In 2024, gold continued to dominate the global metals and mining M&A market. While there were no megadeals comparable to Newmont’s $16.49 billion acquisition of Newcrest in 2023, gold transactions led the way with a total value of $19.31 billion across 43 deals, representing nearly 70% of the year’s 62 total transactions—a 32% year-over-year increase.
According to S&P Global, total mining M&A value for the year rose by 1% to $26.54 billion, involving 192.5 million ounces of gold and 29.8 million metric tons of copper, nickel, and zinc in combined reserves and resources. Geopolitical risks and metal price volatility served as key drivers of market activity, a trend likely to continue into 2025.
Global gold prices hit multiple record highs in 2024, driven by geopolitical tensions (the Russia-Ukraine war and Middle East conflicts), U.S.-China trade friction, and a surge in central bank gold purchases. These factors prompted mining companies to accelerate their acquisition of gold assets, with high-value deals concentrated in core production regions such as Australia and Canada.
Out of the 27 company acquisitions and 16 asset transactions completed during the year, Northern Star Resources’ $3.26 billion acquisition of De Grey stood out as the largest M&A deal. This acquisition accounted for 33% of the year’s total acquired gold reserves and resources. In addition, Newmont sold its non-producing Havieron and Telfer gold mines in Western Australia to Greatland Gold for $497.6 million, showcasing a strategic preference for high-potential projects.
Although the total gold reserves and resources acquired dropped by 14% year-over-year to 192.5 million ounces, the average acquisition cost per ounce remained steady at $100, reflecting buyers’ confidence in long-term price trajectories. S&P Global noted that if the undisclosed Degdekan gold mine transaction (30 million ounces, sold by Russia’s Polyus) is included, the total acquired gold reserves and resources in 2024 would approach 2023 levels (223.4 million ounces).
Copper, a critical metal for the energy transition, saw a total transaction value of $5.7 billion in 2024, although acquired reserves and resources fell sharply by 52% year-over-year to 21 million metric tons. The largest copper deal of the year was the $3.03 billion joint acquisition of Filo by Lundin Mining and BHP. However, stricter foreign investment scrutiny introduced by Canada in July effectively dampened high-value copper deals in the second half of the year.
Zinc made a notable return to prominence with Boliden’s $1.52 billion acquisition of the Neves-Corvo copper-zinc mine in Portugal and the Zinkgruvan mine in Sweden, marking the highest-value zinc deal in over five years. Conversely, interest in nickel remained lackluster, with only one transaction completed—a 97% drop in deal value year-over-year. This reflected low market confidence amid ongoing low nickel prices and additional trade tariffs.
The momentum of gold-focused M&A has carried over into 2025, as highlighted by Equinox Gold’s $1.87 billion acquisition of Calibre Mining in the first quarter. S&P Global forecasts that geopolitical turmoil and the restructuring of critical mineral supply chains will create opportunities for more small- and medium-scale M&A activity, with copper and gold remaining key focal points.
Given increased metal price volatility and heightened policy risks, mining companies are expected to prioritize “M&A over exploration” as a strategic approach to balance resource reserves and capital expenditure.
