Mining mergers and acquisitions surged to $26.28 billion in value during the first quarter, marking the second-highest quarterly total on record, S&P Global reported on Tuesday. The figure stands just below the all-time high set in a prior quarter, signaling a wave of high-value consolidation in the sector.
Despite the blockbuster dollar figures, the number of completed deals plunged compared to prior periods. The sharp divergence between value and volume suggests miners are chasing fewer but larger targets, prioritizing scale and strategic assets over bolt-on acquisitions.
Gold and copper assets drove much of the spending, as producers scramble to secure long-term supply amid tightening reserves and rising demand from energy transition sectors. Major transactions included several billion-dollar takeovers of developers with advanced-stage projects.
The deal count slump may reflect heightened due diligence and regulatory scrutiny in key jurisdictions. Buyers are also grappling with inflated asset valuations and political risks in resource-rich nations, which can chill mid-tier dealmaking even as top-tier transactions close.