Mining M&A hits new highs after $93bn worth of deals in 2025
Global merger and acquisition activity in the mining sector hit a thirteen year high last year, as demand for critical minerals ramped up.
The aggregate value of global mining M&A activity hit $93.7bn (£67.9bn), the highest annual total since 2012 when $129.3bn of transactions were recorded, according to the latest survey from law firm White & Case.
It was a notable increase compared to the last two years, with total deal values rising by 27 per cent from 2023 where $73.6bn of deals were completed.
Transactions jumped 23 per cent compared to 2024, where deals totalled $76.5bn, as demand for critical minerals, including gold, lithium and cobalt, heated up amid the growth of the AI market and clean energy transition.
In particular, the clamour for gold within the tech sector held steady last year, with demand reaching 323t according to the latest report from the World Gold Council, in response to the AI boom and need for the metal in electronics.
Modest transaction activity
Despite the hike in value, transaction activity remained at similar levels to prior years, with 552 deals completed, a small jump from the 532 in 2024 and 502 in 2023.
This was credited to the constrained cost of capital and ongoing geopolitical uncertainty bringing accelerated deal-making to a halt for some companies, with growth instead pinned to partnerships within the private sector.
This included the merger between London-listed Anglo American and Canadian mining company Teck, while Glencore and Rio Tinto also revived merger discussions.
2026 outlook
Over 30 per cent of respondents expect strategic partnerships to be the most likely type of transactional activity this coming year.
Three in ten also predicted the gold market to experience the most M&A activity, expecting the asset to keep hitting highs off the back of geopolitical uncertainty, after it reached a staggering 53 new record breaking levels in 2025.
This was closely followed by the critical minerals market, with 27 per cent anticipating it to see the highest levels of M&A action.
Rebecca Campbell, global head of mining and metals at White & Case, said: “In 2026, strategic partnerships between governments, government agencies and the private sector are likely to be the backbone of growth M&A in the sector.
“Should the cost of capital pose a constraint, even as interest rates are expected to fall, miners can target assets eligible for policy support, such as preferential, state-backed lending or even the sale of equity to national governments.”
Campbell also noted that factors which used to hinder activity such as “volatile national policies, resource nationalism and the cost of capital” may also drive the market in 2026, as companies look to act before tensions and costs potentially rise.