Since 2024, the international situation has been turbulent, the global economy has shown an unbalanced recovery trend, and the rise of geopolitical risks and the increase of global trade protectionism have led to the continuous upgrading of international trade barriers. With the deep development of global energy transformation and a new round of technological revolution, key minerals have become an important part of the national security and resource strategy of all countries, and the degree of resource competition has continued to upgrade.

01 The intensification of resource games among major developed economies has intensified the competition and cooperation in the global key mineral sector.

At present, critical minerals have become an important part of the national security and resource strategy of major global economies, gradually presenting a new pattern of highly overlapping competition categories among major powers, obvious geopolitical layout struggles, and intensified capital competition among various parties. First, the key minerals list is continuously updated and improved. For example, in 2024, Canada added high-purity iron, phosphorus, and metal silicon to the 31 key minerals list in 2021, increasing the number of key mineral types to 34; in March 2025, the United States included uranium, copper, potash, coal, etc. in the scope of key minerals in the United States. Second, the international alliance trend of key minerals is becoming increasingly significant. For example, the United States-led "Mineral Security Partnership" (MSP) was expanded again in 2024, attracting Estonia and Ecuador to join, increasing the number of members to 16, and the number of key mineral projects it supports increased to 32. Third, import tariffs are imposed to control the supply sources of key minerals. For example, in July 2025, US President Trump announced that a 50% tariff would be imposed on all copper imported into the United States starting from August 1. Fourth, review standards are strengthened to restrict certain foreign investments. Countries such as Canada and Australia have updated their investment policies in the key minerals sector, promoting the normalization of strict investigation of foreign capital for national security. Fifth, it is leading the formulation of global standards and norms such as ESG. For example, in 2024, the EU's "Critical Raw Materials Act" clearly stated that the production, processing, and recycling of critical raw materials in the EU and third countries must comply with high standards of environmental protection and labor protection requirements, and the EU will cooperate with international partners to develop relevant international standards and guidelines.

02 Resource-rich developing countries continue to improve their national mineral governance framework

First, the promulgation and implementation of mining-related laws and regulations. Since 2024, China, Rwanda, Madagascar and other countries have amended mining-related laws. For example, on July 1, 2025, the newly amended "Mineral Resources Law of the People's Republic of China" came into effect, aiming to promote the rational development and utilization of mineral resources, strengthen the protection of mineral resources and the ecological environment, safeguard the rights and interests of the state as the owner of mineral resources and the legitimate rights and interests of mineral rights holders, and promote the green and high-quality development of the mining industry. Second, Brazil, South Africa, India and other countries actively promote mining governance reform and increase the strength of mining governance system reform. The main measures include canceling the mining ban to stimulate the vitality of the mining industry; promoting the transfer of mining rights to attract mining investment and improve the mining rights management system; improving transparency, improving the quality of geological data, and optimizing the investment environment. Third, countries such as Mali, Niger, Kazakhstan, Mongolia, Zimbabwe, and the Democratic Republic of the Congo have increased the participation and control of the state in key mineral projects. The main measures include readjusting the benefit distribution mechanism to increase the government's share; increasing the rate ofroyalty to increase fiscal revenue; establishing national mining companies to strengthen the ability to independently develop key minerals; implementing the control of mineral exports to promote local processing and added value. Fourth, resource-developing developing countries are increasingly paying attention to ESG practice. The pace of the transformation of the concept of ESG into practice in resource-developing developing countries has significantly accelerated, the norms of relevant laws and regulations and policy systems are more stringent, and the mining industry is led to develop in a sustainable direction. For example, in 2024, with the active participation and promotion of resource-developing developing countries, the United Nations Secretary-General convened the Critical Mineral for Energy Transition Group, which issued a working paper titled "Providing Resources for Energy Transition: Principles and Recommendations for Fair and Just Key Minerals Needed for Energy Transition", proposing to implement fair, transparent, sustainable, human rights and other guiding principles and action recommendations throughout the mining industry chain, to form a sustainable and responsible value chain for key minerals, and to promote good ESG practice, bringing prosperity to resource-rich developing countries.

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