To decarbonise the global economy and build the data centres needed for ever smarter artificial-intelligence models, the world will need lots of minerals. China wants first dibs. Last year its companies ploughed roughly $16bn into mines overseas, not including minority investments…That is the highest figure in a decade, up from less than $5bn the year before…Chinese miners control a large and growing share of the world’s minerals, including about half of nickel and mined lithium, more than two-fifths of cobalt and a fifth of copper. Most of that is dug up abroad (see bottom chart). In the past few years that has led to plenty of hand-wringing but not much meaningful action on the part of Western policymakers. There are signs, though, that is changing…At the same time, Chinese miners have kept investing in the minerals needed for electric-vehicle (EV) batteries…All that investment has lifted a number of China’s miners into the big leagues…CMOC, a Chinese state-backed miner that has been acquiring large cobalt projects in the Democratic Republic of Congo, is now the world’s biggest producer of the metal…Some of what China’s mining giants dig up abroad stays there, and even finds its way to Western buyers. CMOC, through its metals-trading arm in Geneva, sells cobalt to companies like Electra Battery Materials Corporation, a Canadian firm that is building a refining facility in Ontario…A growing share of China’s overseas mining output, though, is woven into the country’s expanding foreign supply chain for products such as batteries, EVs and solar panels…All this ore feeds China’s vast production base for industrial metals, which far surpasses any other country’s. When it comes to refined minerals, China accounts for around 60% of the global supply of battery-grade lithium, 65% of nickel, 70% of cobalt and 90% of rare-earth elements such as neodymium…As China’s hold on global mining strengthens, the West—and America in particular—is becoming ever more anxious about its deepening reliance on its strategic rival…On the campaign trail Kamala Harris has called for a stockpile of minerals to ensure America’s “economic and national security”, an idea that has won bipartisan support…Somewhat more usefully, America and a group of its allies, through the Mineral Security Partnership, are trying to co-ordinate their support for critical-minerals projects around the world. Speeding up the construction of new mines at home would be even better…That is a start, but more will be needed if America wants to shake its reliance on Chinese minerals…As Chinese miners dig faster and farther afield, their grip will only get harder to loosen.

In today’s rapidly evolving global landscape, the United States’ reliance on critical minerals has never been more pronounced. These non-fuel raw materials are essential for manufacturing products that are crucial to national security, ranging from the rare earth minerals in electric motors and generators to the carbon fiber used in airplanes. However, the increasing demand for these minerals, coupled with limited domestic supply and growing dependence on foreign imports, poses significant risks to the U.S. supply chain…Minerals remain important for military power today…Critical minerals have become a focal point in discussions about the green energy transition. They are indispensable for technologies such as electric car batteries, solar panels, and wind turbines. From lithium to graphite, beryllium to cobalt, these minerals are essential for electric car batteries, solar panels, wind turbines, and other clean energy technologies…But beyond their role in clean energy, these minerals are also vital for weapons production…Amid global supply chain risks and China’s growing control over critical mineral refinement and production, the US Department of Defense (DoD) is making these minerals a top priority…Given their limited domestic mineral production, both the United States and Europe depend heavily on mineral imports, including from rival powers like China, which supplies minerals such as graphite, rare earth elements, and other battery minerals, and Russia, which provides aluminum, nickel, and titanium…In June 2023, NATO Secretary General Jens Stoltenberg warned the alliance to avoid becoming overdependent on Chinese minerals, just as many NATO countries previously became overdependent on Russian gas. Additionally, the U.S. government holds limited mineral inventories in its National Defense Stockpile, while the European Union (EU) has walked back its plans to develop a centralized mineral stockpile…Coupled with limited production and stockpiles, the U.S. and other NATO militaries face three serious risks that could lead to mineral shortages: foreign export controls; rising military demand amid great power competition, including the possibility of a U.S.-China conflict; and disrupted sea-lanes. The United States and other NATO countries must act now to address these supply chain risks…Other NATO countries and partners have limited mineral production and stockpiles, too. The EU imports between 75 and 100 percent of most metals it consumes, and neither the union nor its member states have mineral stockpiles—though the EU is now facilitating the joint purchasing of minerals by interested firms and member-states. Canada also does not have such a stockpile, and the United Kingdom discontinued its facility in 1984. The risks of limited—or nonexistent—strategic stockpiles became apparent during the 2021 global energy crisis, when the United Kingdom had enough natural gas stored to last only four to five winter days. For NATO countries generally, the situation is no better for the minerals critical for their militaries…Recognizing the urgency of securing these minerals, the U.S. Department of Defense (DoD) has made them a top priority. On May 18, 2018, the Department of the Interior published a list of 35 mineral commodities considered critical to the economic and national security of the United States. These minerals are crucial due to their military and industrial applications…The full list of critical minerals includes the following… Bismuth is used in medical and atomic research, and cesium plays a role in research and development. Chromium is primarily used in stainless steel and other alloys, and cobalt is essential for rechargeable batteries and superalloys…Under the Executive Order, these commodities qualify as “critical minerals” because each has been identified as a non-fuel mineral or mineral material that is essential to the economic and national security of the U.S. They have supply chains vulnerable to disruption and serve an essential function in the manufacturing of products, the absence of which would have significant consequences for the economy or national security…As the global demand for critical minerals continues to rise, the U.S. must remain proactive in securing these essential resources. 

Chinese electric carmaker Zeekr said Thursday its deliveries surged by 92% in October from a year ago, helping the company clock its best month at 25,049 vehicles…The company has reportedly said that it expects to deliver 230,000 cars in 2024…The Geely-backed automaker began deliveries of its new five-seat SUV Zeekr Mix on Oct. 23…Xpeng also beat its personal best for a second straight month, delivering 23,917 vehicles in October. The deliveries included the company’s mass-market car, Mona M03, accounting for over 10,000 units…Xpeng launched Mona M03 in late August with prices starting at $16,812…Earlier in the week, Chinese smartphone and home appliance company Xiaomi said it delivered more than 20,000 electric vehicles in October…The company only launched its first car — the SU7 — in late March.