Critical minerals are metals essential to national security, electrification, semiconductors, EVs and indeed most aspects of modern life. These minerals — including lithium, cobalt, nickel, graphite, rare earths, copper, manganese, chromium, tungsten and vanadium — are central in the escalating tensions between the US and China.

For context, China’s dominance in the critical minerals supply chain remains a central concern for the US and its allies. China maintains control of mines across the world, particularly in Africa, South America, and Southeast Asia, and is also the dominant force in critical minerals refining and processing.

For example, more than 60% of the world’s lithium refining occurs in China, even though much of the raw material is extracted elsewhere.

This asymmetry presents a major vulnerability for the US and Europe, whose clean energy ambitions, EV manufacturing targets and national defense capabilities rely heavily on stable access to these minerals. The situation is further complicated by growing geopolitical tensions between Washington and Beijing — trade restrictions, semiconductor export bans and supply chain weaponisation are no longer theoretical threats.

China recently imposed export controls on gallium, germanium, antimony and tungsten, sending shockwaves through global markets and prompting urgent calls in the US to de-risk supply chains.

The US is now focused on reshoring supply chains with rare bipartisan support — including the Inflation Reduction Act, multiple Presidential Executive Orders and even direct equity investment into domestic projects.

Naturally, changing the investment culture does not happen overnight, and China is continuing to leverage its state-owned enterprises and strategic stockpiling to tighten its grip. In this environment, critical minerals have become a key front in the broader contest for technological and economic supremacy between China and the US, with the stakes being control of artificial intelligence, green energy and modern warfare.

Unsurprisingly, major companies with a focus on critical minerals are seeing renewed interest.

How to buy critical minerals stocks with us

For those looking invest in critical minerals stocks with us, here's a straightforward approach:

1. Learn more about critical minerals
2. Download the IG Invest app or open a share dealing account online
3. Search for your desired stock on our app or web platform
4. Choose how many shares you’d like to buy
5. Place your deal and monitor your investment

Investors seek to grow their capital through share price appreciation and dividends — if dividends are paid. However, investment values can go down as well as up, past performance does not guarantee future results, and you may get back less than your original investment.

10 best critical minerals stocks to watch

The following companies are some of the largest mining stocks with a focus on critical minerals in the world as of July 2025. 

BHP (LON: BHP)

BHP is the world’s largest mining company by market capitalisation. Headquartered in Australia, it specialises in the extraction and processing of key minerals including iron ore, copper, coal, nickel and uranium. Its largest assets include the Pilbara iron ore operations and its Nickel West operations, both in Australia, and the Escondida copper mine in Chile.

The major remains the dominant force in iron ore, supplying around 40% of the global market, but is also a key copper producer — essential for wiring, renewable energy infrastructure, and electric vehicle batteries. BHP’s growing nickel portfolio also supports the battery metals market, making it strategically important in the clean energy transition. 

Rio Tinto (LON: RIO)

Rio Tinto is a diversified miner, with a strong presence in iron ore, aluminum, copper, diamonds and uranium. Its Pilbara iron ore mines in Western Australia are among the most valuable worldwide, supplying roughly 15% of the Earth’s iron ore, while its newer Oyu Tolgoi copper-gold mine in Mongolia represents a major growth asset with vast reserves.

Its longstanding commitment to expanding copper and battery mineral production aligns with the growing global demand for clean energy metals — and the major is actively exploring both sustainable mining technologies and increasing investments into copper.

Southern Copper (NYSE: SCCO)

Southern Copper is majority-owned by Grupo México and is now one of the world’s largest copper producers, operating primarily in Peru and Mexico.

Key assets include the Toquepala and Cuajone mines in Peru, alongside the Buenavista mine in Mexico, which collectively yield over 1 million tons of copper annually.

The company also produces molybdenum, silver, and zinc as by-products, all of which are critical to various industrial and technological applications — and is also investing heavily in mine expansions and technological upgrades to increase output and efficiency.

Zijin Mining (SSE: 601899)

Zijin Mining is a major Chinese gold producer, but with a growing emphasis on copper and polymetallic resources. Its flagship asset, the Zijinshan gold-copper mine, is one of the largest gold mines in China. Zijin also holds assets abroad, including copper mines in Africa and gold projects in Russia and Canada.

