Critical mineral stocks rocket after Australia-US deal
Jonathan Barrett
Resources and industrial companies have enjoyed a sharp lift in their share prices in early trading on the ASX as investors weigh up the new Australian-American $US8.5bn critical minerals deal.
Anthony Albanese specifically referred to two “priority projects”, one by Alcoa and the other by Arafura Rare Earths, that will enjoy an injection of capital from the government, as part of a broader list of strategic operations.
Shares in Arafura surged by more than 15% this morning to trade above 55c, while Alcoa was up 8% to $60.
Arafura is planning on producing the light rare earth oxides, neodymium and praseodymium, which are crucial to the production of magnets, used in everything from wind turbines and medical devices to electric motors and ballistic missile guidance systems.
Gina Rinehart has a 10% stake in Arufura.
Alcoa has a proposed gallium plant in Western Australia. Gallium is a strategic metal and essential input in semiconductor manufacturing and the broader defence sector, used in advanced electronic warfare systems.
Australia’s broader critical minerals sector has been rocketing in recent weeks amid the push by the Australian and US governments to break China’s control over the sector.
Key events
Potato supplies lower due to normal constraints, but 2024 conditions had ‘some impact’ on yields, Woolworths says
Some shoppers have reported limited potato supply on supermarket shelves in recent days. Woolworths says drought conditions late last year has limited some supplies, but said any missing spuds should soon turn up as seasonal transition windows end.
A Woolies spokesperson said:
We still have sufficient supply of potatoes for our customers, but drought conditions from late 2024 and frosts earlier this year have had some impacts on growing yields.
It’s also not unusual to see some supply constraints at this time of the year as we hit seasonal transition windows.
We expect things to return to normal in the coming weeks as we move to new season supply.
Top US Democrat says Australia remains ‘stalwart ally’ and Aukus is ‘key’ to American security
US senator Jeanne Shaheen (D-NH), a key Democrat and the ranking member on the US Senate foreign relations committee, said Australia remains a “stalwart ally of the United States in the Indo-Pacific” and a “key bulwark of our collective security and prosperity”.
Shaheen released a statement saying a strong partnership between the two nations is “vital to deterring aggression by China in the region”, adding:
I was glad to see President Trump voice support for Aukus, which is key to both America’s security and ensuring that the burden of collective defense is shared more broadly among partners and allies.
The U.S. must also continue to deepen its cooperation with Australia on critical minerals to secure resilient supply chains that reduce our dependence on China and strengthen our industrial base …
The Indo-Pacific is watching whether America stands by its word. Congress will continue working with our allies to ensure that Aukus and our broader strategic partnerships deliver on their promise of shared security and prosperity.
Critical mineral stocks rocket after Australia-US deal
Jonathan Barrett
Resources and industrial companies have enjoyed a sharp lift in their share prices in early trading on the ASX as investors weigh up the new Australian-American $US8.5bn critical minerals deal.
Anthony Albanese specifically referred to two “priority projects”, one by Alcoa and the other by Arafura Rare Earths, that will enjoy an injection of capital from the government, as part of a broader list of strategic operations.
Shares in Arafura surged by more than 15% this morning to trade above 55c, while Alcoa was up 8% to $60.
Arafura is planning on producing the light rare earth oxides, neodymium and praseodymium, which are crucial to the production of magnets, used in everything from wind turbines and medical devices to electric motors and ballistic missile guidance systems.
Gina Rinehart has a 10% stake in Arufura.
Alcoa has a proposed gallium plant in Western Australia. Gallium is a strategic metal and essential input in semiconductor manufacturing and the broader defence sector, used in advanced electronic warfare systems.
Australia’s broader critical minerals sector has been rocketing in recent weeks amid the push by the Australian and US governments to break China’s control over the sector.
Tory Shepherd
First Nations ancestors from Kaurna country to be buried in Adelaide
First Nations ancestors from the southern parts of Kaurna country will be buried in Adelaide today. It is the fourth ceremony of its kind at the Wangayarta memorial park in Smithfield, in the city’s northern suburbs.
Many of the ancestors’ remains were collected and kept by museums and universities last century.
The Kaurna Yerta Aboriginal Corporation chair, Mitzi Nam, said Kaurna were “deeply relieved that our Old People’s spirits can now reunite and rest peacefully”:
We have now reburied ancestors from the north, south, east and west of Kaurna Yerta – but this will not be the last reburial.
There are still ancestors here and overseas who must be brought home and laid to rest.
SA Museum’s Aboriginal heritage and repatriation manager, Anna Russo, said:
Wangayarta is an everlasting legacy created by the Kaurna people who resolved that their ancestors’ stories of being disturbed from their traditional burial sites last century and heartlessly sent to the Adelaide Museum, University and other institutions, should not be reburied with them.
Joyce says he has a lot of ‘similar positions’ with Pauline Hanson, but is not a member of One Nation
Back to Barnaby Joyce’s presser earlier, where he was asked why he had been linked to One Nation.
He said:
Pauline [Hanson], she has a lot of positions … where I have similar positions. Note in the past Pauline I have fought bitterly against one another, but things move on.
A lot of her causes that I have, you know, there’s a similar wavelength. If you say everything, no, of course not. But that’s – but I’m, I’m not a member of One Nation.
Joyce added that “philosophically” he had a lot of similarities with One Nation’s priorities, including on scrapping net zero.
Ley stands by call for Kevin Rudd to go, despite reports Trump accepted apology from ambassador
Sussan Ley, the opposition leader, is speaking in Sydney, where she was asked about her earlier call for Kevin Rudd, the ambassador to the US, to lose his job.
