China buys mines worldwide
To cope with the deteriorating geopolitical climate and secure their supplies, Chinese mining giants are increasing their acquisitions abroad, from Brazil to Kazakhstan and including southern African countries.
Chinese mining companies are investing more abroad than ever before. In 2024, they completed around ten deals worth more than $100 million, reports the Financial Times . “This is the highest figure in more than a decade.”
In June, Zijin, China's largest gold and copper producer, announced it was preparing to acquire the Raygorodok gold mine in Kazakhstan for $1.2 billion (about €1 billion). "If completed, it will be the mining group's largest acquisition in six years," according to Bloomberg . In April, Baiyin Nonferrous, another Chinese giant, acquired the Mineração Vale Verde copper and gold mine in Brazil for $420 million (€360 million).
A few months earlier, the South China Morning Post reported , the Australian-Chinese group MMG had acquired the Khoemacau copper mine in Botswana for $1.9 billion (€1.6 billion), while JCHX Mining had acquired an 80% stake in another copper mine, Lubambe, in Zambia, where the company is preparing to invest heavily to restart production.
The world's largest consumer of minerals, China is "seizing mines around the world to secure its
Courrier International
