The move aims to cut reliance on China, which most G7 and EU countries depend on for materials from rare earth magnets to battery metals.

The EU’s European Investment Bank (EIB) and the Australian government said in a joint statement on Monday they would deepen cooperation on critical raw materials, as Western powers scramble to cut their reliance on China. With the exception of Japan, Group of Seven (G7) countries and the EU are heavily or exclusively reliant on China for a range of materials from rare earth magnets to battery metals. European officials and industry sources say financing remains a key hurdle in the bloc’s efforts…

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