China’s Mining Hierarchy in 2025: The 10 Firms Shaping Energy and Metals Supply
Shenhua’s scale underscores China’s continued dependence on coal, while Zijin’s rise anchors China’s position in the global energy transition.
Shenhua’s scale underscores China’s continued dependence on coal, while Zijin’s rise anchors China’s position in the global energy transition.
There are two distinct roles in the global minerals system: upstream exporters and downstream manufacturing hubs, whose demand for resources continues to rise.
In 2024, the top ten importers bought nearly USD 700 billion more than the top ten exporters supplied.
In 2024, the global commercial services trade reached nearly USD 9 trillion, led by a group of economies with deep capabilities.
Chinese mining M&A surged in 2019-2025, as China locked in supply-critical metals across Africa and Latin America.
China’s import intensity peaked in 2006 and has steadily declined since then as domestic production capacity and internal demand expanded.
China’s trade as a share of GDP rose from 20% in 1980 to a peak of 64% in 2006 before falling to 37% in 2024 as the economy shifted toward domestic consumption.
The EU dominates both markets, while the U.S. and Brazil remain strong exporters. China plays a larger role as an importer.
Silver supply remains flat while industrial demand—driven by solar and electronics—continues to surge, keeping the market in a deepening structural deficit.
In 1995, nearly four-fifths of China’s exports went to just ten economies. By 2024, the top-ten's share was reduced to 51%.