As the mining and resources industry winds down for the year and the festive season settles in, Mining.com.au is unwrapping a 12-day macro series, exploring the forces shaping the sector.
Much like the classic carol, each day builds on the last. On the third day, we’re diving into M&A deals that reshaped the year’s dealmaking calendar – so much so, Mining.com.au even rolled out its weekly M&A Monday series.
This year has been a monumental one for mining companies merging, while global dealmakers increasingly eye the sector as a key battleground in the next M&A wave, according to the 2026 Global M&A Predictions report from Ansarada – turning 2025 into anything but a silent night for dealmakers.
With geopolitical tensions, decarbonisation pressures and AI-fuelled capital flows reshaping deal logic, the report suggests mining companies could be among the biggest winners — if they are ready.
Ansarada’s report, which brings together 26 leading M&A professionals from across the globe, says resources companies are entering 2026 with a renewed urgency to reshape portfolios.
Rising energy demand, strategic focus on critical minerals, and the drive toward sustainability combine to make the mining and metals industry a focal point for both strategic and financial acquirers.
Dealmakers see resource-rich companies using M&A to reposition: shedding non-core assets, consolidating operations, or acquiring scale in battery metals and rare earths. As one expert notes, the mining sector is “uniquely poised for consolidation and reallocation as the green transition accelerates”.
A key thrust of the report is the growing focus on critical minerals — lithium, cobalt, nickel, rare earths and the like. Dealmakers see the scramble for these inputs heating up, especially in jurisdictions committed to the energy transition.
Deloitte reports that of 100 listed and private firms surveyed, 75% of interviewees believe the economic conditions support M&A activities, while 54% are interested in alliances, partnerships, or joint ventures.
First light in the merger sky
The first of our three major mergers sits at the top of the tree.
Anglo American (LSE:AAL) and Teck Resources (TSX:TECK.A) broke the news of its intention to merge in September this year, creating a joint entity valued at more than US$50 billion ($76.5 billion).
The merged companies, Anglo Teck, expect to offer more than 70% exposure to copper and are expected to deliver annual pre-tax synergies of US$800 million, as well as an additional US$1.4 billion of earnings before interest, tax, depreciation, and amortisation.
First announced in September 2025, the transaction is expected to be complete over a 12-18 month period, following shareholder meetings and regulatory approvals.
Anglo American CEO Duncan Wanblad says this merger will unlock both near and long term value by combining the two entities to create a “global critical minerals champion with the focus, agility, capabilities and culture that have characterised both companies for so long”.
“Having made such significant progress with Anglo American’s portfolio transformation, which has already added substantial value for our shareholders over the past year, now is the optimal time to take this next strategic step to accelerate our growth,” Wanblad says.
“We have a unique opportunity to bring together two highly regarded mining companies whose portfolios and capabilities are deeply complementary, while also sharing a common set of values.
“Together, we are propelling Anglo Teck to the forefront of our industry in terms of value accretive growth in responsibly produced critical minerals.”
Teck CEO Jonathan Price says the joint entity will be able to become a top five global copper producer from its assets in Canada, the Americas, and Southern Africa.
“Bringing together our world-class copper assets, premium iron ore and zinc operations and an outstanding pipeline of high-quality growth projects provides enormous resiliency and optionality”
“It is a natural progression of our strategy and portfolio simplification, which created a platform to enable exactly this sort of transformative transaction,” Price says.
“Bringing together our world-class copper assets, premium iron ore and zinc operations and an outstanding pipeline of high-quality growth projects provides enormous resiliency and optionality.”
Anglo American is a global mining company focused on producing copper, nickel, platinum group metals, diamonds, iron ore, and steelmaking coal.
Teck Resources is a resource company focused on providing the metals essential for global development and the energy transition.
Second star to the North Pole
Earlier this year in May, Northern Star Resources (ASX:NST) completed the acquisition of De Grey Mining following a $5 billion all-scrip takeover offer submitted in the previous Christmas season.
The proposition alone drove De Grey’s value higher, rallying shares by 29.61% to $1.97 on the news of the offer, though dragging Northern Star investors down by 5.26% to $16.59 per share, as reported on 2 December 2024.
The fall didn’t prevent Northern Star from carrying through with the offer, transferring 0.119 shares for each De Grey share held on the scheme record date of 28 April 2025.
Moody’s Ratings analyst Mariano Ferreyra reports Northern Star will be able to fund the Hemi Gold Project for at least $1.3 billion.
“Northern Star is in a strong financial position, allowing the company to absorb any funding gaps arising from risks such as project delays, costs overruns, gold prices falling and weaker earnings, if these materialise,” Ferreyra tells Mining.com.au.
The scheme of arrangement was completed on 5 May 2025, pulling De Grey from the ASX as of the following day.
Northern Star CEO Stuart Tonkin says the acquisition is strongly aligned with the company’s strategy to “generate superior returns for shareholders”.
“We believe that Hemi will deliver a low-cost, long-life and large-scale gold mine in the tier one jurisdiction of Western Australia, further enhancing the quality of our asset portfolio and ability to generate cash earnings,” Tonkin says.
The company has agreed to commit between $140 and $150 million at the Hemi Project, comprising engineering and design, as well as commitments for long lead time items, as discussed in the acquisition agreement.
Northern Star refers to the asset as the Hemi Development Project, which is located 85km south of Port Hedland in Western Australia, hosting a mineral resource of 11.2 million ounces and an ore reserve of 6 million ounces.
Mineralisation extends for more than 2,000m, trending north to south, as well as 3,500m from east to west, to a depth of 500m in some areas. The company says mineralisation remains open in multiple directions with potential to further extend.
Completing the Christmas constellation
To round off the year, Aurumin (ASX:AUN) has shared that investors are in agreement over the court-approved share scheme of arrangement with Brightstar Resources (ASX:BTR).
Brightstar has now acquired Aurumin for scrip consideration in which shareholders will receive one new Brightstar share for every four Aurumin shares held, pulling Aurumin from trading on the ASX as of 21 November.
Aurumin is expected to be removed from the ASX today (3 December) 2025.
As reported by Mining.com.au, the merger brings Brightstar to a resource of 2.4 million ounces @ 1.5 grams per tonne gold at the Sandstone Gold Project, where the two companies have a combined six drill rigs operating.
“In our view, the Sandstone district potentially represents one of the largest undeveloped gold projects in the Western Australia goldfields in the hands of a junior/emerging company”
Brightstar Managing Director Alex Rovira says the company believes there is significant potential for mineral resource in its upgrade due H1 2026 with a completed 70,000m of drilling and another 120,000m planned ahead of a Prefeasibility Study.
“In our view, the Sandstone district potentially represents one of the largest undeveloped gold projects in the Western Australia goldfields in the hands of a junior/emerging company, with the potential for a multi-decade mine life across both open-pit and underground operations,” Rovira says.
Brightstar Resources is a Western Australian gold producer focused on its portfolio of assets in the northern goldfields region.
Aurumin is Western Australian explorer and developer focused on gold.
As day three of Mining.com.au’s 12 days of Christmas series comes to a close, these three groundbreaking mergers from 2025 sets the tone for the next year and the next door on our advent calendar.
Write to Maddison Elliott at Mining.com.au
Images: Aurumin, DeGrey, Teck & Mining.com.au
