Chinese overseas mining acquisitions have surged to their highest level in more than a decade, raising alarms in Washington and among US allies seeking to counter China’s dominance over critical minerals.
According to newly compiled data from S&P Global and Mergermarket, there were 10 Chinese mining deals valued at more than $100 million each in 2024—the most since 2013. Analysts reported to Australia Business Review that the trend reflects Beijing’s aggressive push to lock up global raw material supply ahead of mounting geopolitical resistance.
Separate research from the Griffith Asia Institute confirmed that 2024 was the most active year for Chinese mining investment and construction abroad in more than a decade. This momentum appears to have carried into 2025. In April, China’s Baiyin Nonferrous Group acquired a copper and gold mine in Brazil for $420 million. In June, Zijin Mining announced a $1.2 billion acquisition of a gold mine in Kazakhstan, AFR reported.
These moves come as the US and allied nations, including Australia, seek to reduce their dependence on China for materials essential to clean energy and advanced manufacturing, including lithium, cobalt, rare earth elements, and other battery metals.
The Trump administration, in its second term, has prioritized securing America’s mineral independence under a broader agenda of expanding US natural resource development. President Trump’s recently signed One Big Beautiful Bill includes major investments in domestic mining, exploration, and processing infrastructure, as well as tax incentives for companies developing critical mineral supply chains within the US and allied countries.
China doesn’t share either environmental or labor standards that are found in the US. Many factory workers in China endure 12-hour shifts, 6–7 days a week, with unpaid overtime.
The communist country is exploiting weak governance in developing countries to undercut the West and lock up global resources.
This is the same tactic that China used on Alaska under the weak leadership of Gov. Bill Walker. China attempted to gain ownership and influence over the Alaska LNG project during Walker’s administration, as part of a broader effort by Beijing to secure long-term energy supplies and strategic infrastructure access in North America in its Belt and Road Initiative.
Just this month, Texas has passed a law prohibiting foreign ownership of land in the state. Alaska has yet to pass such a law.
China, which consumes more minerals than any other nation, dominates the refining and processing of many critical materials but relies heavily on imports for raw supply. Through initiatives tied to its Belt and Road Initiative, Chinese state-backed companies have used loans, infrastructure projects, and joint ventures to expand their control of mines and energy projects across Africa, South America, and Central Asia.
Analysts say the latest wave of acquisitions is part of a deliberate strategy to move quickly before Western restrictions tighten. “Chinese groups believe they have a near-term window,” said Michael Scherb of Appian Capital Advisory. “They’re trying to get a lot of M&A done before geopolitics make it impossible.”
That strategy includes acquiring assets in riskier regions where Western firms may hesitate to operate. China’s willingness to take long-term views and accept less favorable terms has given it an edge, especially in countries where governments are nationalizing Western assets or demanding higher royalties.