Why China’s foresight on EV minerals gives it a big edge over US, as ‘every country needs copper’

Strong ties between China and world’s major mineral exporters, especially those with vast copper and nickel resources, leave West playing catch-up in securing supplies

Renewed efforts to mine critical minerals in US are expected to be costly, but economic considerations may take a back seat to geopolitical wrangling

Reading Time:3 minutes

Cooper, seen here at a Chinese factory, is considered a “big-ticket item” in the global supply chain. Photo: Getty Images

Published: 11:00pm, 7 Dec 2023Updated: 9:25am, 8 Dec 2023

Although China looks to stay competitive in the supply chain of rare earth metals, it’s time to start worrying about a couple of major minerals, warns China-based mineral company Ferro Resources.

“There is enough rare earth in the world. There is also enough cobalt in the world. My concerns are actually more on copper and nickel,” said Dario Pong, founder and managing of Ferro Resources, a Hong Kong company that makes and exports automotive ferrite magnets and iron oxide in the mainland Chinese cities of Shanghai and Wuhan.

“These are the big-ticket items, not the so-called minor materials, and China is also worried about not having enough copper and nickel,” Pong said during a panel discussion on supply chains at the FII Priority Hong Kong conference on Thursday.

“That is why China is working together with the world to secure that.”

01:26

Massive sinkhole discovered in Chile near copper mining site

Pong’s concerns were delivered to policymakers, business leaders and investors attending the opening of the two-day conference organised by the think tank branch of Saudi Arabia’s sovereign wealth fund – Public Investment Fund – which manages more than US$700 billion in assets.