Mining M&A value surges in Q1, but deal count plunges: S&P

The mining industry saw mixed mergers and acquisitions (M&A) activity in the first quarter of 2026, with a surge in deal value but a sizeable decrease in the number of transactions, according to S&P Global.

In its latest M&A trends report, the firm highlighted a strong resurgence in deals involving companies in the metals and mining sector during the January-March period, with the combined value of transactions rising 63% over the previous quarter.

At $26.28 billion, the total value of deals represents the second highest ever for a quarter since it began tracking the data in late 2013, S&P said, pointing to the industry’s strategic focus on securing long-term supply.

It also noted that companies in the mining sector are now seeking immediate scale, which explains the surge in corporate-level deals as opposed to asset acquisitions. In total, there were 30 company acquisitions recorded by S&P during the quarter, nearly double the number of asset purchases (16).

However, the report came with a caveat, as Q1 2026 was the first quarter that the firm included steel deals in its coverage. As such, the $10 billion acquisition of BlueScope Steel — the largest of the quarter — likely overstated the increased value of M&A deals compared to past years.

This was also evident in the number of M&A deals, which at 46 was nearly half of the December quarter totals.

Focus on copper-gold remains

Aside from the steel deal, the second and third largest deals centered on gold and copper respectively, an indication of the strong appetite for the two hottest commodities, S&P said. Several large players, including South Africa’s Gold Fields and China’s Zhaojin Mining, have indicated they are open to deals.

As for individual asset buys, the combined value ($3.35 billion) was well above the quarterly average, buoyed by the $1 billion sale of the Copler mine in Turkey, though it was 12% lower than the previous quarter. But compared to the same period last year, the value of asset purchases was a significant 221% higher.