Mining Stocks With China Exposure: Revenue Shares

Among the large listed miners that report it, the share of revenue from customers in China runs from 2.5% at Freeport-McMoRan to 58.2% at BHP. Rio Tinto reports 57.3% and Vale 49.6% (mainland China), while Albemarle reports 39% (all from each company’s latest annual filing, listed below). MP Materials stopped selling to China in July 2025. That spread separates miners that depend on Chinese customers from those that sell little there.

This page ranks seven well-known miners by the share of revenue they book from customers in China, then adds the Chinese-listed producers, the lithium and rare earth names that sell around China, China’s grip on mine and refined supply, and how gold miners are linked to China through the price. It ends with a four-step method for reading any miner’s filing and a calculator that turns your own holdings into a revenue-weighted China exposure. It gives facts and filings only. It is not a list of stocks to buy.

How we measured China exposure

We used the China line in the geographic note of each company’s latest annual filing. BHP, Vale, Southern Copper and Freeport-McMoRan report revenue by location of the customer; Rio Tinto reports sales by destination and labels its line “Greater China”; Vale’s China line includes Taiwan; Albemarle states only the share of net sales shipped to or within China. The measures are close but not identical. This is the cleanest number a reader can check, and it is the one the companies themselves publish. It has limits you should know about.

• Customer location is not final destination. Freeport-McMoRan, for example, reports revenue by customer location, and its China line (US$636 million) is smaller than its Switzerland (US$5,334 million) and Singapore (US$1,246 million) lines. Copper sold to a customer outside China and later shipped there does not appear in the China line.
• Revenue share is not profit share. A company can earn a higher margin on its non-China sales, and a price move in China can change every customer’s price at once.
• Fiscal years differ. BHP’s year ends in June; the others end in December. We show the period next to each figure.
• We left out price and valuation data. Share prices and market values change daily and would be stale within hours. Check a live quote from your broker or the exchange before relying on anything here.

We chose companies that (a) trade on a major exchange, (b) publish a customer-location revenue table or a China percentage in an annual filing, and (c) are regularly linked to China in coverage of the sector. Not every miner qualifies: companies without a clear China line in their filings are left out.

Seven miners ranked by China revenue share

The table lists each company’s China share in its latest annual filing. Figures are shares of total revenue unless stated. The first four are the most China-dependent; the last three sit at the low end of the range for different reasons.

Chart

Share of revenue from customers in China

Per cent of total revenue, latest annual filing (BHP year to June 2026; others calendar 2025). Definitions differ slightly: see How we measured China exposure.

Sources: BHP Annual Report 2026 (SEC Form 6-K), Rio Tinto Form 20-F, Vale Form 20-F, Albemarle Form 10-K, Southern Copper Form 10-K, Freeport-McMoRan Form 10-K and MP Materials Form 10-K. Shares for BHP, Vale, Southern Copper and Freeport are our division of the reported figures; Rio Tinto and Albemarle state their percentages.

What each filing says about the company

BHP: more than half of revenue, mostly iron ore and copper

BHP’s fiscal 2026 annual report shows revenue of US$58,760 million, of which US$34,206 million was from customers in China, or 58.2%. A year earlier the figure was US$32,083 million of US$51,262 million, or 62.6% (BHP Annual Report 2026). Copper (US$29,031 million) and iron ore (US$23,883 million) were its two largest revenue lines in fiscal 2026. BHP’s table does not split China revenue by commodity, so the share cannot be tied to one product.

Rio Tinto: Greater China at 57.3% of consolidated sales

Rio Tinto’s Form 20-F puts Greater China at 57.3% of consolidated sales revenue in 2025, or US$33,038 million, against 57.4% in 2024 and 59.6% in 2023. The United States was 16.7% and Japan 5.7% in 2025 (Rio Tinto Form 20-F). In its half-year report to June 2026, Rio Tinto said 2.2 million tonnes of Simandou iron ore had been shipped to China in the first half, while Simandou sales in the period were 0.4 million tonnes (Rio Tinto half-year results 2026).

Vale: China is the largest customer, and iron ore dominates it

Vale reports China Mainland sales of US$19,038 million, or 49.6% of its 2025 net operating revenue. Its China line of US$19,405 million (50.5%, against 50.9% in 2024) also includes US$367 million from Taiwan. Within that, iron ore was US$18,517 million, about 95% of the China line, while nickel and copper from Vale Base Metals added US$523 million and US$301 million (Vale Form 20-F). Vale’s China exposure is therefore mostly an iron ore story. For nickel context see our guide to nickel ore and nickel miners.

