(Bloomberg) — Australian mining companies with critical minerals projects made dizzying stock gains, fueled by signs of US interest in equity stakes as President Donald Trump and China intensify their strategic competition.

Companies including Nova Minerals (NVA.AX) and Resolution Minerals Ltd. (RML.AX) will brief the Australian government before talks between Prime Minister Anthony Albanese and Trump in Washington next week, according to statements. Their mines in the US hold antimony and tungsten, used in defense technologies.

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Shares of Resolution closed up 56%, while Nova gained 16%. Trump and Albanese will discuss critical minerals and rare earth elements, both companies said.

Critical minerals are a key part of recent tensions between Washington and Beijing as the two largest economies jostle for advantages in their trade and security relationships. In recent months, the US has begun taking equity-like stakes in key players within the sector, including positions in rare earths producer MP Materials Corp. (MP), and Lithium Americas Corp. (LAC) The moves were part of a broader US strategy to develop supply chains to compete with China.

More than a dozen Australian mining firms last month held meetings in Washington with officials from various agencies, and were told the administration was looking for ways to take equity-like stakes in companies, according to people familiar with the talks.

China’s new regulations over rare earths — which Beijing defended on Tuesday — seek to expand export controls to products traded outside the country that contain even small amounts of locally-made metals, the Ministry of Commerce said last week. Representatives from China and the US have met to discuss the controls, according to a statement from the ministry.

“The re-emergence of trade tensions between China and the US has also reignited investor sensitivity to geopolitical risks in the supply chain,” said Justin Lin, investment analyst at Global X Management in Sydney. “China has reminded the world that it can use its dominance in rare earths and will likely continue to do so in the foreseeable future.”

Other critical minerals stocks Arafura Rare Earths Ltd. (ARU.AX) settled 25% higher, while Australian Strategic Materials (ASM.AX) closed up 66%. Lynas Rare Earths Ltd. (LYC.AX, LYSDY) traded more than 8% higher, before paring some of the gains and closing up 5%. US peers had also surged on Monday.

Resolution has been invited to brief representatives of Albanese’s government ahead of the Trump meeting, Chief Executive of US Operations Craig Lindsay said in a statement Tuesday. The move “reflects the constructive cooperation between Australia and the US on the development of secure, transparent critical mineral supply chains”, according to the statement.

The bull run for critical minerals stocks has been given an additional boost after JPMorgan Chase & Co. vowed to funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years. The largest US lender said the initiative included critical minerals.

The rally also comes as the US and Australia announced further steps to jointly develop and produce long-range guided weapons, deepening their defense relationship as both countries seek to address China’s rise.

—With assistance from Catherine Ngai and Jason Scott.

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