The global mining sector witnessed major transactions in 2024, driven by growing demand for critical minerals, energy transition metals, and geopolitical shifts. Companies are reshaping their portfolios to secure long-term resources, especially in gold, copper, lithium, nickel, and coal. Below are the most significant deals of the year, ranked by value and strategic importance to the mining industry.
1. Glencore’s $23 Billion Bid for Teck Resources’ Coal Business
Parties Involved: Glencore (Switzerland) & Teck Resources (Canada)
The largest deal of 2024 came when Glencore made a $23 billion bid to acquire Teck Resources’ metallurgical coal business, marking a high-profile transaction in the coal sector. 
Teck had been seeking to spin off its coal assets to focus on copper and zinc production, as part of its energy transition strategy. However, strong demand for metallurgical coal, particularly for steelmaking in Asia, made the business highly attractive to Glencore, which remains a major player in both coal and base metals markets.
Despite global pressure to reduce coal usage, metallurgical coal remains essential for steel production, especially in developing countries like China and India. Glencore’s bid reflects the resilience of coal in the global energy mix, even as many mining companies shift toward greener metals.
2. Newmont’s $17.8 Billion Acquisition of Newcrest Mining
Parties Involved: Newmont Corporation (USA) & Newcrest Mining (Australia)
In one of the largest gold deals ever, Newmont Corporation completed its $17.8 billion acquisition of Newcrest Mining, reshaping the global gold sector and giving Newmont access to some of the most profitable gold and copper mines in Australia, Papua New Guinea, and Canada.
The acquisition strengthens Newmont’s position as the world’s largest gold producer while also boosting its copper portfolio, an increasingly important metal for the energy transition. Key assets acquired include the Cadia mine in Australia and the Lihir mine in Papua New Guinea.
Newmont’s focus on gold and copper reflects a broader industry trend toward critical minerals diversification, as companies look to capitalize on the rising demand for copper in electric vehicles (EVs) and renewable energy infrastructure.
3. Whitehaven Coal Acquires BHP’s Queensland Coal Mines for $4.1 Billion
Parties Involved: Whitehaven Coal (Australia) & BHP Mitsubishi Alliance (Australia)
In a significant coal sector deal, Whitehaven Coal acquired two of BHP’s Queensland metallurgical coal mines, Daunia and Blackwater, for $4.1 billion.
The acquisition boosts Whitehaven’s metallurgical coal production capacity, positioning the company to capitalize on resilient coal demand in Asia, where steel production remains high despite global climate targets.
While many mining companies are moving away from coal, Whitehaven sees an opportunity to meet the ongoing demand for steelmaking coal, particularly from India and China.
4. Allkem and Livent Merge in a $10.6 Billion Lithium Deal
Parties Involved: Allkem Limited (Australia) & Livent Corporation (USA)
In the lithium sector, Allkem and Livent announced a $10.6 billion merger, creating one of the largest lithium producers in the world.
The combined entity will have operations in key lithium-rich regions such as Argentina, Canada, and Australia, making it a major supplier to the electric vehicle industry.
With lithium demand expected to triple by 2030, the merger positions the new company to secure long-term supply chains for battery production.
5. Rio Tinto’s $3.1 Billion Acquisition of Turquoise Hill Resources
Parties Involved: Rio Tinto (UK/Australia) & Turquoise Hill Resources (Canada)
Rio Tinto increased its stake in Turquoise Hill Resources, investing $3.1 billion to take full ownership of the Oyu Tolgoi copper-gold mine in Mongolia.
Oyu Tolgoi is one of the world’s largest undeveloped copper deposits, with production expected to exceed 500,000 tonnes annually once fully operational.
This deal reinforces Rio Tinto’s position as a major player in the copper market, at a time when copper demand is soaring due to its essential role in renewable energy systems and electric vehicles.
6. AngloGold Ashanti’s $3.7 Billion Acquisition of Centamin
Parties Involved: AngloGold Ashanti (South Africa) & Centamin (UK)
AngloGold Ashanti acquired Centamin, gaining full control of Egypt’s Sukari Gold Mine, the country’s largest gold-producing asset.
The acquisition increases AngloGold’s production capacity and strengthens its presence in Africa, where the company has a long history of operating gold mines.
The Sukari mine is expected to play a key role in AngloGold’s production strategy, as gold prices remain elevated due to global economic uncertainty.
7. Zijin Mining’s $1.7 Billion Acquisition of Neo Lithium
Parties Involved: Zijin Mining (China) & Neo Lithium Corp (Canada)
Zijin Mining completed the $1.7 billion acquisition of Neo Lithium, gaining access to the Tres Quebradas (3Q) lithium project in Argentina.
The 3Q project is one of the largest high-grade lithium brine projects in the world, with significant potential to produce battery-grade lithium carbonate.
This acquisition is part of China’s strategy to secure critical minerals globally, ensuring control over key resources needed for the electric vehicle supply chain.
8. BHP and Lundin Mining’s $2.8 Billion Joint Acquisition of Filo del Sol
Parties Involved: BHP (Australia) & Lundin Mining (Canada)
BHP and Lundin Mining formed a joint venture to acquire the Filo del Sol copper-gold-silver project, located in Argentina and Chile, for $2.8 billion.
The Filo del Sol project is considered a world-class copper asset, with significant gold and silver by-products. The project is expected to play a key role in meeting future copper demand, driven by the energy transition.
9. Vale Sells 10% Stake in Base Metals Division for $2.5 Billion
Parties Involved: Vale (Brazil) & Manara Minerals (Saudi Arabia)
Vale sold a 10% stake in its base metals division to Manara Minerals, a Saudi-backed investment fund, for $2.5 billion.
The sale will accelerate growth in copper and nickel production, two metals that are critical for electric vehicles and energy storage.
10. Alcoa’s $2.2 Billion Acquisition of Alumina Limited
Parties Involved: Alcoa (USA) & Alumina Limited (Australia)
Alcoa completed a $2.2 billion all-stock transaction to acquire Alumina Limited, giving it full control over Alcoa World Alumina and Chemicals.
The deal strengthens Alcoa’s supply chain for aluminum production, a metal used extensively in transportation, construction, and renewable energy technologies
These top deals of 2024 reflect major trends shaping the mining industry, including the growing demand for critical minerals, the shift toward cleaner energy metals, and the continued relevance of traditional commodities like coal and gold.