Albemarle: 39% of sales and three plants in China

Albemarle states that net sales shipped to or within China were 39% of its total net sales in 2025, and that it owns three active production facilities in China. Total 2025 net sales were US$5,142.7 million, down 4%, because lower lithium prices outweighed higher volumes (Albemarle Form 10-K). The company owns 49% of Windfield Holdings, which owns Talison Lithium and its Greenbushes mine in Western Australia, and 50% of the Wodgina project. In its second-quarter 2026 release it reported a fire at Talison’s CGP3 plant on 9 June and said it expected minimal effect on Energy Storage sales volume (Albemarle, second quarter 2026).

Southern Copper: about one tenth of sales

Southern Copper sold US$1,276.9 million of its US$13,420.0 million net sales to customers in China in 2025, or 9.5%, against US$1,183.1 million of US$11,433.4 million (10.3%) in 2024. Mexico (US$3,251.9 million), the United States (US$1,866.6 million) and Switzerland (US$1,852.5 million) were larger single markets. The 10-K also notes that copper prices may be affected by demand from China, the largest consumer of refined copper and concentrate in the world (Southern Copper Form 10-K). For a country view of copper supply, see top copper mining countries.

Freeport-McMoRan: a low direct share, a high indirect one

Freeport’s 10-K shows revenues of US$25,915 million in 2025, with China at US$636 million (2.5%), down from US$743 million (2.9%) in 2024. The largest customer locations were the United States (US$9,034 million), Switzerland (US$5,334 million) and Japan (US$2,850 million). Because revenues are attributed by the location of the customer, copper sold to a customer outside China and later shipped there does not appear in the China line (Freeport-McMoRan Form 10-K). The 2.5% counts only sales to customers located in China; it does not measure how much Chinese demand moves the price Freeport receives. For a Zambian copper producer, see our guide to First Quantum.

MP Materials: from China-linked seller to US-supported producer

MP Materials historically sold most of its rare earth concentrate to a single Chinese customer. Its 10-K states that it ceased all product sales to China in July 2025, to align with its agreements with the US Department of War (announced as the Department of Defense in July 2025). The 10-K reports that this decision contributed to a 21% year-over-year revenue decline for the Materials segment. Total 2025 revenue was US$224.4 million, against US$203.9 million in 2024 (MP Materials Form 10-K). The July 2025 package includes a 10-year price floor of US$110 per kilogram on its NdPr (neodymium-praseodymium) products, a US$400 million convertible preferred stock purchase by the Department of Defense and a 10-year magnet offtake agreement (MP Materials, 10 July 2025). For the chemistry, see our explainer on neodymium and rare earth elements.

Chinese-listed miners and their overseas mines

Several of the largest Chinese miners are listed in Hong Kong as well as on mainland exchanges, and much of their growth has come from mines outside China. Their filings are the best source for what they own.

• CMOC Group (Shanghai: 603993; Hong Kong: 3993). Formerly China Molybdenum, now CMOC Group Limited. For 2025 CMOC reported copper output of 741,100 tonnes and cobalt output of 117,500 tonnes, mainly from the Tenke Fungurume (TFM) and Kisanfu (KFM) mines in the Democratic Republic of the Congo, and net profit attributable to shareholders of US$2.9 billion (CMOC news release, 20 April 2026). More on the company’s molybdenum history in our molybdenum guide.
• Zijin Mining. In its interim results to 30 June 2026 it reported mined gold of 47 tonnes (up 13% on the same period a year earlier) and mined copper of 534 thousand tonnes (up 5% after excluding the effect of Kamoa), with RMB 39.17 billion of net profit attributable to owners (Zijin Mining interim results announcement, 2026). It is a gold and copper producer, so a Chinese-listed share can carry exposure to gold prices rather than to Chinese customers.
• Tianqi Lithium (Shenzhen: 002466; Hong Kong: 9696). Its 2025 annual report names the Greenbushes spodumene (lithium ore) mine in Western Australia and the Cuola mine in Sichuan (under construction) as its resource bases. It holds 51% of Tianqi Lithium Energy Australia (TLEA); the other 49% is held by IGO Limited (ASX: IGO) (Tianqi Lithium 2025 annual report).

A Chinese listing differs from a US listing in who can buy the shares, in the regulator and in the tax and reporting rules.

Lithium and rare earth producers that sell around China

Three companies sit in a different position: they mine outside China, but their price signal still comes from Chinese markets or from Chinese export policy.

• PLS Group (ASX: PLS). The company formerly known as Pilbara Minerals changed its name to PLS Group Limited. For the year to 30 June 2026 it reported revenue of A$1,934 million against A$769 million a year earlier, and net profit after tax of A$526 million against a loss of A$196 million. It prices its spodumene concentrate on a CIF China basis (cost, insurance and freight to a Chinese port), and reported a unit operating cost of A$739 per tonne on that basis (PLS Annual Report 2026). See also Australian-listed lithium and rare earth companies.
• Lynas Rare Earths (ASX: LYC). For the year to 30 June 2026, Lynas reported revenue of A$977.9 million (up 76%) and net profit attributable to members of A$222.4 million, up from A$8.0 million (Lynas Appendix 4E, 26 August 2026). It mines at Mount Weld in Western Australia and processes in Malaysia and Western Australia.
• MP Materials (NYSE: MP). Covered above. The US Department of Defense price floor of US$110 per kilogram of NdPr runs for 10 years (see above).

