The growing strategic rivalry between the United States and China is opening up significant economic opportunities for a handful of resource-rich countries, as both global powers compete to secure supplies of critical minerals essential for artificial intelligence, electric vehicles, advanced weapons systems and other emerging technologies. The race to strengthen control over mineral resources is driving billions of dollars in overseas investments, with the Democratic Republic of Congo (DRC), Brazil and Kazakhstan emerging as some of the biggest beneficiaries.
The intensifying competition could also mark the beginning of a new global commodity supercycle, with rising demand for metals and minerals potentially transforming the economies of countries that possess substantial untapped reserves. For developing nations, increased foreign investment in mining could generate employment, boost exports, strengthen government revenues and accelerate infrastructure development.
The Democratic Republic of Congo has so far emerged as the most prominent beneficiary of this competition. Despite its vast mineral wealth, the central African country has struggled with poverty, political instability and prolonged conflict. Many Western investors had previously withdrawn from its mining sector following a decline in commodity prices, allowing Chinese companies to acquire several assets at relatively low valuations.
However, Washington’s renewed interest in securing critical mineral supplies has brought American investors back into the country. Chinese companies have already committed substantial investments towards expanding copper mining operations, including a proposed project that could eventually produce up to 500,000 tonnes of copper annually. Meanwhile, a US government-backed investment fund is reportedly in discussions to acquire a 40% stake in one of the remaining Western-operated copper mines managed by Swiss-based Glencore.
American companies are also exploring opportunities in the country’s lithium and cobalt sectors. California-based startup KoBold Metals is examining lithium deposits in the Manono region, while another investment group has acquired a venture involving cobalt and copper resources.
The financial impact of this renewed interest is already becoming visible. Foreign investment in Congo’s mining sector during 2025 was equivalent to approximately 8% of its gross domestic product (GDP), more than twice the country’s total foreign direct investment in the previous year. Mining revenues are also expected to contribute substantially to public finances over the coming years. Estimates by the Extractive Industries Transparency Initiative suggest that the sector could generate around $8 billion in government revenue between 2026 and 2030, with the figure potentially reaching $20 billion if production expands as anticipated.
Infrastructure development is another area likely to benefit. The US International Development Finance Corporation has expressed interest in providing up to $1 billion towards the proposed Dilolo-Sakania railway project, which would connect the country to a rail network extending into Angola.
Brazil and Kazakhstan are also attracting considerable attention from both Washington and Beijing. In Brazil, the United States is focusing on developing access to rare-earth elements, which are crucial for advanced electronics, defence equipment and clean-energy technologies. In September, USA Rare Earth, a company in which the US government has a stake, acquired Serra Verde, a major producer of rare-earth minerals and the only producer of four particularly scarce varieties outside Asia. The acquisition involved an investment of approximately $2.8 billion, with additional financial support expected to take total American investment in the project close to $5 billion.
China, meanwhile, has continued to expand its presence in Brazil. Chinese companies invested approximately $6 billion in the country last year, making it their largest overseas investment destination during the period. Nearly one-third of this amount was directed towards mining projects involving minerals such as nickel, copper and gold.
Kazakhstan has emerged as another important destination, particularly because of its tungsten reserves. The metal is widely used in high-tech manufacturing and defence applications. An American-backed company, Kaz Resources, has committed around $1 billion towards developing tungsten deposits at Kairakty and Northern Katpar. The proposed investment represents a significant amount for Kazakhstan, equivalent to nearly one-twentieth of its annual foreign direct investment inflows. Further financial assistance could come from American government-backed institutions.
China is also pursuing mining opportunities in Kazakhstan, with the two countries agreeing to projects worth more than $10 billion involving copper, gold and tungsten. The competition has given Kazakhstan an opportunity to negotiate more favourable terms and secure a greater stake in certain joint ventures.
Other countries, including Zambia and Canada, are also attracting investments. Together, the Democratic Republic of Congo, Brazil, Kazakhstan, Zambia and Canada accounted for nearly 80% of the combined overseas mining investments made by the US and China last year.
The growing competition, however, does not necessarily mean that countries will have to choose between Washington and Beijing. The experience of these mineral-rich nations suggests that both powers are increasingly willing to invest in the same markets to secure access to strategically important resources.
Despite the investment boom, experts caution that the strategy has limitations. Developing new mining operations requires substantial time, capital and exploration, while many existing projects have suffered from years of underinvestment. Copper demand, for instance, could exceed global supply by as much as 8% within the next decade, raising concerns about future shortages.
The challenge for developing nations will therefore be to convert growing international interest into sustainable economic gains. Countries with readily available mineral deposits and the ability to develop them quickly are likely to benefit first, while others may struggle to translate their natural resources into long-term prosperity.
