• Beijing places emphasis on protecting Chinese overseas investment interests
• Interaction between merger control, resource security becomes pronounced
• EC decision on Anglo’s Nickel business/MMG deal may preview SAMR’s take on Teck transaction

As China’s review clock for Anglo American’s proposed acquisition of Teck Resources remains suspended, market attention is increasingly focused on the timing of China’s approval and whether broader geopolitical considerations will influence the timetable.

Historically, China’s review of large global mining mergers has centered on competition concerns and the potential impact on downstream buyers. But the backdrop for critical minerals transactions has changed significantly over the past two years.

Chinese companies have faced growing regulatory scrutiny, national security reviews and investment restrictions in several jurisdictions, particularly in sectors involving critical minerals. At the same time, resource-rich countries across Africa, Southeast Asia and Latin America are demanding greater say in local processing rights, technology transfers and downstream investment from foreign miners.

In for long haul

Against this backdrop, Beijing has placed more emphasis on protecting China’s overseas investment interests and securing long-term access to strategic resources. That trend has become more pronounced following the implementation of China’s updated framework governing outbound direct investment (ODI) on 1 July 2026.

The new ODI rules provide Chinese regulators, including the National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM), with legal grounds and policy tools to support and protect Chinese investors when they face discriminatory or unfair treatment overseas.

With Chinese regulators introducing a series of countermeasures in response to restrictions or sanctions on Chinese businesses abroad, some industry participants are questioning whether the treatment of Chinese mining investors overseas could also indirectly shape the broader regulatory environment for foreign mining transactions undergoing review in China. For example, Chinese authorities may embrace reciprocity when assessing major international transactions involving strategic resources.

Such discussions have intensified amid ongoing reviews affecting Chinese mining companies. Most recently, Canada’s national security authorities launched a review of China Union Holdings’ proposed acquisition of the Argentum Lithium. Meanwhile, MMG, a Hong Kong-listed subsidiary controlled by China Minmetals, is awaiting European Commission’s approval for its proposed acquisition of Anglo American’s Brazilian nickel business after the agency resumed its review in August following an eight-month suspension.

There is no evidence that Chinese regulators have formally linked one mining transaction to another. Nevertheless, the mining sector increasingly views critical minerals as a strategic issue that extends beyond purely commercial considerations. As a result, many see the links between merger control, industrial policy and resource security becoming more pronounced.

Whether this ultimately results in a more reciprocal approach by Beijing is uncertain. However, Asia Desk understands that given Chinese investors’ treatment in other jurisdictions such as Canada and the EU, Chinese industry participants expect the State Administration for Marker Regulation’s (SAMR) to adopt a more reciprocal approach to its review of the Teck/Anglo American deal as the transaction would increase the concentration of copper supply and have big impact on Chinese smelters.

Forging an alliance 

The recent establishment of Guangyan International Investment may offer additional insight into the thinking of Chinese regulators.

Backed by China Minmetals and a consortium of Chinese mining companies, Guangyan appears designed to strengthen project evaluation, risk assessment and financing support for Chinese overseas mining investments. However, more importantly, the entity potentially brings together government stakeholders such as the NDRC and major industry participants within a common institutional framework. Such a structure could enhance coordination between industrial policy objectives and merger control goals.

In reviews of major mining transactions, Chinese antitrust authorities routinely seek input from a range of government agencies, including those responsible for industrial policy and resource security such as the NDRC. This consultative process reinforces market perceptions that competition policy, industrial strategy, critical minerals security and geopolitical reciprocity are becoming more and more interconnected.

The result is a global mining M&A landscape in which regulatory approval is no longer viewed solely as a competition-law exercise. For investors, the EC’s decision on MMG’s proposed acquisition of Anglo American’s nickel business in early September may offer an indication of how SAMR will handle the Teck/Anglo American deal.