Chinese Mining Outbound M&A: Acquirer Strategy and the 2026 Deal Pipeline

Chinese outbound mining M&A reached roughly $14.6 billion in 2025, with the count of deals above $100 million at its highest since 2013. Zijin Mining and CMOC account for most of the value, concentrating on copper, gold, and lithium, while Africa and Latin America absorbed the bulk of spending as screening in the US, Canada, and Australia narrowed optionality in Western jurisdictions. Zijin Gold's acquisition of Allied Gold and CMOC's purchase of Equinox Gold's Brazilian portfolio illustrate the shift toward African multi-asset gold platforms and South American copper-gold consolidation. This report attributes deal flow by acquirer, commodity, and jurisdiction, and assesses the 2026 pipeline against balance-sheet capacity and host-country approval risk.