11.14am

Rare earths stocks rally

Rare earths stocks rallied after Prime Minister Anthony Albanese and US President Donald Trump signed a landmark critical minerals deal that will pave the way for joint rare earths projects between the two countries, as well as US projects in Australia.

Australia’s rare earths producers have had a massive run this year, which accelerated after China earlier this month announced tighter global export controls of the minerals, which are crucial for industries covering semiconductors, defence technology, renewable energy and other sectors.

Addressing reporters with Trump at the White House after the meeting, Albanese said Australia and the US would each contribute $US1 billion ($1.54 billion) over the next six months for rare earths projects that are immediately available, and the deal would unlock an $US8.5 billion pipeline of projects.

“In about a year from now, we’ll have so much critical mineral and rare earths that you won’t know what to do with them,” Trump said.

Lynas, the nation’s biggest rare earths miner, and the only producer of so-called heavy rare earths outside China, jumped 4 per cent on the news, having seen its share price more than triple already this year. Iluka gained 5.8 per cent and Arafura Rare Earths soared 18.8 per cent.

10.12am

Trump tells Rudd ‘all is forgiven’ – but the opposition wants him gone as ambassador

By Matthew Knott and Michael Koziol

The federal opposition has called for Kevin Rudd to be immediately removed from his post in Washington after President Donald Trump said he would never like Australia’s ambassador to the United States.

When reminded about past critical comments that Rudd had made about him during a White House meeting on Tuesday morning, Trump addressed the ambassador and said: “I don’t like you either, and probably never will.”

Prime Minister Anthony Albanese treated the exchange as a joke, and Rudd later privately apologised to Trump after reporters left the room.

“All’s forgiven,” Trump said, according to sources in the room.

The initial exchange between Trump and Rudd stood out as a rare tense moment in an otherwise friendly meeting dominated by mutual praise between Albanese and Trump.