Drill and Deal
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Landmark transactions

Values are rounded, as published at announcement. Some include the target’s debt: check the source before any professional use.

Data as of 2026-10-16.

201320152017201920212023202520262026: SSR Mining, Roxmore Resources2026: Gold Fields, Northern Star Resources2026: Luca Mining, Cozamin mine, from Capstone Copper2026: Boliden, Nexa Resources, 64.7% from Votorantim2026: NovaGold, Paulson’s 40% of Donlin Gold2026: Genesis Minerals, Vault Minerals2026: Alcoa, South32’s aluminium assets2026: Dhilmar, Anglo American’s Australian steelmaking coal mines2026: Equinox Gold, Orla Mining2026: Regis Resources, Vault Minerals2026: Agnico Eagle, Rupert Resources2026: USA Rare Earth, Serra Verde2026: G Mining Ventures, G2 Goldfields2026: Cengiz Holding, SSR Mining’s 80% of Çöpler2026: Hudbay Minerals, Arizona Sonoran Copper2026: Zijin Gold International, Allied Gold2026: Rio Tinto, Glencore2025: Jiangxi Copper, SolGold2025: CMOC, Equinox Gold’s Brazilian mines2025: Coeur Mining, New Gold2025: Carcetti Capital (Hemlo Mining Corp), Hemlo mine, from Barrick2025: Anglo American, Teck Resources2025: Mitsubishi, Copper World, 30% from Hudbay2025: Royal Gold, Sandstorm Gold and Horizon Copper2025: Zijin Gold International, Raygorodok gold mine2025: Dundee Precious Metals, Adriatic Metals2025: Harmony Gold, MAC Copper2025: Rio Tinto, Codelco’s Salar de Maricunga project, 49.99%2025: Pan American Silver, MAG Silver2025: Gold Fields, Gold Road Resources2025: Paulson Advisory and NovaGold, Barrick’s 50% of Donlin Gold2025: Ramelius Resources, Spartan Resources2025: Equinox Gold, Calibre Mining2025: MMG, Anglo American’s Brazilian nickel business2025: Zijin Mining, Zangge Mining, 24.8% stake2024: Boliden, Neves-Corvo and Zinkgruvan, from Lundin Mining2024: Northern Star, De Grey Mining2024: Dhilmar, Éléonore mine, from Newmont2024: Peabody Energy, Anglo American’s Australian steelmaking coal mines2024: Orla Mining, Musselwhite mine, from Newmont2024: Rio Tinto, Arcadium Lithium2024: Zijin Mining, Akyem mine, from Newmont2024: Coeur Mining, SilverCrest Metals2024: AngloGold Ashanti, Centamin2024: Gold Fields, Osisko Mining2024: BHP and Lundin Mining, Filo Corp2024: BHP, Anglo American2023: Glencore, Elk Valley Resources, from Teck2023: Manara, Vale Base Metals, 10%2023: Newmont, Newcrest Mining2023: BHP, OZ Minerals2021: Agnico Eagle, Kirkland Lake Gold2019: Barrick and Newmont, Nevada Gold Mines2019: Newmont, Goldcorp2018: Barrick, Randgold Resources2013: Glencore, XstrataGoldCopperZincLithiumCoalDiversified
YearAcquirer and targetMetalAnnounced valueStructureStatusThe lesson
2026SSR MiningRoxmore ResourcesGoldabout $464m, excluding the spin-offCash, plus shares in a new exploration companyPendingA brownfield district play: the Converse project sits about 6 km from SSR’s Marigold mine in Nevada.See it on the globe
2026Gold FieldsNorthern Star ResourcesGoldabout A$38.7bn, proposalUnsolicited proposal, cash and sharesPendingNorthern Star’s board rejected a proposal paid mostly in shares; Gold Fields kept pressing.See it on the globe
2026Luca MiningCozamin mine, from Capstone CopperCopperup to $385mAsset sale: cash, shares, deferred and copper-price paymentsPendingUp to $60m depends on the LME copper price in 2027 to 2029: an earn-out that bridges the price gap.See it on the globe
2026BolidenNexa Resources, 64.7% from VotorantimZincabout $1.3bnShares to the controlling holder, then a cash offer to minoritiesPendingBuying control from a family holder first, then offering to the public minority.See it on the globe
2026NovaGoldPaulson’s 40% of Donlin GoldGoldall-share; about $4.2bn combined equityAll-share, new US holding companyPendingA voting cap of 19.99% lets the seller keep a large economic stake without control.See it on the globe
2026Genesis MineralsVault MineralsGoldabout A$5.6bnScheme, shares and cashPendingGenesis displaced an agreed deal between Vault and Regis Resources: a superior proposal in action.See it on the globe
