The aggregate deal value of global mergers and acquisitions (M&A) in the mining sector hit a 13-year high in 2025, global law firm White & Case reports.

Strong demand for critical minerals that support the clean energy transition and fast-growing AI market has generated significant momentum, which has continued into this year, with miners Glencore and Rio Tinto having revived merger discussions.

The full-year 2025 data extracted from White & Case’s M&A Explorer shows that the aggregate value of global mining M&A activity reached $93.7-billion in 2025, marking the highest yearly total since 2012 when $129.3-billion of transactions were recorded.

Last year’s activity marked a notable increase on prior years, with total deal values having increased by 27% on the $73.6-billion recorded in 2023 and by 23% on the $76.5-billion recorded in 2024.

Despite the high aggregate value, the volume of transaction activity remained in line with previous years, with 522 deals completed last year, compared with 532 in 2024 and 502 in 2023. The cost of capital and geopolitical uncertainty were cited as barriers to the broader acceleration of deal-making.

Data from White & Case’s Mining and Metals Survey 2026 shows that the formation of strategic partnerships (32%) is expected to be the most likely type of transactional activity this coming year.

There is also significant potential for continued consolidation in the gold market with prices reaching record levels on the back of geopolitical uncertainty.

The proportion of respondents from the White & Case survey predicting that precious metals and gold are most likely to experience consolidation in the next 12 months is at 29% followed by critical minerals (27%).

“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.

“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 as an implicit guarantee of a bailout or commensurate support,” White & Case mining and metals global head Rebecca Campbell says.

“Factors that ostensibly limit the potential for M&A activity – volatile national policies, resource nationalism and the cost of capital – are also likely to be potential deal drivers heading into this year,” she predicts.