Beijing is reportedly racing to lock in critical mineral supplies as the West restricts Chinese investments

Chinese companies are buying more mines abroad than they have in over a decade to secure key raw materials as Western countries restrict their investments, the Financial Times has reported.

Ten deals each worth more than $100 million were signed last year, the highest since 2013, the outlet reported on Sunday, citing 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 FT quoted analysts and investors as saying.

Major deals reportedly included gold mines in Kazakhstan, Ghana, and the Ivory Coast, a copper mine in Zambia, a copper-gold mine in Brazil, and a 50% stake in a rare-earth project in Tanzania.

China is the leading refiner of rare earths, responsible for 90% of global processing capacity, and holds the world's largest reserves of the critical elements.

Beijing has made mineral security a national strategic priority, as the global demand for lithium, cobalt, and nickel rises with the growth of clean energy and high-tech manufacturing.

Western governments have been trying to curb China's access to key minerals and processing technologies, aiming to secure their own supply chains and reduce dependency. The US and its allies have blocked Chinese investments, imposed export restrictions, and launched new partnerships to source minerals elsewhere.

US President Donald Trump has framed mineral access as a strategic priority, tying it to diplomacy and conflict resolution. Last month, Rwanda and the Democratic Republic of the Congo signed a US-brokered peace deal, which Trump said secured American rights to Congolese mineral wealth. In April, Washington also signed a minerals agreement with Ukraine, presented as partial repayment for military aid.

In June, Washington and Beijing reached a deal to resume rare-earth exports. China previously imposed export restrictions on these materials in retaliation to US tariffs, disrupting global supply chains.