Australia Strikes Pact With UK on Minerals, Rare Earths

The pit at Citic Pacific Mining's Sino Iron magnetite iron ore project in the Pilbara region of Western Australia on March 5, 2010. AMY COOPES/AFP via Getty Images

Australia and the United Kingdom have pledged to boost the global supply of critical minerals needed to power a cleaner world economy.

Australia is the world’s top producer of raw lithium and other crucial ingredients for electric cars, new energy equipment and advanced communications.