China’s Zijin Mining Group, the world’s third-largest metals miner by market value has sounded an alarm: geopolitical confrontation and resource nationalism are creating new challenges for its overseas projects.
“In a time of unprecedented global uncertainty, the scarcity of quality mining assets has become increasingly evident. Maximizing synergy from asset and commodity portfolios is a common strategic focus among global mining giants” Zijin stated in its H1 2025 results.
In particular, competition for critical minerals, including copper, lithium, and rare earths, has reached a “high-intensity confrontation phase.”
The miner pointed to rising costs, trade upheaval, and countries tightening control over their own resources as factors that could impact revenue, profits, and the feasibility of new international ventures.
Zijin Mining Group reported record first-half net income of 23.3 billion yuan ($3.3 billion), driven by higher copper and gold output and prices.
Recent moves by the US, such as copper tariffs and diplomatic efforts in Africa, have aimed to reduce reliance on Chinese mineral supply, as Zijin’s rapid expansion in Africa has made it a key player in copper and gold markets.
However, shifting regulations and resource nationalism, including export restrictions on key minerals (for example rare earths, by China) in various countries now threaten construction and production operations.
Zijin also flagged lithium as a sector facing supply disruptions and high price volatility, even as global demand continues to grow. The company’s shares surged to a record high in Hong Kong this week, but management cautioned that future growth depends on navigating increasingly complex political and economic landscapes.
With the competition for critical minerals intensifying, Zijin’s outlook underscores the need for miners and governments to adapt quickly to changing trade policies, tariffs, and resource controls.