Gold M&A Deals Are Accelerating, But Average Deals Are Smaller, Research Shows

Gold miners dominated mergers and acquisitions (M&A) activity in the metals and mining industry in 2024. Research by S&P Global Market Intelligence found that yellow metal deals accounted for 70% of the total transaction value.

The report showed 62 gold-related transactions, compared to 47 in 2023, or a 32% growth. Although the overall deal value remained relatively close, at $26.36 billion, the $16.5 billion Newmont’s NEM acquisition of Newcrest was an outlier, skewing the numbers for the year before.

Most of 2024’s M&A occurred in two top jurisdictions, Australia and Canada. Gold’s 27% surge in 2024 further incentivized acquisitions, while geopolitical risks, including the persisting conflict in Ukraine, tensions in the Middle East, and rising central bank purchases, encouraged expansions through acquisitions.

Northern Star Resources NESRF $3.26 billion acquisition of De Grey Mining was the largest single transaction, consolidating ownership of one of Australia’s most promising gold deposits. The number two spot went to AngloGold Ashanti’s AU $2.48 billion takeover of Centamin, strengthening its African presence.

In contrast, despite copper’s growing popularity, copper-focused M&A was comparatively subdued, with 16 total deals amounting to $5.7 billion. The largest one was Lundin Mining and BHP’s joint $3.03 billion acquisition of Filo Corp. If BHP’s $49 billion bid for Anglo American had succeeded, the situation would have been vastly different.

S&P’s report also highlighted that while overall deal value remained stable, the absence of a $10 billion-plus megadeal meant that the average transaction size fell to $428.1 million—the lowest in five years and a 24% decline from 2023.

Large miners like Newmont sold smaller portfolio parts, focusing on top assets. At the same time, intermediate producers sought those assets to pursue margin-boosting synergies and growth necessary to break into the big leagues of producing over 1 million ounces annually.

In 2025, S&P predicts further positive momentum in gold M&A as metal prices bid new highs. The sector has already seen notable activity in early 2025, including Equinox Gold’s $1.87 billion bid for Calibre Mining. However, opposition from Equinox’s top shareholder, Van Eck, raises questions about whether the deal will proceed. Van Eck, who holds significant stakes in both companies, cited a lack of operational synergies as a key concern.

Gold Fields’ $2.1 billion offer for Gold Road Resources announced this week was rejected as “opportunistic,” with Gold Road arguing it undervalued its assets. The deal would have given Gold Fields full control over the Gruyere gold mine, but Gold Road proposed buying out Gold Fields’ stake—a counteroffer that was subsequently rejected.

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