Where China controls supply: mines and refineries

China’s weight in the market comes less from buying than from supply. In the US Geological Survey’s 2026 Mineral Commodity Summaries, China’s estimated 2025 share of world mine output was about 79% for tungsten (67,000 of 85,000 tonnes), 78% for graphite (1.4 of 1.8 million tonnes) and 69% for rare earths (270,000 of 390,000 tonnes of rare earth oxide equivalent), against 36% for antimony and 21% for lithium (USGS rare earths, graphite, tungsten, lithium, antimony). Cobalt shows the other pattern. China mines almost no cobalt (about 2,000 of 310,000 tonnes), while the Democratic Republic of the Congo mines about 74% (USGS cobalt). But the Cobalt Institute reports that China held 79% of global refined cobalt output in 2025. (Cobalt Institute, Cobalt Market Report 2025).

Chart

China’s share of world mine output, selected minerals, 2025

Per cent of world mine production (2025 estimates; USGS)

That is why export policy is a first-order risk for the rare earth names. China’s commerce ministry announced curbs on seven medium and heavy rare earth elements in April 2025, and expanded controls in October 2025. On 7 November 2025 it suspended the October measures until 10 November 2026; the April controls stay in force and still require case-by-case licences (Global Times report of the MOFCOM announcement, 7 November 2025; Clark Hill, November 2025; Mining Technology). The pause is due to run out on 10 November 2026.

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Gold miners and China: a price link, not a customer link

This is the angle behind a popular search: how do China and geopolitics affect gold mining stocks? Gold miners sell bullion or doré (a gold-silver alloy) into the global market, usually to refiners, so none of the companies above report a China revenue line for gold. The link runs through the gold price and through Chinese buying.

The World Gold Council reported that central banks and other official institutions added a net 289 tonnes in the second quarter of 2026, up 62% on the second quarter of 2025, after a weak first quarter that had been revised to 57 tonnes (World Gold Council, Q2 2026). Kitco’s report on that release states that China’s central bank added 33 tonnes, its largest quarterly purchase since late 2023, and that China’s retail bar and coin demand was 107 tonnes in the quarter and 314 tonnes in the first half, a record first half (Kitco, 30 July 2026). The same report put China’s jewellery demand down 28% in the quarter.

For a gold miner the geopolitical risks that count are mostly local: tax and royalty changes, licence terms and security in the countries where it digs. A Chinese buyer only matters through the price, or when a Chinese company buys the mine, as Zijin did with the Akyem gold mine in Ghana (completed in 2025, per the Ghana News Agency).

Is China’s share of revenue changing?

For the four companies where two consecutive years are comparable in the filings, China’s share of revenue slipped in the latest year. BHP’s fell by 4.4 percentage points, from 62.6% to 58.2%, while Rio Tinto, Southern Copper and Freeport moved by less than one point. Part of BHP’s change comes from higher revenue elsewhere: its total revenue rose 14.6% while China revenue rose 6.6%. A one-year move this small is not a trend, and it says nothing about future prices or demand.

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China’s share of revenue, two years compared

Per cent of total revenue; BHP fiscal 2025 to 2026, others calendar 2024 to 2025

Chinese capital in overseas mining

One dated public measure of Chinese overseas investment in mining is Griffith University’s Belt and Road report: in 2025 Chinese engagement in metals and mining across Belt and Road countries reached a record US$32.6 billion, a figure that combines investment and construction contracts. Africa was the largest recipient of Belt and Road engagement across all sectors, with US$61.2 billion, and Central Asia saw a sharp rise driven by large mining and processing projects in Kazakhstan (Griffith University, January 2026). Engagement is not the same as stock-market gains for any one miner. Griffith found that private Chinese firms led investment activity in 2025, while state-owned enterprises continued to dominate construction contracts.

How to check any miner’s China share in four steps

You can reproduce every number on this page from public filings in about ten minutes per company. Use these steps for any miner that interests you.

Infographic

Reading a miner’s China share in 4 steps

1. 1Open the annual reportUse the 10-K, 20-F or exchange annual report.
2. 2Find the geographic noteSearch for location of customer or by destination.
3. 3Divide and compareChina revenue over total revenue, current and prior year.
4. 4Note the limitsTraders, joint ventures and related-party sales may sit elsewhere.

