China’s global reach into the critical minerals sector is deepening further, specifically with lithium, as the country quietly builds out its grip on the market to acquire more resources.
Chinese firms made up half of the major lithium deals that amounted to more than $100 million since 2018, according to an S&P study published Thursday. The value of the deals during that period is estimated to be more than $7.9 billion.“Heeding urgings from the industry, the Chinese government is likely to take more supportive actions, as it views these sectors as integral to the country’s core strategy,” the study reads.
Despite that label, Chinese firms have been more active in lithium mergers and acquisitions. According to the study, acquisitions of these assets by Chinese mining majors and lithium producers have gained pace since 2021, when lithium prices started to escalate. Miners, battery makers, and electric vehicle manufacturers are all jumping in to get skin in the game.
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