A Recap of Mining’s Monumental M&A Landscape in 2024
Costmine Intelligence tracks M&A across the industry and here we take stock of the largest deals of 2024. Outside the blockbuster Newmont/Newcrest deal, what’s notable about 2023 mining M&A was ubiquity of Canadian companies and properties. Six of the top 10 deals were Canadian lead and copper/gold were clearly high on the agenda for these acquirers. One of the Canadians, Elliott-backed Triple Flag, is notable for being the sole financial, or streaming and royalty company in the list. While not Canadian, Wyloo metals boasts a number of interests in Canadian properties as it expands its reach across commodities and development projects.
Source – Mining Intelligence
1) Zhaojin Mining (SHA: 1818) & Tietto Minerals Ltd. (ASK:TIE) – Zhaojin Mining’s acquisition of Tietto Minerals Ltd., valued at $453,632,509 and closing on May 24, 2024, stands as the largest deal of the year. This strategic move significantly enhances Zhaojin Mining’s gold portfolio in West Africa, particularly in Ivory Coast and Liberia, with an impressive acquisition of 93% interest. The primary commodity resource associated with this deal is 1.58 million ounces of gold, marking a substantial addition to their reserves.
2) Alamos Gold (TSX/NYSE: AGI) & Argonaut Gold Inc. (TSX: AR) – Alamos Gold’s acquisition of Argonaut Gold Inc. for $273,640,132, completed on July 12, 2024, is the second-largest deal. This acquisition represents a complete takeover with Alamos Gold securing 100% interest in Argonaut’s assets. The deal focuses on gold as the primary commodity, adding 4.54 million ounces to Alamos Gold’s resources, and strengthens their presence in Canada.
3) Calibre Mining (TSX: CXB) & Marathon Gold Corp. (TSX: MOZ) – Calibre Mining’s acquisition of Marathon Gold Corp., valued at $229,566,390, was finalized on January 24, 2024. This deal involves acquiring a 100% interest in Marathon Gold’s assets spread across Canada and the United States. The acquisition bolsters Calibre Mining’s gold resources by 6.51 million ounces, positioning them as a significant player in the North American gold mining sector.
4) ETC Holdings & Shanta Gold Limited (AIM: SHG) – ETC Holdings’ $197,176,125 acquisition of Shanta Gold Limited, closed on May 10, 2024, marks another notable transaction. By securing a 100% interest in Shanta Gold’s assets in Kenya and Tanzania, ETC Holdings expands its footprint in East Africa. This deal is centered around gold, with a primary commodity resource of 2.36 million ounces.
5) Galiano Gold (TSX: GAU) & Asanko – Galiano Gold’s acquisition of Asanko for $149,640,000, completed on March 4, 2024, involves a 45% interest in the target. This transaction, focusing on gold as the primary commodity, adds 0.71 million ounces to Galiano Gold’s resources, enhancing their operations in Ghana.
6) Emerald Resources (ASX: EMR) & Bullseye Mining Ltd. – Emerald Resources’ $137,419,948 acquisition of Bullseye Mining Ltd., closed on June 5, 2024, involves a 40% interest in the target’s Australian assets. This deal, centered on gold, adds a modest 0.04 million ounces to Emerald Resources’ portfolio but provides strategic leverage in Australia’s mining landscape.
7) Perseus Mining (ASX: PRU) & OreCorp Ltd. (ASX: ORR) – Perseus Mining’s acquisition of OreCorp Ltd., valued at $136,594,156 and finalized on May 20, 2024, secures an 80% interest in the target’s assets in Australia and Mauritania. The deal, focused on gold, adds 2.18 million ounces to Perseus Mining’s resources, reinforcing their position in these key mining jurisdictions.
8) Ganfeng Lithium (SHE: 002460) & Goulamina – Ganfeng Lithium’s acquisition of Goulamina for $65,000,000, closed on May 8, 2024, involves a 5% interest in the target’s Malian assets. This deal, focused on lithium as the primary commodity, adds 17.21 thousand tonnes to Ganfeng Lithium’s resources, underscoring the growing importance of lithium in the global mining sector.
9) Boss Energy (ASX: BOE) & Alta Mesa – Boss Energy’s acquisition of Alta Mesa for $60,000,000, completed on February 27, 2024, involves a 30% interest in the target’s United States assets. This transaction focuses on uranium oxide, adding 0.46 thousand tonnes to Boss Energy’s portfolio and enhancing their strategic position in the uranium market.
10) Atha Energy (TSXV: SASK) & Latitude Uranium Inc. (CSE: LUR) –Atha Energy’s $42,710,256 acquisition of Latitude Uranium Inc., closed on March 7, 2024, secures a 100% interest in the target’s Canadian assets. This deal, centered on uranium oxide, adds 4.67 thousand tonnes to Atha Energy’s resources, reflecting their commitment to expanding their presence in the uranium sector.
These significant M&A activities in 2024 underscore the mining industry’s dynamic nature and strategic efforts to enhance resource portfolios and operational footprints across various commodities and regions.
