Gold M&A Activity Set to Surge in 2025 Amid Rising Prices and Limited Discoveries
As in 2023 and 2024, when gold dominated global mining mergers and acquisitions (M&A), the trend is expected to continue in 2025.
Experts predict that the rising price of gold and the limited number of major gold discoveries will keep gold at the forefront of M&A activity in the mining sector.
Earlier today, South Africa’s Gold Fields announced a $2.1 billion proposal to acquire Australian Gold Road Resources. Although the proposal was swiftly rejected by Gold Road’s board of directors, it highlights the ongoing wave of M&A activity in the gold sector, which is likely to intensify in 2025.
According to statistics, gold dominated mining M&A in 2024 for the second consecutive year. The precious metal accounted for over 70% of mining deals in 2024, with 43 transactions totaling $19.3 billion, as reported by S&P Global Commodity Insights.
Despite the absence of mega-mergers like Newmont-Newcrest in 2023, the number of transactions in the gold sector increased by 32% year-on-year.
In 2025, gold is expected to remain a prime target for investors, driven by a record price of $3,000 per ounce. The price has risen more than 10% since January 2025 and nearly 30% over the course of 2024. This price surge has fueled demand for acquisitions, especially as new, high-quality gold deposits become increasingly rare.
For gold producers, growing or even maintaining production levels will increasingly rely on acquiring assets or companies, in addition to organic exploration efforts.
According to S&P, this trend was confirmed in February when Equinox Gold Corp. announced plans to fully acquire Calibre Mining Corp. for $1.87 billion.
Amid persistent geopolitical uncertainty, experts predict a rise in opportunistic acquisitions and supply chain consolidation, with both large and small players getting involved. Africa, with its considerable gold reserves, is likely to be a central player in this dynamic.
AngloGold Ashanti’s acquisition of Centamin, including its Egyptian Sukari gold mine, was ranked as the third-largest mining deal in 2024, valued at $2.5 billion, according to S&P Global Commodity Insights.
15 total views , 2 views today