2026AlcoaSouth32’s aluminium assetsAluminium, bauxiteabout $4.1bn upfrontCash, shares and a contingent value rightPendingA contingent value right lets the seller share the upside if alumina and aluminium prices rise.See it on the globe
2026DhilmarAnglo American’s Australian steelmaking coal minesCoalup to $3.875bnCash and a price-linked earn-outPendingAfter Peabody walked away, Anglo accepted more contingent value to complete its exit from coal.See it on the globe
2026Equinox GoldOrla MiningGoldabout $18.5bn, combined valuePlan of arrangement, one share for one shareCompletedAn at-market merger with reciprocal break fees of $475m and $250m. Completed on 31 July 2026.See it on the globe
2026Regis ResourcesVault MineralsGoldabout A$10.7bn, combined valueScheme, all-shareWithdrawnTopped by Genesis Minerals in July 2026; Regis declined to match and took a break fee of about A$50.7m.See it on the globe
2026Agnico EagleRupert ResourcesGoldabout C$2.9bnPlan of arrangement, shares and a contingent value rightCompletedThe centrepiece of a three-part deal to build a new gold district in Finnish Lapland; it completed in June 2026.See it on the globe
2026USA Rare EarthSerra VerdeRare earthsabout $2.8bnCash and sharesCompletedA US buyer secured rare earth supply outside China with a state-backed offtake; it completed in September 2026.See it on the globe
2026G Mining VenturesG2 GoldfieldsGoldabout C$3bnPlan of arrangement, all-share, with a contingent value rightCompletedJoining two adjacent projects in Guyana is a textbook district synergy.See it on the globe
2026Cengiz HoldingSSR Mining’s 80% of ÇöplerGold$1.5bnCashCompletedA local buyer paid well for a mine idle since a fatal accident; the sale closed in June 2026.See it on the globe
2026Hudbay MineralsArizona Sonoran CopperCopperabout C$1.48bnPlan of arrangement, all-shareCompletedA buyer with a 9.99% toehold took the rest to build an Arizona copper district; it completed in June 2026.See it on the globe
2026Zijin Gold InternationalAllied GoldGoldabout C$5.5bnPlan of arrangement, cashWithdrawnAn agreed all-cash deal lapsed in July 2026 when approvals could not be obtained; Zijin took a 9.2% stake instead.See it on the globe
2026Rio TintoGlencoreDiversifiedtalks only, no offerProposed all-share scheme, abandonedWithdrawnTalks ended at the UK deadline on 5 February 2026 over valuation and who would chair and run the group.See it on the globe
2025Jiangxi CopperSolGoldCopper, goldabout £867mUK scheme, cashCompletedThe largest shareholder won after two rejected proposals; the deal completed in March 2026.See it on the globe
2025CMOCEquinox Gold’s Brazilian minesGoldup to $1.015bnCash, with a production-linked paymentCompletedA seller used the cash to cut debt after a merger; the deal closed in January 2026.See it on the globe
2025Coeur MiningNew GoldGoldabout $7bnPlan of arrangement, all-shareCompletedA 16% premium; New Gold holders took about 38%. Completed on 20 March 2026.See it on the globe
2025Carcetti Capital (Hemlo Mining Corp)Hemlo mine, from BarrickGoldup to $1.09bnCash, shares and price-linked payments, backed by a streamCompletedA new company funded the purchase partly with a gold stream; the deal closed in November 2025.See it on the globe
2025Anglo AmericanTeck ResourcesCopperover $53bn, combined valueMerger of equals, all-sharePendingApproved by shareholders and by Canada in December 2025; completion expected between September 2026 and March 2027.See it on the globe
2025MitsubishiCopper World, 30% from HudbayCopper$600mCash for a joint-venture stakeCompletedA minority sale to a strategic partner funded the project and set a price above consensus value.See it on the globe
2025Royal GoldSandstorm Gold and Horizon CopperGold royaltiesabout $3.7bnAll-share for Sandstorm, cash for HorizonCompletedRoyalty companies consolidate by buying portfolios of streams; the deals closed in October 2025.See it on the globe
2025Zijin Gold InternationalRaygorodok gold mineGold$1.2bnCashCompletedA Chinese buyer paid full price for a producing mine in Kazakhstan; the deal closed in October 2025.See it on the globe
