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World Economy Mar 24, 2026

Australia and EU Forge Critical Minerals Trade Deal to Reduce China Reliance

Australia and the European Union have signed a trade deal to remove tariffs on nearly all Australia…
Australia and the European Union have sealed a landmark trade agreement, eliminating tariffs on almost all Australian critical mineral exports. This move is part of a broader strategy to mitigate concerns over China's dominant position in the global rare earths market. The deal, which took eight years to finalize, signifies a significant step towards strengthening economic ties between the EU and Australia. European Commission President Ursula von der Leyen emphasized that the agreement would help reduce dependency on any single supplier for crucial minerals, highlighting the strategic importance of this partnership. The agreement will not only facilitate the export of critical minerals from Australia to the EU but also remove over 99 percent of tariffs on EU goods exports to Australia. This is expected to result in a substantial reduction of approximately 1 billion euros ($1.2 billion) in annual duties for EU companies. Consequently, EU exports to Australia are projected to grow by up to 33 percent over the next decade. Australian Prime Minister Anthony Albanese noted that the deal is worth approximately 10 billion Australian dollars ($7 billion) annually to the Australian economy. The agreement underscores the importance of diversifying supply chains and reducing reliance on China, which currently controls about 90 percent of the global processing for rare earths. These minerals are vital for producing technological equipment such as electric cars, lithium-ion batteries, and LED televisions. The trade relationship between the EU and Australia is substantial, with EU firms exporting 37 billion euros ($43 billion) worth of goods to Australia in 2025 and 28 billion euros ($33 billion) in services in 2023. The EU was Australia's third-largest two-way trading partner and second-largest source of foreign investment in 2024.
#australia #australian #list
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World Economy Mar 23, 2026

Poverty Drives Thousands of Children into Mine Work in DR Congo

In the Democratic Republic of Congo, poverty is forcing thousands of children into mine work, with …
In the Democratic Republic of Congo, a staggering number of children are being forced into mine work due to poverty, with many working in hazardous conditions to extract valuable minerals such as coltan, tin, and tungsten. The situation is particularly dire in the eastern Congolese city of Rubaya, where 15-year-old Mishiki Nshokano is one of the children who has been working in the mines for four years to support his family.Nshokano's story is a heart-wrenching example of the desperation that drives children to work in the mines. With his father passing away in a landslide at a mining site in 2022, Nshokano had to drop out of school to help his family survive. He now works as an artisanal miner, earning a meager $4 a day, which he sends home to his mother to help them get by.The DRC government has laws prohibiting child labor, but the informal mining sector remains largely unregulated. According to the United States Bureau of International Labor Affairs, the DRC has made minimal progress in eliminating the worst forms of child labor, with an estimated 40,000 children working in mines across the country.The situation in Rubaya is further complicated by violence between the Congolese army and various armed groups, including the Rwanda-backed M23 rebel group. The Congolese government has accused the M23 of using women and children for looting activities, but observers note that child miners have been an issue in eastern DRC long before the M23 occupied the area.As the DRC and the US sign strategic agreements to exchange minerals for security guarantees, concerns are growing about the human cost of mineral mining. The UK-based organization Global Witness has called for businesses and governments to consider the human impact of mineral mining, highlighting the need for greater accountability and regulation in the industry.
#mining #poverty #coltan
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