President Donald Trump signed an agreement with Australian Prime Minister Anthony Albanese that’s been described as a “shot in the arm” for the industry in Australia.
After the deal was inked in the White House on Monday, Arafura Rare Earths Ltd. announced the US Export-Import Bank was considering $300 million of financing support for its Nolans project in Australia, sending its shares soaring as much as 29%. The miner — backed by the richest Australian, Gina Rinehart — also received conditional approval for $100 million in funding from Albanese’s government.
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