(MENAFN) Chinese corporations are purchasing more mining assets abroad than they have in over ten years, aiming to secure vital raw materials as Western nations impose limitations on their investments, a news outlet has revealed.

Last year saw the signing of ten deals, each exceeding USD100 million in value, marking the highest number since 2013, the publication reported on Sunday, drawing from an analysis of S&P and Mergermarket data.

“The rise in dealmaking partly reflects China’s efforts to get ahead of the deteriorating geopolitical climate, which is making it increasingly unwelcome as an investor in key countries such as Canada and the US,” the news outlet cited analysts and investors as stating.

Significant transactions included gold mining operations in Kazakhstan, Ghana, and the Ivory Coast, a copper mine in Zambia, a copper-gold mine located in Brazil, and a 50 percent ownership share in a rare-earth minerals project in Tanzania.

China remains the dominant processor of rare earth elements, accounting for 90 percent of the world’s refining capacity, and possesses the largest global reserves of these critical resources.

The Chinese government has designated mineral security as a strategic national priority, driven by the escalating global demand for lithium, cobalt, and nickel, fueled by the expansion of clean energy technologies and advanced manufacturing sectors.

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