Global mining is facing a significant shift in geopolitical tensions that is altering capital flows and production strategies. Resource nationalism is tightening supply in key regions, with China controlling around 90% of the global market for critical minerals. Indonesia plans to set its nickel ore mining quota at approximately 200 million tonnes by 2025, while cobalt production in the Democratic Republic of Congo is expected to reach between 100,000 and 120,000 tonnes in the same year.
In response to these shifts, the U.S. has initiated Project Vault, a $12 billion program for stockpiling critical minerals, alongside Canada’s $2.5 billion stockpiling effort under a Defence Production Act-style framework. Canada is recognized for its political stability and mineral potential amidst declining capital flows, having financed about 40% of global mining activity as of 2025, down from 80% in 2010. The country needs to modernize its operations to attract investment in this evolving landscape.
