Mining M&A Hits $40 Billion as Firms Scramble for Critical Minerals
Deal value surged 46% in the third quarter, driven by the global energy transition and a scarcity of high-quality assets.
The global mining industry is in the midst of an aggressive consolidation wave, with companies striking deals at a blistering pace to secure resources essential for the green energy transition. Merger and acquisition deal value in the sector soared to $40 billion in the third quarter of 2025, a 46% jump from the same period last year, as a scramble for top-tier assets intensifies.
The surge was powered by a flurry of mega-deals—transactions valued at over $1 billion—which accounted for $28 billion of the total, according to a report from GlobeNewswire. This heightened activity signals a strategic shift across the industry, as mining giants move from a prolonged period of capital discipline to an expansion footing, driven by the soaring demand for metals like copper, lithium, and nickel.
These critical minerals form the bedrock of the global energy transition, essential for manufacturing electric vehicles, wind turbines, and sprawling grid infrastructure. With few major discoveries of high-grade deposits in recent years, mining executives are increasingly opting to buy rather than build. This strategy addresses the challenge of replenishing project pipelines and securing long-term supply in a market characterized by scarcity.
"We are witnessing a fundamental reshaping of the mining landscape in 2025," noted a recent analysis from legal firm Dentons. The firm highlighted that the unrelenting demand for critical minerals, coupled with geopolitical efforts to secure resilient supply chains, is creating a perfect storm for M&A activity.
While battery metals are a primary catalyst, the traditional allure of gold has not faded. The precious metal continues to be a dominant factor in deal-making, accounting for a significant portion of M&A value as producers seek to gain scale and efficiency amid favorable pricing.
The intense competition for a limited pool of high-quality, economically viable projects is supporting robust valuations and encouraging buyers to act decisively. Analysts suggest that the premiums paid in recent acquisitions reflect a growing conviction in the sector's long-term fundamentals. This confidence is underpinned by the scarcity of tier-one assets, a factor that intensifies competition and supports valuations for proven operations, according to market analysis.
Looking ahead, the M&A trend shows no signs of abating. The dual pressures of resource depletion and the accelerating clean energy push are expected to keep deal-making at the forefront of corporate strategy. As the world's largest miners seek to position themselves for a low-carbon future, the chase for the assets that will power it is only just beginning.