China ramped up its overseas mining investments in 2023, committing a record $21 billion under Xi Jinping’s Belt and Road Initiative (BRI), according to a new report by Griffith University and the Green Finance & Development Center. This marks the highest level of engagement since the BRI began in 2013, further solidifying Beijing’s grip on the global metals supply chain.
China’s Growing Influence in Metals & Mining
📈 $21B invested in mining and metals abroad in 2023
🔋 69% of global rare earth output controlled by China
⚡ Leading producer of lithium, cobalt, and manganese (key battery metals)
China’s strategic dominance over mineral extraction and refining gives it significant leverage over commodity markets. Earlier this month, Beijing imposed export restrictions on tungsten and other critical metals used in electronics, aviation, and defense, responding to tariffs from the Trump administration.
Global Concerns Over Chinese Control
🌍 The US, EU, and Japan are increasingly wary of China’s control over the metals supply chain.
🇯🇵 Japan is considering anti-dumping duties on Chinese-made graphite electrodes due to damage to domestic industries.
🇺🇸 The US is diversifying supply chains through Canada and Australia, while China is strengthening ties with African nations, expected to be major lithium producers by 2030.
Beyond securing mineral supplies, China is also limiting the West’s ability to compete by restricting exports of key mining and processing technologies. With the global demand for EV batteries, semiconductors, and defense materials rising, China’s stronghold on critical minerals is only tightening.