China overseas mining deals hit $8.8 billion, highest since 2018

Chinese mineral acquisitions abroad reached $8.8 billion in the first three quarters of 2026, already the highest annual total since at least 2018, according to a Rhodium Group report released on Wednesday and reported by CNBC. The buying has concentrated in minerals China lacks at home, and Beijing has moved the effort under state coordination this year, setting up a dedicated overseas bureau in April to oversee foreign investment by central state owned enterprises and a mining investment vehicle in July to coordinate deals and advise companies on compliance and risk.

The strategic stakes are set by import dependence Beijing treats as a security line, at about 70 percent for copper, lithium, cobalt, nickel, bauxite and iron ore, and by China’s 92 percent share of world refined rare earth output, per International Energy Agency figures cited in the report. Chinese customs data in the report show the leverage in use: exports of yttrium oxide to Japan fell to 4,000 kilograms in September from 51,000 kilograms a year earlier. Eurasia Group analysts cited by CNBC expect outbound upstream critical minerals investment to roughly double from the 2021 to 2025 period.