Australia’s mining sector has entered a powerful new phase of consolidation, with gold and copper producers driving a surge in mergers and acquisitions (M&A) throughout 2025.
According to Corrs Chambers Westgarth’s M&A 2026 Outlook, gold producers have dominated metals & mining deal activity, sustained by record-high gold prices driven by inflation concerns and geopolitical tensions.
The resources sector made up for 28 per cent of deals during the survey period, with gold accounting for half of all metals and mining transactions, supported by elevated prices and strong strategic demand.
Corrs said acquisitions have emerged as the preferred growth strategy over developing new mines, citing rising project costs, complex approvals and decade-long development timelines.
Mega-deals included Northern Star’s $5 billion acquisition of De Grey Mining, Gold Fields’ $3.9 billion takeover of Gold Road Resources and Ramelius’ $2.4 billion purchase of Spartan Resources.
Copper also recorded a strong uptick, accounting for 19 per cent of metals and mining deals, up from just 5 per cent the year prior.
“Copper’s status as a critical future‐facing commodity has been reinforced by the robust demand linked to the global energy transition and electrification,” the report said.
“While supply remains constrained by declining ore grades, a scarcity of new discoveries and the protracted timelines required to bring new projects into production.”
Future-facing commodities continued to attract strategic bidders, with transactions such as Pilbara Minerals’ acquisition of Latin Resources and Shenghe’s acquisition of Peak Rare Earths highlighting sustained appetite across lithium and rare earths.
A major catalyst for upcoming dealmaking is the critical minerals and rare earths framework signed by Prime Minister Albanese and US President Donald Trump.
The framework will see a joint investment of $US2 billion over the next six months into different projects across Australia – an even split between Australia and the US. The total package of investment will support a $US8.5 billion pipeline of critical minerals projects in Australia and the US.
Corrs said the minerals sector is set for another strong year, with M&A in resources poised to remain a dominant force in 2026.
