The Australian sharemarket reached fresh record highs on Tuesday, buoyed by a surge in mining stocks after Australia and the United States agreed to jointly invest $3 billion (A$4.6 billion) in critical minerals projects.
The benchmark S&P/ASX 200 rose 62.8 points, or 0.7%, to 9,094.7, with ten of the eleven sectors finishing higher.
The landmark investment pact between Prime Minister Anthony Albanese and U.S. President Donald Trump reignited enthusiasm across the materials sector, which had seen recent profit-taking.
The agreement will see each government contribute $1 billion over the next six months to support projects essential for global supply chains in clean energy and defence industries.
Shares of Alcoa jumped 7.5% following news of the deal.
The partnership includes a $200 million equity investment in Alcoa’s West Australian gallium plant and a $100 million stake in Gina Rinehart-backed Arafura’s Nolans rare earths mine in the Northern Territory.
Heavyweight miner BHP advanced 2.3% after reaffirming confidence in iron ore demand, reporting record production for the three months to September 30. The company maintained its full-year guidance amid steady global consumption.
Rio Tinto and Fortescue Metals Group also traded higher, adding 0.9% and 1.3%, respectively.
In precious metals, gold prices climbed to a new record of $US4,381.52 an ounce as traders capitalised on a recent pullback to re-enter the market.
Gold miners Newmont, Evolution Mining, and Northern Star Resources advanced 2.7%, 2.9%, and 4.4%, respectively.
Among corporate movers, Super Retail Group added 1.5% after appointing BCF managing director Paul Bradshaw as its new chief executive.
Investment platform Hub24 surged 10.6% after reporting an 8% rise in platform funds under administration during the September quarter to $122 billion, up 33% from a year earlier.
On the bond markets, yields retreated, with 10-year rates down 0.3% to 4.125% and 2-year yields easing 0.4% to 3.321%.
