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China has invested more than $120 billion in overseas mining and upstream processing since 2023, accelerating a state-backed push to secure the raw materials underpinning the global energy transition, says Australian think tank Climate Energy Finance (CEF).

A study published last week reveals that China’s spending targeted a wide range of commodities — including lithium, copper, nickel, rare earths and bauxite — that are essential for electric vehicles, renewable power and industrial decarbonization.

Vertical integration at scale

The CEF research also finds that China’s outbound investment in mining is only one piece of a much larger industrial strategy.

Since early 2023, Chinese firms have also deployed more than $220 billion into downstream sectors such as battery manufacturing, electric vehicles, grids, solar and wind infrastructure, creating what researchers describe as a vertically integrated global cleantech expansion.

Read more at: https://www.mining.com/china-spent-120b-to-lock-down-critical-minerals-dominance-report/