China’s $57bn Mining Playbook

China has spent the past two decades quietly securing the minerals that power the clean energy transition. A new report shows that Beijing-backed financial institutions provided nearly $57 billion in funding across 19 countries, targeting key minerals like lithium, cobalt, and nickel.

More than three-quarters of this funding flowed into projects where Chinese companies held ownership stakes, ensuring long-term control over supply chains. Countries like Peru, DR Congo, and Kazakhstan have become central nodes in this strategy, supplying the raw materials that feed China's industrial dominance.

The Not-So-Belt and Road Initiative

Unlike China’s infamous Belt and Road Initiative, where state banks dominate, this minerals push has a much broader lending network. A mix of 26 state lenders, private companies, and even non-Chinese financiers have worked together to secure resource access.

Instead of single large loans, China used serial lending—first financing the acquisition of mining stakes, then providing further capital to develop and operate them. This playbook has allowed China to lock in supply chains while reducing exposure to risky government-backed debts.

Why This Matters for the West

The U.S. and Europe are scrambling to counter China’s grip on minerals essential for electric vehicles, batteries, and clean energy tech. While the West is throwing hundreds of billions at domestic production, China’s head start means it’s already in control of much of the supply chain.

Even with rising protectionism—tariffs, subsidies, and bans on Chinese-made products—experts predict that China’s dominance in cleantech will continue to expand over the next decade.

The question isn’t whether China has won the mineral race—it’s whether the West can still catch up.

Takeaway

China didn’t just build the solar panel industry—it’s now doing the same for critical minerals. While the U.S. and Europe debate their industrial policies, Beijing is already moving on to the next phase of global supply chain dominance.

The world runs on minerals, and right now, China holds the keys.