Between 2020 and 2025, the global mining sector underwent a wave of M&A activity that altered how companies approach portfolio construction, capital deployment, and growth strategy. This paper analyzes more than 130 publicly disclosed mining M&A transactions with a combined value exceeding US$300 billion, supplemented by our internal insights as a leading provider of mining due diligence services.
The period was defined by aggressive consolidation in gold, a strategic race for copper and lithium assets, ESG-driven coal divestments, the continued rise of Chinese corporates as leading global acquirers, and non-traditional market participants entering the space. Activity in the data set was concentrated in Australia and Canada, with Latin America and Africa serving as key arenas for energy transition metals and base metals dealmaking.
The analysis identifies lessons around valuation discipline, integration complexity, and jurisdictional risk. It concludes with strategic considerations for companies positioning for continued M&A activity in the years ahead, including practical considerations for boards and management teams, emphasizing valuation discipline, jurisdictional awareness, the importance of positioning for secondary opportunities created by mega-merger portfolio rationalization, and benefit of independent expert review.
