Chinese investment in overseas mining is said to surge to decade high
CHINA, JUL 6 – Chinese mining firms have completed 10 deals over $100 million in 2023, focusing on lithium, cobalt, and rare earths amid geopolitical pressure and Western restrictions.
- Chinese mining companies surged to their highest overseas acquisition level in over a decade during 2024, led by deals in Africa, Latin America, and Asia.
- This surge followed years of accelerated investment to secure critical minerals amid rising geopolitical tensions and Western governments tightening investment restrictions.
- Key transactions included Baiyin Nonferrous Group's $420 million copper and gold mine acquisition in Brazil and Zijin Mining's $1.2 billion purchase of a Kazakhstan gold mine.
- Analysts note Chinese firms accept lower returns and invest in riskier regions, with 10 deals above $100 million in 2023 marking the highest annual total since 2013.
- This expansion solidifies China's dominance in processing critical minerals, suggesting continued dealmaking activity despite increasing Western efforts to reduce dependency.
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China snaps up mines around the world in rush to secure resources
Dealmaking hits highest level since 2013 as groups seek raw materials that underpin global economy
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