Mining deals hit $21.6B in strongest Q1 since 2023

Global mining mergers and acquisitions (M&A) reached $21.6 billion in the first quarter of 2026, marking the strongest start to a year since 2023 as deal value and volumes climbed despite high-profile setbacks.

Global law firm White & Case LLP recorded 121 transactions in Q1, up from 117 a year earlier and 102 in 2024. Aggregate deal value rose by $5.5 billion, or 34%, from Q1 2025 and by $7.7 billion, or 55%, from Q1 2024, extending momentum from a robust 2025 when full-year mining M&A reached $93.7 billion, the highest level in 13 years.

“The increase in mining M&A to its highest level in three years reflects a shift in capital toward assets that underpin resilient supply chains for critical minerals,” Rebecca Campbell, global head of mining and metals at White & Case, said.

“In an increasingly fragmented geopolitical landscape, deal activity is focused on assets that can deliver reliable, long-term supply of strategically important materials within stable operating and regulatory environments.”

The rebound in dealmaking comes even as talks between Glencore (LON: GLEN) and Rio Tinto (ASX; LON: RIO) collapsed, signalling that broader structural drivers are outweighing individual deal setbacks. 

Activity has eased from peaks in the second half of 2025, but remains elevated as companies reposition portfolios.

Rising demand for critical minerals tied to the energy transition is reshaping M&A priorities, buyers increasingly targeting assets in stable jurisdictions that can support long-term supply. 

Partnerships lead

Strategic partnerships are emerging as a dominant structure, with 32% of respondents in White & Case’s 2026 Mining and Metals Survey identifying them as the most likely form of transaction this year.

Recent deals illustrate the trend. White & Case advised Serra Verde Group, a large-scale rare earths producer in Brazil, on securing $565 million in financing from the US International Development Finance Corporation and on its roughly $2.8 billion combination with USA Rare Earth (Nasdaq: USAR). The transaction aims to create a vertically integrated supply chain spanning mining through to magnet production outside Asia.

“Our work for Serra Verde reflects what we are seeing across the sector globally,” the law firm’s partner Thomas Pate said. “Mining projects of long-term importance are increasingly being advanced through strategic partnerships rather than traditional ownership structures. Additionally, government support is playing a more active role alongside private capital.”

Gold could be the next frontier for consolidation as prices hover near record highs amid geopolitical uncertainty. Survey respondents ranked precious metals as the most likely segment for consolidation over the next 12 months, followed closely by critical minerals.