The value of the ten biggest mining deals passed $4 billion in November, with Endeavour Mining’s $1.8 billion bid for Teranga Gold dominating merger and acquisitions for the month.
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The deal comes as smaller gold miners have been struggling to compete with the likes of mining giants Barrick Gold and Newmont.
Record gold prices, which had soared this year amid the coronavirus pandemic, has led to a flurry of deals across the mining industry as smaller producers rush to scale up.
The Endeavour acquisition of Teranga Gold was described by the companies as a “merger of equals style” deal.
Endeavour’s previous attempt at a major merger failed last year with talks between Endeavour and Egypt-focused Centamin falling apart. However, in March, Endeavour bought Burkina Faso-focused Semafo, creating the biggest gold producer in the region.
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By GlobalData