M. Garside
Research lead covering energy, chemicals & resources
Mining industry M&A worldwide - statistics & facts
Merger and acquisition (M&A) activity within the mining industry is very active, with energy, mining, and utilities transactions having the second largest value out of any industry category worldwide in 2023. Since 2011, there has been a notable decrease in the overall number of mining M&A transactions worldwide, from nearly 4,800 deals in that year to just 2,108 deals estimated for 2024. However, at the end of 2024, there was an uptick in mining M&A activity, mainly because of strong copper and gold prices increasing the cashflow of mining giants.
In 2023, the total global value of M&A activity across all sectors was nearly 2.5 trillion U.S. dollars. Of that amount, the mining and metals sector accounted for about nine percent of all M&A deals worldwide based on value that year, having amounted to 228 billion U.S. dollars. Gold deals led the mining industry in M&A deal value in 2023, with deals amounting to over 21 billion U.S. dollars. In comparison, copper M&A deals, which was the distantly second-placed mineral commodity based on deal value that year, amounted to less than five billion U.S. dollars.
Regionally, Asia-Pacific had the highest total value of metals and mining industry deals, totaling 61 billion U.S. dollars as of 2023. North America followed with the second largest value of deals at that time, amounting to 38 billion U.S. dollars.
In the near future, it is expected that mining sector M&A activity will increase considerably as a result of strong prices for mineral commodities such as gold and copper, as well as large mining companies seeking new projects for their pipelines, and growing preferences towards projects located in specific parts of the world due to stability concerns.
Which mineral commodities and regions are the most active deal targets?
In 2023, the total global value of M&A activity across all sectors was nearly 2.5 trillion U.S. dollars. Of that amount, the mining and metals sector accounted for about nine percent of all M&A deals worldwide based on value that year, having amounted to 228 billion U.S. dollars. Gold deals led the mining industry in M&A deal value in 2023, with deals amounting to over 21 billion U.S. dollars. In comparison, copper M&A deals, which was the distantly second-placed mineral commodity based on deal value that year, amounted to less than five billion U.S. dollars.
Regionally, Asia-Pacific had the highest total value of metals and mining industry deals, totaling 61 billion U.S. dollars as of 2023. North America followed with the second largest value of deals at that time, amounting to 38 billion U.S. dollars.
Mining industry M&A megadeals and trends
Several high-profile mining M&A deals have been completed in recent years, which have served to further increase the market share of some of the industry’s largest companies and shrink competition within industry sub-sectors. Between 2023 and 2024, the largest mining M&A deal announced worldwide was the gold sub-segment record-breaking acquisition of Newcrest Mining by Newmont. Announced in May 2023 and completed in November that year, the deal had a value of more than 19 billion U.S. dollars and resulted in the creation of the world’s leading gold mining business. On the other hand, another trend in mining industry deals is that many of the world’s largest mining companies have intentionally divested their coal resources in recent years in a bid to decarbonize their portfolios. For instance, in May 2022, the Australian mining giant BHP divested its Poitrel and South Walker Creek coal mines to Stanmore Resources.In the near future, it is expected that mining sector M&A activity will increase considerably as a result of strong prices for mineral commodities such as gold and copper, as well as large mining companies seeking new projects for their pipelines, and growing preferences towards projects located in specific parts of the world due to stability concerns.
