More than US$11 billion of mining and metals financing and M&A in January picked up on where we left off in 2025. Mining Beacon’s global financing/M&A view had $139 billion of deals in 2025.
Mining Beacon tracked 91 mining and metals merger and acquisition deals in 2025, including the $53 billion Anglo American-Teck Resources megadeal announcement. There was circa-$59.47 billion of M&A without Anglo-Teck; $112.47 billion of M&A with the year’s biggest merger.
In addition, nearly 260 project and corporate financing transactions netted $26.4 billion of funding.
Mining Beacon’s review of 85 January 2026 transactions (68 financings and 17 announced M&A deals) looked at $7133 million of M&A and $4025 million of financing in the period. More than 77% of the M&A total was focused on gold and silver, dominated by Zijin Gold’s $4.05 billion tilt at Canada’s Allied Gold Corp.
More than a quarter of financing raised in the month is also aimed at the gold space, with 9.7% funding copper activity, 7.2% silver, 4.6% uranium and 2% lithium.
Geographically, projects in the USA attracted 48% of the funding announced in January. Canada is getting 18% of it; Australia 14%; Mexico 4%; Peru 3.5%; and Argentina 2%.
London-based law firm White & Case said at the end of January its “M&A Explorer” showed an aggregate value of $93.7 billion for global mining M&A deals completed in 2025. It said that annual total was the highest since 2012 when it recorded $129.3 billion of transactions wrapped up during that year.
White & Case said mining M&A momentum was rising, evidenced by the proposed Anglo-Teck merger and talks between Glencore and Rio Tinto, “driven by critical minerals demand”.
“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,” said the firm’s global head of mining & metals, Rebecca Campbell.
“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 as an implicit guarantee of a bailout or commensurate support.
“Factors that ostensibly limit the potential for M&A activity – volatile national policies, resource nationalism and the cost of capital – are also likely to be potential deal drivers heading into this year.”
US management firm Bain & Company says the proposed Anglo-Teck merger, which values Teck at nearly $24 billion (including debt), underscores how strategic mining M&A is becoming a more important tool for competitiveness and capital efficiency.
“The next wave of dealmaking will be bigger, more complex and far more decisive in determining who wins the forthcoming super cycle,” it says.
“Ultimately, as the world faces shortages of critical minerals, the most successful companies will pursue a combination of new mine exploration and M&A—and they’ll have to excel at both.”
Bain & Co suggests M&A largely remains “an underdeveloped muscle” for mining leaders.
“Few companies have gained the expertise that comes with serial acquisitions,” it says.
“Not many have developed repeatable post-merger integration models similar to those commonly seen in sectors such as manufacturing or financial services.
“Mining executives aren’t apologising for that: the distinctive nature of mining M&A hasn’t required it to date. Industry leaders recognise that their competitive advantage has come from adopting a portfolio-first mindset: gaining exposure to the right high-quality assets in desirable jurisdictions at the optimal time in the price cycle and maintaining the ideal balance of early, peak and late-stage assets across the portfolio.
“Hence many haven’t yet needed to focus on squeezing the full value from potential synergies and an optimal integration of the acquired target.
“But that calculus is changing.
“As the industry enters a period of more frequent dealmaking mining companies are starting to recognize that they have an opportunity to boost growth and create more value if they can become successful serial acquirers.”
Bain & Co says Australian-based Evolution Mining, which has targeted deals with geological upside and motivated sellers, “sets a great example of how repeatable, strategic M&A can deliver real value for shareholders”.
By Richard Roberts, Editorial Director, Beacon Events
