China’s lead on core mineral commodities
With vast domestic mineral resources, there are several important mineral commodities for which China is the world’s leading producer. This includes cement, lead, zinc, graphite, and gold, among others. In addition to this, China is among the top five producers in the world of several other mineral commodities. Based on sheer volume, the leading mineral commodity produced in China as of 2022 was cement.China’s market share of critical mineral production and processing is a topic of international interest. For instance, as of 2022, China’s rare earths production accounted for a 70 percent share of global production that year, in addition to having processed more than 87 percent of rare earths worldwide as of 2020. In recent years, China’s mine production of lithium has also been increasing, with lithium production increasing from less than 4,000 metric tons in 2010 to nearly 20,000 metric tons in 2022. Conversely, Chinese mine production of cobalt has declined in recent years, from 7,700 metric tons in 2015 to an estimated 2,200 metric tons in 2022.
The Chinese mining landscape: mine operations and operators
As of 2021, the largest mine in China based on production was the Green Mine, located in Sichuan province and owned by Sichuan Lomon Corp. Green Mine’s Run-of-Mine production that year was more than 62 million metric tons. China is the world’s largest gold-producing country, and the country’s largest gold mine as of 2022 was the Shaxi Copper Mine, located in Anhui province. Shaxi Copper Mine produced 958,740 ounces of gold that year in addition to its copper production.Based on revenue, Jiangxi Copper, a state-owned enterprise, was China’s leading mining company as of 2023, as well as the second-largest worldwide, with a revenue amounting to more than 67 billion U.S. dollars. Zijin Mining Group, also a state-owned enterprise, was China’s leading mining company based on market capitalization as of July 2023, amounting to over 42 billion U.S. dollars. Mining industry mergers and acquisitions are active in China, with the most valuable deal as of 2022 amounting to 2.22 billion U.S. dollars, with Jiangsu Shagang Group targeting Nanjing Nangang Iron & Steel United in October 2022.
