Global merger and acquisition activity within the mining industry soared to a thirteen-year high during 2025, propelled by escalating demand for essential minerals crucial to technological advancement and the clean energy transition.
Record-Breaking Deal Values
According to the latest comprehensive survey conducted by the international law firm White & Case, the aggregate value of worldwide mining M&A transactions reached an impressive $93.7 billion (approximately £67.9 billion) last year. This figure represents the highest annual total recorded since 2012, when deal values peaked at $129.3 billion.
The 2025 total marks a substantial 27 per cent increase compared to the $73.6 billion worth of deals completed in 2023. Furthermore, it shows a significant 23 per cent rise from the $76.5 billion recorded in 2024. This upward trajectory is largely attributed to the intensifying clamour for critical minerals, including gold, lithium, and cobalt, as the artificial intelligence market expands and the global shift towards renewable energy sources accelerates.
Sustained Gold Demand from Tech Sector
In particular, demand for gold within the technology sector remained robust throughout the year. The World Gold Council's most recent report indicates that demand reached 323 tonnes, a direct response to the ongoing AI boom and the metal's continued necessity in electronic components and advanced manufacturing.
Modest Transaction Volume Amid High Values
Despite the dramatic surge in the monetary value of deals, the actual number of transactions completed remained relatively stable compared to previous years. A total of 552 deals were finalised in 2025, which is only a modest increase from the 532 deals in 2024 and 502 deals in 2023.
Industry analysts credit this dichotomy to the constrained cost of capital and persistent geopolitical uncertainty, which have prompted some companies to pause accelerated deal-making. Instead, growth has been increasingly channelled through strategic partnerships and collaborations within the private sector.
Notable examples from the year include the high-profile merger discussions between London-listed mining giant Anglo American and Canadian firm Teck, alongside revived talks between industry behemoths Glencore and Rio Tinto.
Outlook and Predictions for 2026
Looking ahead to the current year, the survey reveals that over 30 per cent of respondents anticipate strategic partnerships will be the most prevalent form of transactional activity. These partnerships are expected to involve governments, government agencies, and private sector entities working in concert.
Furthermore, three in ten respondents predict that the gold market will experience the most intense M&A activity in 2026. This expectation is based on the asset's performance in 2025, where it achieved a staggering 53 new record-breaking price levels, a trend likely to continue amidst ongoing geopolitical tensions and economic uncertainty.
The critical minerals market follows closely, with 27 per cent of survey participants anticipating it will see the highest levels of merger and acquisition action.
Expert Commentary on Future Trends
Rebecca Campbell, Global Head of Mining and Metals at White & Case, provided insight into the sector's trajectory. "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," she stated.
Campbell elaborated, "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."
Interestingly, she also noted that factors traditionally seen as hindrances—including volatile national policies, resource nationalism, and the cost of capital—may paradoxically drive market activity in 2026. Companies are likely to pursue deals proactively to secure assets and positions before potential escalations in political tensions or further increases in operational costs.
