The Australian government has announced that it will boost investment in the mining and processing of critical minerals by 1.2 billion US dollars.

The move is apparently aimed at reducing global reliance on China, the dominant producer and supplier of the materials.

Australian Prime Minister Anthony Albanese announced the plan on Wednesday during a visit to the United States.

It doubles the amount of government funds currently allocated to support critical mineral projects.

The boost in finance will see an increase in Australian exports of the materials and will create more than 100,000 new jobs by 2040.

Australia is the world's biggest exporter of lithium and the second-biggest producer of cobalt. Those materials are essential in the development of low-emission technologies to produce electric vehicles and clean energy equipment.

In a meeting between Albanese and US President Joe Biden, the two leaders agreed to boost cooperation on technological innovations, including clean energy and critical minerals.

While Albanese has reaffirmed plans to deepen his country's security ties with Washington, he is also scheduled to meet President Xi Jinping in China in early November in a bid to improve economic ties with Beijing.