The company has aggressively expanded its copper production to capitalise on the growing demand for battery and electrical metals and is well positioned as a key supplier in China’s strategic critical minerals landscape. Zijin also produces zinc, lead, and silver. 

Newmont (NYSE: NEM)

Newmont is the largest gold producer in the world, with mining operations spanning North and South America, Africa and Australia. Key operations include the Carlin Trend and Twin Creeks mines in Nevada — and the Yanacocha mine in Peru.

While gold remains Newmont’s primary focus, the company is also increasing its copper exposure to benefit from the rising demand driven by electrification and renewable energy sectors. The company’s strategic approach balances gold production with diversification into battery and industrial metals, supporting a growing Tier 1 asset base.

Freeport-McMoRan (NYSE: FCX)

Freeport-McMoRan is another global mining company — focused on copper, gold and molybdenum, and headquartered in Arizona in the US. Its flagship asset is the Grasberg mine in Indonesia, one of the world’s largest copper and gold mines.

Freeport is a top copper producer, and its substantial molybdenum output also supports steel alloys critical for energy and construction industries. Freeport is expanding copper production capacity with new projects to meet increasing global demand driven by the energy transition, with its dominance in copper mining placing it at the forefront of critical minerals supply.

Ma’aden (Tadawul: 1211)

Saudi Arabian Mining Company, colloquially known as Ma’aden, is the Kingdom’s largest mining firm, an is key to diversifying Saudi Arabia’s economy beyond oil. It produces phosphate fertilisers, gold, aluminum, and industrial minerals.

Major assets include the Ma’aden Phosphate Company, the Al Masane gold mine and the Ras Al Khair aluminium complex. Ma’aden is actively expanding its copper production capacity — and is supporting Saudi Arabia’s Vision 2030 goal to build a sustainable mining sector and critical minerals supply chain. Its strategic investments in exploration, processing and downstream industries are starting to position it as an emerging global player in critical minerals.

Glencore (LON: GLEN)

Glencore is a diversified natural resources giant with extensive mining, smelting,and commodity trading operations worldwide. Its core mining assets include the Katanga copper-cobalt mines in the Democratic Republic of Congo, the Mount Isa copper-zinc mines in Australia and the Sudbury nickel-copper operations in Canada.

Glencore is one of the largest producers of cobalt and nickel, critical for EV batteries and energy storage systems. Its vast portfolio also includes zinc, thermal coal, and copper, making it a core supplier in multiple commodity markets. The company’s vertically integrated business model, spanning mining to global commodity trading, gives it huge influence over critical minerals supply chains.

Vale (NYSE: VALE)

Vale is a Brazilian multinational and one of the world’s largest producers of iron ore and nickel. Its operations span Brazil, Canada and several other countries, with key assets including the world’s largest iron ore mine, Carajás, and extensive nickel operations in Canada and Indonesia.

Vale plays a crucial role in supplying the steel industry and increasingly the electric vehicle sector, given its large-scale nickel and copper output. The company is investing in decarbonisation, expanding battery metals production, and reshaping its business to align with clean energy demands, including partnerships for sustainable nickel processing and low-carbon iron solutions.

Fortescue Metals Group (ASX: FMG)

Fortescue is one of the world’s largest iron ore producers, with its key operations in the Pilbara region of Australia. Its core business has long centred on supplying high-grade iron ore to China, but Fortescue is now undergoing a significant transition into green energy and critical minerals.

Through its clean energy arm, Fortescue Future Industries, the company is investing billions into hydrogen, green ammonia and renewable energy projects — and it’s also diversifying into battery minerals, including copper and rare earths. 

Critical minerals stocks summed up

• US-China tensions have made critical minerals ever more strategically important, with Western nations seeking to reduce reliance on China's dominant role in mining, refining and supply chains
• Critical minerals like copper, lithium, rare earths and nickel are vital for clean energy, EVs, defense, semiconductors and AI — making secure access a national priority
• Western governments are supporting reshoring efforts through legislation, direct investment and bipartisan backing to bolster domestic mining capabilities
• Major players like BHP, Rio Tinto, Freeport-McMoRan and Glencore are gaining investor interest due to their scale, asset quality and strategic critical mineral exposure