As commodity prices climb, governments around the world are trying to assert greater control over domestic resources. This “resource nationalism,” a pursuit of economic and political gains, is gaining momentum across key commodity-producing regions.

From renegotiating mining contracts to imposing export restrictions and revising royalty regimes, governments increasingly seek a larger share of the profits from the minerals driving the global energy transition.

Such policies can be a path to national prosperity and economic sovereignty. However, aggressive forms deter foreign investment, destabilizing global supply chains in the process.

The Global Pushback 

The Mongolian government has reopened negotiations with Rio Tinto Plc (NYSE:RIO) regarding its Oyu Tolgoi copper mine. Although Mongolia already holds a 34% stake in this leading global copper asset, officials argue the deal unfairly limits national benefits.

Thus, the government is pressing for a revenue share closer to 60% and for dividend payments to arrive earlier. The previous agreement noted that Mongolia must partly finance the project through loans that must be repaid before profit flows.

After a breakthrough year for gold and a partial recovery of the lithium market, Ghanaian authorities are introducing a new royalty system. The reform replaces a flat 5% royalty rate with a sliding-scale system that can reach 12% as prices surge.

According to Reuters, the policy got pushback from the U.S., China, and several other nations. Even the Ghana Chamber of Mines raised concerns, with CEO Kenneth Ashigbey noting the policy would “dry up new projects and output.” Ghana produced around 6 million ounces of gold in 2025, with key operators being Newmont Corp. (NYSE:NEM) and Gold Fields Ltd. (NYSE:GFI).

Indonesia, which banned exports of raw nickel ore in 2020, has further tightened controls. In 2025, it seized millions of hectares of mining and plantation land and levied $1.7 billion in fines for licensing violations, per an Asahi report.

Despite improving relations with Washington under the Trump administration, Jakarta remains reluctant to concede its raw mineral wealth.

“Indonesia will not open the export of critical mineral raw materials to the United States,” Haryo Limanseto, spokesperson for the Coordinating Ministry for the Economy, said, according to Tempo.

Right-Wing Reforms

Another important market that is undergoing a policy change at the moment is Chile. The election of President José Antonio Kast signals a potential policy reset, as the political pendulum has swung from left to right.

Kast, who took office on Wednesday, has merged the mining and economy ministries. He faces pressure to reform the permitting system, requiring hundreds of approvals for a single project.

Although a supporter of lower taxes and free capital movement, Kast needs to balance between lower taxes, lower spending, and deregulation. Chile hosts some of the premier global projects, including BHP Group Ltd.’s (NYSE:BHP) Escondida, Glencore plc’s (OTC:GLCNF) and Anglo American plc’s (OTC:AAUKF) Collahuasi, Freeport-McMoRan Inc.’s (NYSE:FCX) El Abra, and Albemarle Corporation’s (NYSE:ALB) Salar de Atacama operation. Thus, investors in the largest copper producer and the second-largest lithium producer should take notice of these reforms.

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