đ¨đłđChina is no longer just a source of raw materialsâit is the undisputed refining superpower. According to the IEA Global Critical Minerals Outlook 2025, China leads global refined material production in five of six strategic categories: copper, lithium, cobalt, graphite, and rare earths. This dominance isnât about mining, but about owning the value-added layers of the supply chain. The only exception is nickel, where Indonesia holds the top position, though China remains a key player.
China processes over 50% of global copper, far ahead of Chile and the DRC. In lithium, it controls about 70% of the refining market, making it irreplaceable in the global EV battery industry. For cobaltâdespite most mining occurring in the DRCâChina refines nearly 80%. In graphite, its dominance is absolute: over 90% of global output of battery-grade material is refined in China. The same goes for magnet rare earths, where the country holds an overwhelming refining monopoly.
Russia appears only in nickel, with a 10% share via Norilsk Nickel. Despite vast mineral reserves, its role in refining is minimalâleaving the country dependent on raw material exports instead of capturing value through processing and tech-enabled output.
The message is clear: supply chain power lies not in extraction, but in transformation. Without this industrial tier, nations risk remaining resource colonies, missing out on technological sovereignty, job creation, and geopolitical leverage.
Will the world challenge this asymmetryâor remain dependent on one node for the minerals powering its future?#AMAGE
