Australia and Canada on Thursday signed a series of new agreements on critical ​minerals, Canadian Prime Minister Mark Carney said, including Australia ‌joining the G7 minerals alliance.

Western nations have been attempting to diversify their supply chains away from China, which still controls the majority of production and ​processing of critical minerals, essential for semiconductors and defence applications.

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The two countries [Canada and Australia] produce around a third of global ​lithium and uranium, as well as over 40% of global iron ​ore.

Canada believes that the best way to address the issue of concentrated supply ‌of ⁠critical minerals is through a production alliance or a buyers’ club rather than just a price floor, Energy and Mining Minister Tim Hodgson [said].

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As well as critical minerals, Australia and Canada are also expected to deepen cooperation in areas including defence ⁠and ​maritime security, trade and artificial intelligence, ​Carney’s office said ahead of the visit.

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