Beijing is mobilizing state-owned companies to take larger stakes in overseas mines, seeking to secure the metals needed for electric vehicles, semiconductors and jet engines. A dedicated bureau for overseas investments was created in April, while a mining investment vehicle was established in July to coordinate transactions and reduce competition between Chinese companies. Chinese acquisitions of mining assets abroad reached $8.8 billion during the first three quarters of the year, the highest annual total since at least 2018. The strategy is nevertheless facing pressure from resource-rich countries demanding local mineral processing, as China retains a dominant position in rare-earth refining and produces about 92% of the world’s refined output.
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