An army of little-known Indian and Indian-origin miners has been building mineral assets across resource-rich Africa, according to reports from Business Standard. Most of these companies are privately owned, mid-sized businesses that have established mining operations for graphite, cobalt, lithium, tin, tantalum, and tungsten in countries including the Democratic Republic of Congo (DRC), Tanzania, Zambia, and Zimbabwe. These miners are developing assets that could play a significant role in India's quest to secure critical minerals, as highlighted in a standing committee report on coal, mines and steel presented in Parliament.
Ahmedabad-based Sakariya Mines & Minerals is developing what it claims is the world's fifth-largest natural flake graphite deposit in Tanzania, containing an estimated 183 million tonnes. As reported by Business Standard, CEO Supriya Das stated the company plans to invest $150-200 million in the first phase of development and eventually build processing capacity of up to 4 million tonnes. Das emphasized that India is their first preference for mineral supply, noting that many battery manufacturers are setting up facilities in India.
Chinese mining companies are experiencing significant financial pressures that are reshaping their global expansion strategies. Zijin Mining, one of China's flagship mining companies, exemplifies these challenges after terminating its planned $4 billion acquisition of Canada-based Allied Gold in July 2026. The company instead agreed to take a 9.2% minority stake for roughly $295 million, citing unmet closing conditions. According to CGSP's Non-Resident Fellow for Critical Minerals, Zijin's growing exposure to gold, combined with geopolitical shocks like the Iran conflict, demonstrates how closely the company's asset portfolio and capital-market valuation are tied to geopolitical developments. The company's total current liabilities climbed to nearly RMB 140 billion ($20 billion) in Q1 2026, while short-term borrowings increased by almost RMB 9 billion ($1.3 billion) in the first quarter alone. As reported by CGSP's Non-Resident Fellow for Critical Minerals, cooling Chinese capital markets raise questions about whether Chinese mining companies will keep their financing advantage over their competitors in the race for premium minerals across the Global South.
Hindustan Zinc has secured a rare earth mining lease in Karnataka's Gundlupet block, marking a significant milestone in the company's diversification strategy. According to EQ Magazine, this acquisition represents another milestone in Hindustan Zinc's broader ambition to become a diversified, multi-metal resources company. While zinc and silver remain central to its operations, the company has increasingly explored opportunities in rare earth elements, lithium, nickel, cobalt, copper and other strategic minerals. The development is particularly strategic as rare earth materials are crucial for permanent magnets and components used in electric motors and wind-energy applications. As India accelerates the transition towards electric transportation and renewable electricity generation, reliable access to these minerals is becoming increasingly important for creating stronger foundations for future manufacturing capabilities.
Indian miners face significant competition from companies in China, the US, and the European Union in acquiring overseas critical mineral assets, according to the parliamentary committee report. According to industry executives, these companies would prefer to supply Indian manufacturers but await stronger institutional engagement from the government. As reported by Business Standard, Das noted that while India's graphite demand is expected to rise sharply with battery manufacturing growth, China continues to dominate the global supply chain through integrated mining-processing operations and sustained state support. The competitive landscape is becoming increasingly complex as Chinese mining companies face tighter capital constraints that may force them to concentrate their Global South strategies more narrowly on AI-linked minerals, potentially affecting the pace of gold acquisitions across Africa and Latin America. According to CGSP's Non-Resident Fellow for Critical Minerals, securing critical minerals overseas has become an increasingly fierce competition for Chinese firms, as geopolitical rivalry raises the strategic value of these resources and AI-driven demand increases the premium on assets like copper.
