China is accelerating a high-stakes global land grab for critical minerals, with a string of overseas mining acquisitions worth £7.7bn ($9.8bn) last year alone — the most aggressive push in more than a decade. The move comes as Beijing scrambles to secure the raw materials underpinning modern technology, from electric car batteries to solar panels and semiconductors, in the face of mounting geopolitical pressure.
According to data from S&P and Mergermarket, there were ten Chinese mining deals exceeding $100mn (£73mn) in 2023 — the highest number since 2013. Research by the Griffith Asia Institute confirms last year was also China’s busiest for overseas mining investment and construction in more than a decade.
Michael Scherb, founder of private equity firm Appian Capital Advisory, told The Telegraph: “There’s been more activity in the past 12 months because Chinese groups believe they have this near-term window. They’re trying to get a lot of M&A done before geopolitics get difficult.”
Chinese investors are increasingly being shut out of mining assets in the US, Canada, and Australia amid concerns about the risk of strategic minerals falling under Beijing’s control. However, far from retreating, Chinese firms are simply shifting their focus — snapping up assets in countries with looser restrictions and weaker governance.
For instance, in April, China’s Baiyin Nonferrous Group acquired a major copper and gold mine in Brazil for $420mn (£370mn). Just weeks later, Zijin Mining announced a $1.2bn bid for a gold mine in Kazakhstan. These moves underscore a growing willingness by Chinese firms to invest in riskier jurisdictions while Western competitors tread carefully.
Mr Scherb added: “There’s been a growing sophistication of Chinese buyers’ outbound M&A strategies. The Government used to pick one company per deal — now they’re letting them compete. That tells you they’re no longer afraid of losing to the West.”
Among the most aggressive players are CMOC, MMG, and Zijin Mining — all state-backed or heavily connected to China’s industrial machine. These firms have shown a clear readiness to accept lower returns or riskier deals if it means locking down supplies of lithium, cobalt and rare earths — all critical to China’s tech ambitions.
Richard Horrocks-Taylor, global head of metals and mining at Standard Chartered, said he expects “a healthy level of dealmaking activity” from Chinese mining groups in the years ahead.
Meanwhile, Chinese lenders are bankrolling billions in loans for resource projects across Africa, Asia, and Latin America. Many of these countries—including Mali, where military rulers are seizing control of Western-run mines—are welcoming China’s no-questions-asked cash.
The Belt and Road Initiative is China’s flagship global infrastructure strategy. It aims to boost trade and connectivity by funding roads, railways, ports, and energy projects across Asia, Africa, and beyond.
While it has expanded China’s geopolitical influence, critics argue it saddles poorer nations with unsustainable debt and strategic dependence.
Timothy Foden, a lawyer working on resource disputes across Africa, said Chinese firms are often willing to make concessions if it helps them gain control of an asset: “They’re positioning themselves to benefit from resource nationalism.
“They’re happy to take on less favourable terms if it means getting in.”
John Meyer of SP Angel said China’s strategy was not just about supply — but also about dominance.
He warned: “Every time someone gets close to mining lithium the Chinese come running with a chequebook.”