1. Open the latest annual report (Form 10-K or 20-F for US-listed companies; the annual report on the exchange site for ASX, TSX or Hong Kong listings).
2. Search for “geographic”, “location of customer” or “by destination”. The table is in the revenue or segment note, not in the front-of-book summary.
3. Divide the China (or Greater China) line by total revenue, and check the prior-year column for a trend.
4. Note what the figure excludes: sales to traders outside China, equity-accounted joint ventures, and related-party sales are often booked elsewhere.

Calculate your portfolio’s China exposure

The calculator below weights each holding’s China share of revenue by its weight in your portfolio, then shows how many percentage points of portfolio revenue would move if Chinese demand changed. It uses revenue shares only, not profits.

Risks that come with China exposure

• Concentration. When more than half of revenue comes from one country, a policy or economic change there affects most of the income.
• Trade policy. Southern Copper’s 10-K notes that reciprocal tariffs with China were suspended until 10 November 2026 (Southern Copper Form 10-K), and MP Materials lists changes in US and Chinese trade policy among its risks (MP Materials Form 10-K).
• Export controls. The rare earth pause above is due to end on 10 November 2026, and licences for the April 2025 elements are still needed.
• Price swings. Albemarle’s 2025 sales fell 4% despite higher volumes because lithium prices fell; PLS’s profit moved from loss to gain in a year as prices recovered.
• Host-country risk. Congo, Guinea, Zambia and Peru each add their own tax, licensing and security risks to the mines in this article.

Name changes and delistings in mining stocks

Some well-known mining stock names have changed or left the market. The notes below give the current status.

• OZ Minerals (ASX: OZL) no longer trades. BHP completed its acquisition on 2 May 2023 (BHP release, 2 May 2023), and OZ Minerals applied to be removed from the ASX official list, with removal expected by 3 May 2023 (Global Mining Review, 4 May 2023).
• China Molybdenum has been CMOC Group Limited since June 2022, listed in Shanghai (603993) and Hong Kong (3993) (CMOC news release).
• Pilbara Minerals became PLS Group Limited in late 2025; its ASX code, PLS, did not change (MarketScreener).
• Tianqi’s ownership of Greenbushes is indirect. Tianqi holds 51% of TLEA, IGO holds 49%, and Albemarle holds 49% of Windfield, the company that owns Talison and Greenbushes.
• Anglo American and Teck agreed a merger. Shareholders of both companies approved it in December 2025 (Mining Technology). As of early October 2026 it had approval from every regulator except China’s, and both companies expected to close it by March 2027 (Reuters via Kitco, 2 October 2026).

Screening ground for minerals from space

Revenue tables tell you what happened last year. Farmonaut’s satellite-based mineral detection platform analyses reflected light from the ground to flag possible mineralised zones and alteration halos in an area at the early exploration stage, ahead of any resource estimate. It does not replace a company’s reserve statement or an audit.

▶ Shows what satellites can and cannot detect about rocks and mineral systems on the ground. · 4:25

Frequently asked questions

Which mining stock has the most exposure to China?

Among the large companies compared here, BHP has the highest share, with 58.2% of revenue from customers in China in the year to 30 June 2026. Rio Tinto (57.3% in 2025) and Vale (49.6% for mainland China) follow.

Do all mining stocks benefit when China invests overseas?

Not necessarily. The Griffith figures count Chinese investment and construction contracts, not gains for any listed miner. What a listed miner earns depends on its own contracts, costs and prices.

Which miners sell the least to China?

Freeport-McMoRan (2.5% by customer location) and Southern Copper (9.5%) report small direct shares. MP Materials reports no sales to China since July 2025. Direct shares can understate indirect exposure through traders.

How much of Vale’s revenue comes from China?

Vale reported US$19,038 million, or 49.6% of net operating revenue, from China Mainland in 2025; with Taiwan its China line was US$19,405 million (50.5%). Iron ore was US$18,517 million of the China line.

Is Albemarle’s lithium business tied to China?

Albemarle states that 39% of its 2025 net sales were shipped to or within China, and that it owns three active production facilities there. It also owns 49% of the company that owns the Greenbushes mine in Western Australia.

Do gold miners have China exposure?

Mostly through the price. Gold miners sell into a global market, so Chinese central bank and retail buying affect the price rather than showing up as a revenue line. The World Gold Council reported 289 tonnes of net official buying in the second quarter of 2026.

What happens to rare earth stocks if China restores its export controls?

China suspended its October 2025 expanded controls until 10 November 2026. The April 2025 controls on seven medium and heavy rare earth elements remain in force. If the pause ends, the October 2025 licence requirements would apply again.

Is OZ Minerals still a listed company?

No. BHP completed its acquisition on 2 May 2023 and OZ Minerals applied to be removed from the ASX official list, with removal expected by 3 May 2023.

Is this list investment advice?

No. It reports numbers from company filings. It contains no price targets and no recommendation. Check live quotes, the full filings and your own circumstances before making any decision.