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The mining sector must invest at least US$2.1 trillion by 2050 to meet the rising demand. In 2024, M&A activity was driven by companies focusing on transition minerals like copper and lithium or doubling down on metallurgical coal investments.
The value of completed M&A deals declined by 15% year-over-year to approximately US$70 billion, with the number of deals decreasing by 12% to 441. Major M&A deals were often not consummated due to high complexity and varying portfolio valuations. Instead, joint ventures and strategic alliances increased, such as the Anglo American and Codelco joint mine plan, which is expected to unlock 2.7 million tonnes of copper production over 21 years.
Activist funds continued to influence strategic changes in the sector. In 2025, geopolitics will drive M&A activity, with US policies promoting domestic investments and rising tariffs. The Middle East is emerging as a notable player in mining investments, particularly from Saudi Arabia and the UAE. Interest in gold and copper remains strong due to high prices and demand. Thermal coal prices are above long-term averages, and investments in green steel production are expected to continue.