Strategic realignment, supply‑chain security and interventionist regulators are setting the tone for 2026
Looking back on 2025
In 2025, mining M&A continued to be driven by the energy transition and strong demand for critical minerals, with copper, lithium, nickel and other battery metals supporting a robust deal pipeline. Activity also became increasingly policy-driven, with geopolitical factors – including US-China relations and security of supply for critical minerals – shaping strategy alongside commodity prices. Record high gold prices supported increased levels of precious metals M&A, while weaker base and ferrous metal prices limited some deal activity.
Acquisition-led growth remained the dominant strategy, as the cost and complexity of developing new projects made greenfield expansion less attractive. Public M&A activity in the sector remained strong, broadly in line with 2024 levels. Notable transactions in 2025 highlighted the diversity of dealmaking in the sector,
