China is yet to dent US in busy mining M&A market

 
Marion Dakers
THE DOMINANCE of the US and Canada in the mining M&A market is not yet being challenged by Chinese competitors, according to figures out yesterday.

Just six per cent of buyers were based in China during 2010, PwC said in a report, though the number of acquirers from Asia has jumped from less than 10 per cent to 21 per cent in the last decade.

Around 49 per cent of all global mining deals in 2010 involved at least one Canadian or American buyer, PwC said.

The findings suggest a return to the frenetic pace of mining M&A last seen in 2007, with 1,324 global deals worth $104bn (£63.7bn) this financial year.

Escalating commodity prices pushed by a continued lack of supply are being credited for the number of acquisitions in 2010, particularly for gold miners, which made up around a third of all deals.