China’s push into the overseas market is rapidly reshaping the global supply chain for critical minerals. The country’s grip on raw materials and the energy transition is tightening, raising concerns about Western competitiveness.
A report by Climate Energy Finance (CEF) shows that since 2023, Chinese firms have deployed more than $120 billion across lithium, copper, nickel, rare earths, and bauxite projects worldwide.
The control over these minerals is increasingly viewed through the lens of national security and military competition, as recent concerns over the tungsten price spike show.
“China grasped this reality earlier, and pursued it more systematically than many others,” Prof. Marina Zhang from the University of Technology Sydney said in the report.
According to CEF, China put more than $220 billion into downstream industries. These include battery manufacturing, electric vehicles, and renewable energy infrastructure – forming a vertically integrated system. China now controls about 90% of global rare earth refining, roughly 60% of lithium processing, and more than 70% of …
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