Processes 40% of world's gold. 29 tonnes from Sudan in 2024. No import verification.
Controls 91% of rare earth processing. $24.9B in Belt & Road mining loans (H1 2025).
Africa Corps: military support → mining concessions. Vetoed UN ceasefire while arming RSF.
Project Vault: speed over verification. Mandatory traceability would slow mineral stockpiling.
Corporations
Conflict discount on inputs
Below mkt
"Plausible deniability" — responsibility ends at the assay certificate.
Finance
Transaction volume + fees
$250B+
$250B+ in donor-advised funds. Mandatory verification would reduce margins.
The one actor that loses: Sudan's civilian population
No representation at the table where frameworks are designed