2025Dundee Precious MetalsAdriatic MetalsSilver, zincabout $1.25bnUK scheme, cash and sharesCompletedA 50% premium for the Vareš mine in Bosnia; the deal completed in September 2025.See it on the globe
2025Harmony GoldMAC CopperCopperabout $1bnScheme, cashCompletedA gold miner bought a copper mine with cash and a bridge loan; the deal closed in October 2025.See it on the globe
2025Rio TintoCodelco’s Salar de Maricunga project, 49.99%Lithiumup to $900mEarn-in, funding studies and constructionPendingA major earns half of a state company’s project by paying for its studies and construction.See it on the globe
2025Pan American SilverMAG SilverSilverabout $2.1bnPlan of arrangement, cash and sharesCompletedPaid for a 44% stake in a mine run by Fresnillo, Juanicipio; it completed in September 2025.See it on the globe
2025Gold FieldsGold Road ResourcesGoldabout A$3.7bnScheme, cash plus a variable componentCompletedConsolidating Gruyere, a mine the two companies already owned 50/50.See it on the globe
2025Paulson Advisory and NovaGoldBarrick’s 50% of Donlin GoldGold$1bnCashCompletedA major sold its half of a giant but slow project to a partner and an investor who valued it more.See it on the globe
2025Ramelius ResourcesSpartan ResourcesGoldabout A$2.4bnScheme, cash and sharesCompletedA producer with mills paid a premium for a high-grade development project nearby; it completed in July 2025.See it on the globe
2025Equinox GoldCalibre MiningGoldabout C$2.6bnPlan of arrangement, all-shareCompletedThe buyer raised the share ratio from 0.31 to 0.35 to win the vote; the deal closed in June 2025.See it on the globe
2025MMGAnglo American’s Brazilian nickel businessNickelup to $500mCash, earn-out and contingent paymentPendingA small sale held up for over a year by competition reviews in Brazil and the European Union.See it on the globe
2025Zijin MiningZangge Mining, 24.8% stakeLithium, potashabout $1.87bnCash for a controlling stakeCompletedA minority stake with board rights gave Zijin control without a full takeover.See it on the globe
2024BolidenNeves-Corvo and Zinkgruvan, from Lundin MiningZinc, copperup to $1.52bnCash, locked box, price-linked paymentsCompletedA smelter group bought mines to secure concentrate for its own plants; the deal closed in April 2025.See it on the globe
2024Northern StarDe Grey MiningGoldabout A$5bnScheme, all-shareCompletedBuying the Hemi project before production, right in the orphan period of the Lassonde curve.See it on the globe
2024DhilmarÉléonore mine, from NewmontGold$795mCashCompletedA private buyer took a large Quebec mine that a listed major had classed as non-core.See it on the globe
2024Peabody EnergyAnglo American’s Australian steelmaking coal minesCoalup to $3.8bnCash, deferred payments and earn-outWithdrawnPeabody walked away in August 2025, citing the Moranbah North fire as a material adverse change.See it on the globe
2024Orla MiningMusselwhite mine, from NewmontGoldup to $850mCash, with gold-price-linked paymentsCompletedA mid-tier producer more than doubled its output by buying a mine a major no longer wanted.See it on the globe
2024Rio TintoArcadium LithiumLithiumabout $6.7bnAll-cashCompletedBuying at the bottom of the lithium price cycle. Completed in March 2025.See it on the globe
2024Zijin MiningAkyem mine, from NewmontGoldup to $1bnCash, with a $100m contingent paymentCompletedA non-core mine for Newmont became a growth asset for a Chinese buyer; part of the price waited on a lease renewal.See it on the globe
2024Coeur MiningSilverCrest MetalsSilver, goldabout $1.7bnPlan of arrangement, all-shareCompletedAn all-share deal for a high-grade mine, Las Chispas in Mexico; it completed in February 2025.See it on the globe
2024AngloGold AshantiCentaminGoldabout $2.5bnScheme, shares and cashCompletedAdds the Sukari mine in Egypt, a long-life asset at scale.See it on the globe
2024Gold FieldsOsisko MiningGoldabout C$2.2bnAll-cashCompletedBuying out a 50% joint-venture partner to own the Windfall project outright.See it on the globe
