Glencore open to deals as investors brace for more mining M&A
Potential M&As were the main interest for investors in the sector in 2024, but BHP’s failed bid for Anglo cooled deals down.
AuRico Gold Inc. is paying the cheapest valuation for a takeover of a North American gold producer in seven years even as bullion trades at a record. Including net cash, AuRico’s acquisition valued Northgate at 14.7 times Ebitda. In last year’s biggest takeover, Toronto-based Kinross, Canada’s third-largest producer of the metal, paid 40.4 times Ebitda to acquire Red Back Mining of Vancouver in a $6.7 billion deal.
