China To Defend Its Strong Position In Critical Metal Supply Chains | OilPrice.com

- Aug 03, 2023, 6:00 PM CDT

As the technology war between China and the West escalates and the energy transition progresses, China is boosting investments in critical minerals overseas as part of its Belt and Road Initiative , aiming to secure more raw materials for batteries and solar panels. A new report showed this week that China is intent on defending its already huge global market share in those supply chains. As part of the BRI, China invested more than $10 billion in metals and mining in the first half of 2023, a surge of 131% compared to the same period of 2023, according to a by the Green Finance & Development Center of the Fanhai International School of Finance at Fudan University in Shanghai.

China already holds significant shares of global mining sources, “and even more control in material processing ,” according to the report. In the first half of 2023, China moved to expand lithium and copper mining and processing through Hainan Mining’s acquisition of Kodal Minerals, part of a lithium mine in Mali, a copper processing plant agreement in Saudi Arabia, and the commissioning of a lithium processing plant in Zimbabwe.

“Green-related investments, including in metals relevant for the energy transition, have been seeing very significant Chinese engagement,” Nedopil, the report author and director of the Green Finance & Development Center, told BRI was launched a decade ago as an infrastructure development strategy throughout Asia, Africa, and Latin America.

Source: News Formal (newsformal.com)

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