There are 113 Australian Securities Exchange-listed mining companies that own or operate properties across the African continent, encompassing almost 270 properties.
Over the past three years, there have been more than 120 metals and mining initial public offerings (IPOs) on the Australian bourse, raising in aggregate more than US$1.1 billion ($1.68 billion) in capital. The resources sector has continued to be highly active and in the 24 months to September 2024, with some 65% of ASX listings and 60% of follow-on offerings.
Capital is again flowing into Africa with a growing number of miners seeking deals in 2025, as reported by Mining.com.au.
As JP Morgan’s The CFO View: Asia Pacific Outlook 2026 reports, dealmakers broadly are increasingly pursuing new market opportunities, looking into technology investments and streamlining operations, which will drive expansion and resilience into next year.
The resources and energy sectors have seen the highs of M&A in recent times, with the energy sector engaging in more than $400 billion worth in deals in 2025, according to Bain & Company’s Global M&A Report 2025.
Deal value in the energy and natural resources industries rose by 2%, and volume grew by 4% during the first 10 months of 2024.
Last week, a number of ASX-listed mining companies announced deals in Africa. One was Askari Metals (ASX:AS2), which acquired Hong Kong Xingxu Mining International Investment, taking ownership of the Nejo Gold and Copper Project, located in central-western Ethiopia.
“We are now well-funded and strategically positioned to accelerate our exploration and development activities across Africa”
The company issued 14.28 million shares and 20 million options to Shining Star International Holdings, which will be held in voluntary escrow for a 12-month period.
The acquisition provides Askari with access to 1,174km2 of exploration licences, near the 1.7 million ounce Tulu Kapi Mine and along strike from the 3.4 million ounce Kurmuk Mine.
Executive Director Gino D’Anna says this acquisition is an “inflection point” for the company, following on from its recent entitlement offer.
“We are now well-funded and strategically positioned to accelerate our exploration and development activities across Africa,” D’Anna says.
“The Nejo Gold and Copper Project represents a flagship opportunity for Askari – a district-scale landholding on the globally significant Arabian-Nubian Shield, located alongside established multi-million-ounce gold deposits.
“Our immediate focus is on fast-tracking exploration at Guji, Komto 1, and Komto 2, where historical high-grade gold results provide a clear pathway toward a potential maiden JORC 2012 mineral resource.”
Santa Fe grabs Glomin Services
Santa Fe Minerals (ASX:SFM) has entered a binding share purchase agreement with WIA Gold (ASX:WIA) to acquire Glomin Services, which holds an 80% stake in the Mankono, Bouaflé, Bocanda, and Issia projects in Côte d’Ivoire.
The company will issue 20 million shares, which will be held in voluntary escrow for 12 months, and 8 million performance rights to WIA.
Santa Fe will be required to complete a $6 million placement, issuing 30 million shares at $0.20 per share. Argonaut Securities will act as the lead manager for this placement.
The four assets cover an area of 3,449km2, proximal to Santa Fe’s recently acquired Eburnea Gold Project.
Santa Fe says the assets contain multiple drill ready targets, with previous drill intercepts including 10m @ 4.54 grams per tonne gold, 4m @ 87.83g/t gold, and 6m @ 4.31g/t gold.
As Connected Minerals (ASX:CML) Managing Director Warrick Clent recently told Mining.com.au, uranium is emerging in Africa and something to monitor heading towards 2030 and into the next decade.
Clent notes many older uranium mines are shutting down over the coming years – combined with the supply deficit in the long-term uranium market, which will be prevalent by 2030 as more nuclear reactors come online, there is going to be significant demand for uranium.
This in turn is likely to drive deal activity in the uranium space in particular.
CEO of Africa-focused Globe Metals & Mining (ASX:GBE) Charles Altshuler identifies some emerging trends to keep an eye out for towards the end of this decade including regional collaboration across Southern Africa, and increasing alignment with global ESG standards, as reported.
Earlier last week, Zambian-focused uranium company Atomic Eagle (ASX:AEU) began trading on the Australian Securities Exchange (ASX), as the company focuses on exploring and developing its uranium assets in Africa, as reported by Mining.com.au.
The Muntanga Uranium Project in Zambia is centered as the company’s core asset, which says it is well funded to advance exploration over the broader area following completion of a $10 million re-compliance raise.
Meanwhile, mining giant BHP (ASX:BHP) has withdrawn its consideration from merging with Anglo American (LSE:AAL), remaining confident in its own organic growth strategy.
Anglo American and Teck Resources (TSX:TECK.A) are merging creating a combined entity offering more than 70% exposure to copper.
Founded in Johannesburg in 1917, Anglo American’s portfolio spans several jurisdictions, including where governments can be sensitive to strategic resource ownership, such as South Africa.
Anglo American would have been required to undertake “two separate demergers” of its stakes in Anglo American Platinum and Kumba Iron Ore as an interconditional part of its deal with BHP.
Anglo Platinum and Kumba together account for “approximately $15 billion (€13bn) and 34% of the proposed total consideration” and represent a “substantial amount of stock to distribute”, causing “significant uncertainty” for its investors according to the board.
BOA buys Neds Creek Copper Project
While not Africa-focused, an interesting acquisition last week was BOA Resources (ASX:BOA) buying a 49% stake in the Neds Creek Copper Project in Western Australia from Core Value Australia.
The company will issue 17.27 million shares to Core Value to acquire the 13 exploration licences across 1,140km2 in the Murchison Copper Belt, offering the vendor a 12% stake in BOA.
BOA will fund the first $500,000 of exploration expenditure at the project for an exclusive option to acquire the remaining 51% of the project, wholly acquiring privately held Stanifer.
Managing Director Cath Norman describes the acquisition as a “pivotal step” in BOA’s strategy to expand its critical minerals portfolio.
“Neds Creek offers a rare combination of advanced, drill-ready copper targets and significant exploration upside in a district that has delivered some of Western Australia’s most important copper discoveries,” Norman says.
“With resource and exploration drilling planned during the first half of 2026, BOA is well placed to discover Australia’s next copper resource while growing, de-risking and diversifying our exploration portfolio.”
The company raised $3.75 million in order to strengthen its balance sheet for this acquisition. BOA issued shares at $0.025 each, representing a 16.67% discount to the seven-day volume weighted average price.
BW Equities acted as the lead manager for this placement.
Write to Maddison Elliott at Mining.com.au
Images: Askari, Santa Fe & BOA
