China has assigned a new bureau to oversee central state-owned enterprises’ overseas assets, adding a governance layer as mining and metals attracted billions of dollars in outbound investment.
The State-owned Assets Supervision and Administration Commission (SASAC) set up the bureau on April 8, 2026. SASAC said the unit will coordinate overseas operations and planning, monitor assets abroad, manage investment risks and respond to emergencies. Its stated remit covers overseas assets broadly and does not identify mining as a separate focus.
Rhodium Group’s Aug. 12 update counted 145 major Chinese foreign direct investment transactions worth an estimated $25.5 billion in the second quarter. Basic materials, metals and minerals accounted for $10.9 billion, and Rhodium said mining dominated outbound investment during the period.
CNBC separately reported, citing Rhodium Group, that Chinese mineral acquisitions abroad totaled $8.8 billion in the first three quarters of 2026. CNBC described that figure as the highest annual total since at least 2018.
A separate coordination effort was described in a Bloomberg report. Citing people familiar with the matter, Bloomberg reported in July that Guangyan International Investment Co., also known as Vast Rock International Investment Co., would make direct investments in overseas metals deals and advise on compliance, risk management and market conditions. Bloomberg said the National Development and Reform Commission led the effort and companies were not required to work with Vast Rock.
A Hong Kong Exchanges and Clearing filing identifies Vast Rock as a non-wholly owned subsidiary of China Minmetals Corporation. The filing says a China Minmetals executive became one of Vast Rock’s directors in April 2025, before Bloomberg’s account of the company’s reported coordination role.
China’s position in rare earths spans mining, refining and manufacturing: It accounted for 60% of mined magnet rare earths and 91% of refining in 2024, while Chinese producers made 94% of sintered permanent magnets, according to the International Energy Agency (IEA). On April 4, 2025, China’s Ministry of Commerce and General Administration of Customs required exporters to apply for licenses for certain items related to seven medium and heavy rare earths. The IEA links China’s 2010 rare-earth controls to a global supply disruption and temporary price increases of up to 10 times.
Resource-producing countries are seeking more local processing to secure higher-value jobs and tax revenue, Bloomberg reported, a demand that can complicate overseas mining deals.
