Enlightenment on the global mining policy changes in 2023

The security of the supply of mineral resources is highly concern for all countries in 2023, which leads to geopolitical conflicts and fierce international competition. Developed countries coordinate their mining and industrial strategies at the international level and build supply chains collaboratively to secure critical minerals supply. Developing countries strengthen resource sovereignty and increase the value of their resources by amending mining laws, tightening export controls on critical minerals and implementing exploration incentive schemes. The international alliances of critical minerals led by developed countries have boosted the supply chain ’s “de-risking” from China. Meanwhile, the demand for localization of industrial and supply chains of developing countries may catalyze the opportunity for cooperation in capacity and supporting infrastructure. In general, the global mining policies have been adjusted frequently with the new trend of regionalization, indigenization, and green transformation. Overseas mining investments need to overcome multiple challenges, including frequent changes of mining policies and significant geopolitical risks. The recommended approaches to those complex situations are as follows: establishing of a more inclusive global cooperation framework for critical minerals, developing mining capacity cooperation of high quality, improving the mining investment protection system, and establishing risk prevention and response mechanism. Concrete actions need to be taken jointly to promote global resource governance and sustainable development of the mining industry.