Australia and Canada on Wednesday signed a series of new agreements on critical minerals, 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.

“Earlier today, we signed a series of new agreements on critical minerals, including Australia joining the G7 minerals alliance – the largest grouping of trusted democratic mineral reserves in the world,” Carney said in a speech to Australia’s parliament, on his final day of a three-day visit to the country.

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

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