Donald Trump reportedly told Rudd “all is forgiven” after the ambassador apologised for calling the US president a “village idiot” four years ago. Ley was asked if that would change her stance on Rudd:
I invite everyone to observe the sharp exchange that took place and make their own conclusions, that many of us have, which is that the president didn’t appear to know the ambassador, and after sledging him in the way he did, then, for the prime minister to actually laugh at that sledge, in front of everyone at that table, shows me that the relationship is not where it needs to be, with respect to all of the hard work.
This isn’t about the individual. This is about the relationship and it’s about Australia’s national interest. And we need everyone kicking goals, every step of the way, to make sure that our businesses and industries are backed in exactly as they should be.
Joyce says his decision has been ‘pretty traumatic’, won’t ‘flippantly’ rejoin the Nationals
Joyce said he agonised over his decision, but wouldn’t “flippantly” rejoin the Nationals and nothing had changed over the last few days that would make him reconsider his choice.
It’s been a pretty traumatic issue. I’m still basically a member of the National party. I have not joined another party … I’m not going to do this thing where you’re out for 24 hours or 48 hours and then you’re back in. It’s not that.
This is a really hard decision that I made, and I thought of it over a very long period of time as things got sort of worse and worse and worse, to be honest. And now I’ve made it. There’s nothing that’s changed in the last couple of days that would ever, you know … I wouldn’t create this kerfuffle if I was just going to flippantly go in, go out, and put my foot back in.
Barnaby Joyce says he won’t be part of process that ‘hurts’ the Nationals, but will be involved in policy debate
Barnaby Joyce is holding a press conference in Tamworth, speaking more about his decision to leave the Nationals.
Joyce said:
The relationship in Canberra, I don’t want to throw the plates around, but it had broken down. I think it’s important to say that. Because otherwise people go, “oh, why?” – it just happens in human relationships that they break down …
I want to make this very clear. I love the membership that has been so good to me. And I am not going to be part of any process that I believe hurts the National party membership. OK? I will be involved in the policy debate. I’m entitled to that.
He said his decision was centred on his ability to speak his mind without rubbing up against others in the Nationals.
That’s why I’m resigning from standing for New England. Because I don’t want to hurt the people who’ve basically handed out for me and done all those things for me. So that gives them a chance to move on.
Josh Butler
Albanese to dine with Marco Rubio and meet with US treasury secretary
Anthony Albanese continues his Washington diplomatic tour this evening, scheduled for meetings and dinner with two Trump lieutenants.
The prime minister will meet the secretary of state, Marco Rubio, for dinner, and join the treasury secretary, Scott Bessent, for a working meeting as well.
Albanese’s DC trip finishes up tomorrow, a lightning-quick visit then back to Australia.
Australians splashing out on online shopping spent a record $20.7bn in last quarter
Australians spent a record $20.7bn online in the quarter stretching from July through September, up 15% from last year, according to new data from Australia Post.
The data shows about 8.1m Aussie households shopped online, a 2.7% year over year increase, with an average cart size a steady $95.
The biggest categories for shoppers are online marketplaces, food and liquor and fashion, with 50% of people setting their sights on Black Friday sales next month.
People in New South Wales shopped the most online, followed by Victoria and Queensland.
‘I don’t like you either’: Trump chides Australian ambassador Kevin Rudd at the White House
Here’s a snippet of the White House meeting today.
Anne Davies
Minns says Northern Beaches hospital buy-back reverses ‘one of the worst decisions’ of any NSW government
Here’s more on what the NSW premier, Chris Minns, had to say about the buy-back of Northern Beaches hospital:
We’ve reversed one of the worst decisions of any NSW government, where a private hospital model was foisted on the people of the Northern Beaches.
Our state’s acute hospital services that provide life-saving care to the people of New South Wales should not be privatised and thanks to this decision, no hospital in NSW will be.
Because of Elouise and Danny [Massa]’s courage and persistence, Joe’s Law now ensures that no future government can repeat the mistakes that led to the Northern Beaches hospital privatisation. Their advocacy will leave a lasting legacy for every patient and every family who relies on our public health system.
The government is still to work out how it will deal with private services at the hospital, which clinicians say are an important part of the service for those with private health cover.
The government has said that all staff will be offered employment with NSW Health.
Trump told Kevin Rudd ‘all is forgiven’ after White House meeting
Josh Butler
Half an hour after a remarkably drama-free and warm meeting between Donald Trump and Anthony Albanese, the Australian ambassador to the US, Kevin Rudd, was heard apologising to the president, leaning over the table to say sorry to the man he called a “village idiot” four years ago.
Trump, according to Australian sources in the room, told Rudd “all is forgiven” after the media filed out.
Read more here:
Sussan Ley says Rudd’s position not ‘tenable’ after White House meeting
The opposition leader, Sussan Ley, has used several media appearances this morning to say Kevin Rudd should no longer be the Australian ambassador to the US.
She told ABC News this morning Trump’s remarks towards Rudd were the “elephant in the room”:
To be rebuked by the president, who didn’t even seem to know the ambassador [from] Australia, and then have your own prime minister laughing along, was a bit unfortunate, and I don’t think the ambassador’s position is tenable now.
She also told Sky News:
When the ambassador is the punchline of the joke and the prime minister is actually laughing at him, I think that tells us all we need to know – it’s probably not reasonable that he continues in the role.
Ley said she wouldn’t call the meeting a success, pointing to a lack in movement in tariffs:
I don’t know that the work has been done to secure, as I said, that commitment to a tariff deal that we really want to see in this country … there are a lot of issues in the relationship. And maybe the critical minerals deal could have been leveraged to get those commitments around tariffs. It doesn’t appear that happened either.