en.Wedoany.com Reported - Global mining M&A activity in the first quarter of 2026 showed a divergence, with total transaction value rising sharply but deal count declining. According to data from S&P Global, corporate transactions involving the metals and mining sector saw a strong recovery between January and March, with total transaction value increasing 63% quarter-over-quarter to $26.28 billion, the second-highest single-quarter figure since tracking began in late 2013, reflecting the industry's strategic focus on securing long-term supply.
The report noted that mining companies are currently seeking immediate scale expansion, explaining why corporate-level acquisitions surged while asset acquisitions remained relatively scarce. S&P recorded 30 corporate acquisitions in the quarter, nearly double the 16 asset purchases. However, the report noted that Q1 2026 was the first time the agency included steel transactions in its coverage. Therefore, the $10 billion acquisition of BlueScope Steel—the largest deal of the quarter—may have exaggerated the increase in M&A transaction value compared to previous years.
In terms of M&A deal count, 46 transactions were recorded in the quarter, barely half of the total in the previous quarter. S&P stated that, excluding steel transactions, the second and third largest deals focused on gold and copper, respectively, indicating strong demand for these two most sought-after commodities. Several major companies, including South Africa's Gold Fields and China's Zhaojin Mining, expressed willingness to pursue deals. For individual asset purchases, the total value ($3.35 billion) was well above the quarterly average, boosted by the $1 billion sale of Turkey's Copler mine, but still down 12% quarter-over-quarter. However, compared to the same period last year, asset purchase value surged 221%.
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