After a selective but resilient 2025, Australian mining and resources dealmaking is gaining momentum, with chief executive officers (CEO), private equity and inbound investors all targeting scarce, high-value assets.
According to PwC Australia, total deal value across the sector reached $US79.5 billion last year, slightly down on 2024, while deal volume eased to 1285 transactions. Energy and Financial Services dominated overall value, but mid-market mining deals, particularly in gold, critical minerals and energy transition metals, continued to attract strong strategic interest.
“With capital costs steady and confidence back, 2025 shifted Australia’s M&A [mergers and acquisitions] from caution to competition — corporates accelerated portfolio reshaping, inbound strategics returned on FX tailwinds, and fierce bidding for scarce high-quality assets sharpened execution,” PwC Australia deals leader Kushal Chadha said.
Portfolio recycling was a standout trend. Santos divested two non-core assets, while Westgold Resources sold its Lakewood Milling operation for $85 million, simplifying operations and freeing capital for core exploration and development. Mining-focused private equity also stepped up, backing bolt-on acquisitions and founder-led roll-ups to scale mid-tier miners ahead of future exits.
Deal structures increasingly served as risk-management tools. Staged buy-ins, minority stakes and partnerships allowed resource companies to manage capital intensity and execution risk, particularly in critical minerals, energy transition and digital infrastructure supporting mining operations.
Private equity bounced back strongly in the second half of 2025, with buyout value reaching $US30.5 billion.
“Private equity kicked back into gear, with new platform deals and bolt-on acquisitions in mining and energy assets supported by strong co-investor demand,” PwC Australia private capital industry leader Troy Porter said.
Looking ahead, regulatory reform, including the new mandatory merger regime overseen by the Australian Competition and Consumer Commission, may extend timelines.
Yet CEO appetite remains high, with 40 per cent planning to drive transformation via M&A or partnerships in mining and resources in the next 12 months, positioning 2026 as a year of selective but strategic growth.
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