The mining industry has been active in securing mergers and acquisitions (M&A) throughout 2024, driven by increasing global demand for critical minerals required for the rapidly evolving energy transition.
According to industry analytics from Mining Technology’s parent company, GlobalData, to date there have been 754 acquisitions totalling $99.73bn and 30 mergers totalling $2.43bn announced in the mining sector so far in 2024. This marks a 4% increase for acquisitions and a 9% decrease in mergers compared with 2023.
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Overall, mining companies have taken diverse approaches to investment in 2024, with some leaders such as Rio Tinto ramping up spending while others announced cuts to capital expenditure due to project closures and geopolitical uncertainties.
Strategic partnerships on assets and commodities are set to continue as a key trend alongside broader consolidation by industry giants.
Mining Technology looks at the values of the ten most notable deals in the global mining industry in 2024.
1. Allkem and Livent close merger of equals valued at $10.6bn
At the very beginning of 2024, the merger of Australian lithium producer Allkem and US chemicals giant Livent concluded.
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By GlobalDataThe merged entity, Arcadium Lithium, has a value of $10.6bn (A$16.96bn), establishing one of the world’s largest integrated producers of lithium, a key component in electric vehicle batteries.
Ten months later in October, Rio Tinto signed a definitive agreement to acquire Arcadium Lithium in an all-cash transaction valued at approximately $6.7bn (£5.3bn).
2. Whitehaven closes $4.1bn purchase of Queensland coal mines
In April, Whitehaven Coal concluded the acquisition of the Daunia and Blackwater metallurgical coal mines in Queensland, Australia, from the BHP Mitsubishi Alliance, a joint venture (JV) between BHP and Mitsubishi Development.
This transaction solidified Whitehaven as a major metallurgical coal producer as it aims to meet global demand for steel and diversify its portfolio and geographic exposure.
3. Polymetal offloads Russian business for $3.69bn
In February, Polymetal International agreed to sell its Russian business in a deal worth approximately $3.69bn (KZT1.93trn). The transaction involved 100% of the share capital of JSC Polymetal to Mangazeya Plus, one of the top 20 Russian gold miners.
Polymetal aims to concentrate on its operations in Kazakhstan, potentially leading to an enhanced valuation of its assets in the region and a reduction in risk and debt for the group’s activities there.
4. BHP and Lundin Mining jointly acquire Canada’s Filo for $2.8bn
In July, BHP and Lundin Mining announced a JV to acquire Canadian exploration and development company Filo for approximately C$4.1bn ($2.8bn). Filo recently sent essential documents for its acquisition by BHP and Lundin to shareholders, who must follow set procedures to receive their considerations. Completion is anticipated in the first quarter of 2025.
Under the JV, BHP and Lundin will develop Filo’s flagship copper asset, Filo del Sol, with the goal of developing a copper district with significant potential in Argentina and Chile.
Deals relating to strategic JVs are becoming increasingly prevalent in the mining industry to gather expertise and diversify risk.
5. AngloGold Ashanti makes $2.5bn buyout offer for Centamin
In November, AngloGold Ashanti acquired smaller rival Centamin for $2.5bn (R45.6bn). The focus of the transaction was Egypt’s largest gold mine, Sukari, which ranks among the world’s top-producing mines, generating more than 5.9 million ounces (moz) of gold since it became operational in 2009.
Acquiring Sukari is expected to boost AngloGold’s annual gold production by 450,000oz, taking its overall output to 3.1moz and positioning it as the world’s fourth-largest gold producer in terms of volume.
6. Vale closes deal to sell 10% of base metals arm to Manara Minerals for $2.5bn
In May, Vale concluded the sale of a 10% stake in Vale Base Metals (VBM) to Manara Minerals for $2.5bn (15.78bn reais).
The investment by Manara Minerals in VBM is expected to catalyse the latter’s growth, with significant investments planned over the next decade in copper and nickel production. This represents a broader trend of mining companies fine-tuning their portfolios.
7. Aluminium producer Alcoa closes $2.2bn acquisition of Alumina
In August, Alcoa completed its takeover of Australia-based JV partner Alumina in an all-stock transaction valued at $2.2bn.
The deal aimed to secure unified ownership of Alcoa World Alumina and Chemicals, as well as exposure to the global upstream aluminium company.
8. Gold Fields completes $1.39bn acquisition of Osisko Mining
In October, South African gold producer Gold Fields completed the $1.39bn acquisition of Canada-based mineral exploration company Osisko Mining.
The companies also reached an agreement for Gold Fields to acquire full ownership of the Windfall project, one of the largest gold deposits in Canada and one of the top ten gold deposits globally. Total investment in the mine from both companies to date amounts to $698m.
9. Westgold merges with Karora to create mid-tier gold company for $800m
In August, Westgold Resources and Karora Resources completed their merger at a cost of $800m, establishing a new mid-tier gold production company in Australia.
The combined entity has a market capitalisation of approximately $1.43bn and an expected annual output of more than 400,000oz of gold.
10. BHP backs away from Anglo American acquisition
In May, mining giant BHP confirmed it would not proceed with a firm offer to acquire Anglo American, following the rejection of its £39bn takeover proposal.
The proposal called for separate demergers, which required Anglo American to distribute to shareholders its interests in South Africa’s Anglo American Platinum and Kumba Iron Ore.
Anglo American’s board declined the offer, which would have been one of the largest mergers in the mining industry in recent years, citing its complex structure and execution risks.
