China is on a high-stakes mission to secure critical minerals and resources worldwide, with a record-breaking £7.7bn spent on overseas mining deals in 2023 alone. The country’s aggressive push for key materials, such as lithium, cobalt, and rare earths, comes amid mounting geopolitical pressure.
Chinese firms are snapping up assets in countries with looser regulations, often in riskier jurisdictions, to avoid restrictions in the US, Canada, and Australia. This strategy allows them to secure supplies while Western competitors tread carefully.
State-backed companies like CMOC, MMG, and Zijin Mining are leading the charge, willing to accept lower returns or take on more risk to lock down critical resources. Chinese lenders are also providing billions of dollars in loans for resource projects across Africa, Asia, and Latin America.
China’s Belt and Road Initiative is fueling this global land grab, with Beijing seeking to boost trade and connectivity while expanding its geopolitical influence. Critics argue that the initiative saddles poorer nations with unsustainable debt and strategic dependence.
Analysts warn that Chinese firms are willing to make concessions to gain control of assets, positioning themselves for dominance in the resource sector. As one expert notes, “Every time someone gets close to mining lithium, the Chinese come running with a chequebook.”
Source: https://www.express.co.uk/news/world/2078165/china-deals-belt-and-road-beijing-lithium