China, U.S. Lead $183 Billion of Global Critical Minerals Capex Under Construction

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Written by Danny Levin, Deputy Editor for IIR News Intelligence (Sugar Land, Texas)

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Summary

Industrial Info is tracking US$183 billion worth of critical minerals capital projects under construction worldwide, with China and the U.S. accounting for about 45% of the total investment. The project activity includes mining, refining and downstream products.

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Critical Minerals and Rare Earth Elements

"Critical minerals" is an umbrella term for about 60 minerals, including aluminum, copper, lead, lithium, magnesium, nickel, phosphate, silver and zinc, that are widely used in industrial applications, according to the U.S. Geological Survey. "Rare earth elements" (REE) is a critical minerals subgroup of minerals that have unique magnetic, luminescent and electrochemical properties, which makes them essential for advanced technology, renewable energy, electric vehicles, batteries and defense technologies. China controls much of the global mining and processing both critical elements and REEs.

According to Industrial Info Resources data, there is US$183 billion worth of critical minerals capital projects under construction worldwide, with China and the U.S. accounting for about 45% of the investment. The project activity includes mining, refining and downstream products. Readers can consult the Industrial Info Resources Global Market Intelligence (GMI) Metals & Minerals Project database for a full list of projects.

China leads the way with US$57 billion worth of investment, buoyed by mining projects. This is in line with the fact the country has a more prominent role in global processing and refining when compared with its mining output.

Meanwhile, the U.S. is home to US$25 billion of projects, which comes as President Donald Trump's administration is working hard to boost domestic critical minerals supply chains.

U.S. Critical Minerals Capex

U.S. projects include construction of what would be the largest lithium mine in North America: Thacker Pass in Nevada is a joint venture between Lithium Americas (controlling interest with 62%) and General Motors (38%). The first phase of the multi-billion-dollar mine and processing plant is expected to come online in late 2027, fully ramping up through 2028. The plant is designed to produce approximately 40,000 tons per year of battery-grade lithium carbonate for use in lithium-ion batteries, and GM has an offtake agreement for 100% of the first phase's production volumes for 20 years.

View a full list of Thacker Pass project reports.

The U.S. Department of Energy (DOE) recently restructured a US$2.26 billion project loan for Thacker Pass, and as part of the agreement, the White House acquired a 5% equity stake in Lithium Americas and a separate 5% equity stake in the Thacker Pass joint venture.

"Despite having some of the largest deposits, the United States produces less than 1% of the global supply of lithium," U.S. Energy Secretary Chris Wright said in a statement. "Today's announcement helps reduce our dependence on foreign adversaries for critical minerals by strengthening domestic supply chains."

Also under construction is Redwood Materials' $2 billion battery-recycling operation and anode copper foil expansion at its battery-materials campus, also in Nevada. Designed for battery-grade copper foil and cathode active materials, production could begin in 2028. Yet another effort from the White House, the project has a $2 billion loan in place from the DOE.

Earlier this year, the administration entered a critical minerals partnership with the European Union and a $12 billion, public-private partnership ("Project Vault") to procure and stockpile critical minerals.

The U.S. also has its sights on South America's critical minerals resources. For example, through the Inter-American Development Bank, Washington has provided a $100 million loan to fund a major lithium development in Argentina: (Rio Tinto's Rincon lithium project). The first two phases are underway.

For more information, see March 16, 2026, article - U.S. Eyes South America's Critical Minerals.

China's Dominance

The International Energy Agency's (IEA) Global Critical Minerals Outlook 2025 report, published in May 2025, noted China plays a more prominent role in processing and refining, but still has strong mining output.

This includes 22% of global lithium output and 61% for rare earth elements.

For more information on REE supply chains and China's critical minerals, see April 9, 2026, article - IEA Highlights Strengthening Rare Earth Supply Chains.

In refining, China has a 44% share of global copper, a 70-75% share of lithium and cobalt processing, and more than a 90% share of REE refining.

Also according to the IEA, China is the top producer/consumer of gold and coal.

China-U.S. Relationship on Rare Earth Trade

China's export controls on REEs in particular are a major source of leverage for China's bilateral relationship with the U.S.

Following the recent Trump-Xi summit, the White House said China "will address U.S. concerns regarding supply chain shortages related to rare earths and other critical minerals."

China's Ministry of Commerce later said it would work on "reasonable" concerns regarding rare earth export controls, while at the same time defending its efforts.

The IEA report does note China "relies on imports for large volumes of raw materials, often from a small number of sources," affirming China's lack of domestic mining output compared with refining and downstream products. According to the IEA, those sources include Indonesia (the world's largest nickel producer), Chile (copper) and Australia (lithium and raw materials for rare earths), among others.

China's Projects

IIR finds China is home to US$56 billion of critical minerals projects under construction, including Contemporary Amperex Technology Company Limited's Foshan Sanshui Datang Lithium Materials Secondary Smelter in Guangdong. The project is expected to wrap up next year and is designed to recover materials such as lithium-iron phosphate (LFP)--which is increasingly being used for battery cells in energy-storage systems.

Also underway are two projects that could wrap up around the end of the year. There's an expansion at Chongqing Jiulong Wanbo New Material Technology Company Limited's Chongqing Alumina Refinery, while a grassroot copper mine and concentrator in Xigaze is planned to produce capacity of 18 million tons per year of copper ore.

Readers can consult the GMI database for the three related project reports. Data find the projects have a combined investment value of about US$5 billion.

Out of the US$183 billion worth of critical minerals projects under construction worldwide, Russia, Indonesia, Canada and Chile trail the U.S. and China but have more than US$5 billion worth of investment each. Australia, South Africa, South Korea and Argentina round out the top 10.

Key Takeaways

• Industrial Info Resources is tracking more than US$180 billion worth of critical minerals projects currently being constructed across the globe.
• China and the U.S. account for about 45% of the overall investment.
• China's projects are geared toward refining and downstream projects, while the U.S. has broader activity, especially in mining.
• The U.S. and other countries are looking to reduce overreliance on China's critical minerals supply chains.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).