Chinese companies invested approximately US$16 billion into mines internationally, not including minority investments, in 2023 — the highest figure in 10 years, increasing from US$5 billion in 2022.
The investments, from data compiled by The Economist, include:
- $5bn in a copper mine in Afghanistan
- $1bn on a gold mine in Ghana
- $5bn to Zambian mining over the next five years
- a stake in the Philippines’ biggest copper mine
China accounts for 60% of global critical mineral production — both mining and processing — but when assessing mining concentration and production by ownership, multi-national mining majors in the US and Europe, such as Rio Tinto and Glencore, play a leading role globally.
In particular, Western companies play a major role in copper and lithium, while Chinese companies play a bigger role in nickel and cobalt.
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