2024BHP and Lundin MiningFilo CorpCopperabout C$4.5bnJoint acquisition, cashCompletedTwo buyers split a district: the deal created a 50/50 joint venture over the Vicuña copper district.See it on the globe
2024BHPAnglo AmericanDiversifiedabout £39bn, final proposalUnsolicited approach, withdrawnWithdrawnThree proposals rejected. The structure required Anglo to spin off Anglo Platinum and Kumba first, which its board found too complex.See it on the globe
2023GlencoreElk Valley Resources, from TeckCoalabout $6.9bn for 77%All-cash, divisional saleCompletedTeck had rejected a bid for the whole group; the compromise covered steelmaking coal only.See it on the globe
2023ManaraVale Base Metals, 10%Copper, nickelabout $3.4bnMinority stakeCompletedA Saudi vehicle secures access to transition metals without taking control.See it on the globe
2023NewmontNewcrest MiningGoldabout $19bn, including debtScheme, all-shareCompletedOffer raised after a first rejection, then six non-core assets sold. See the case study in the course.See it on the globe
2023BHPOZ MineralsCopperabout A$9.6bnScheme, all-cashCompletedDistrict synergies in South Australia around Olympic Dam. A first offer had been rejected.See it on the globe
2021Agnico EagleKirkland Lake GoldGoldabout $10bnMerger of equals, all-shareCompletedAlmost no premium, justified by their concentration in the Abitibi and shared infrastructure.See it on the globe
2019Barrick and NewmontNevada Gold MinesGoldjoint venture, 61.5% and 38.5%Joint ventureCompletedInstead of a hostile bid, neighbouring Nevada assets were pooled to capture synergies.See it on the globe
2019NewmontGoldcorpGoldabout $10bnPlan of arrangement, all-shareCompletedCreated the world’s largest gold producer, followed by a disposal programme.See it on the globe
2018BarrickRandgold ResourcesGoldabout $6bnAll-share mergerCompletedNo premium; the target’s chief executive took charge of the combined group. See the case study.See it on the globe
2013GlencoreXstrataDiversifiedabout $30bnScheme, all-shareCompletedCombining trading and production. Chinese clearance required the sale of Las Bambas. See the case study.See it on the globe

Financings

Equity raises, project debt, streams and royalties. Each one shows how a miner chose to pay for growth, and what it gave up. Amounts are in the currency of the announcement.

DateCompany and projectTypeAmountTermsWhy it matters
14 October 2026Luca MiningCozamin acquisition, MexicoBought dealC$211mC$155m bought deal of subscription receipts at C$1.00, led by National Bank Financial, plus C$56.4m placed with Wheaton Precious Metals and Taurus.Equity raised to buy a producing mine. Subscription receipts normally turn into shares only when the purchase closes; otherwise the money is returned.Source: Newswire.ca
13 October 2026Silver Tiger MetalsEl Tigre, Sonora, MexicoBought dealC$100.05mUnits at C$1.00, each one share and half a warrant exercisable at C$1.35 for 24 months. Over-allotment exercised in full; led by Stifel Canada.Warrants make the raise easier to sell but add dilution later if the share price rises above C$1.35.Source: Newswire.ca
29 September 2026Atico MiningLa Plata, EcuadorProject debtUS$95m and US$16.4mUS$95m secured project finance facility from Trafigura, alongside a US$16.4m convertible debenture placement that closed in October.Commodity traders lend to small miners when banks will not, often in exchange for the right to buy their concentrate.Source: Resource World
29 September 2026Talamore MiningCoffee Gold, Yukon, CanadaProject debtUp to $450mSecured notes at 8.65% a year with a seven-year term, drawn over up to 18 months. A first $20m tranche closed in October with warrants attached.Debt with warrants: lenders take part of the upside on top of the coupon, a common price for funding a mine before it produces.Source: Talamore Mining
25 September 2026Goldgroup MiningCompany-wide, no single projectPrivate placementUS$121.8mNon-brokered placement of 33.4m units at US$3.65, each with half a warrant at US$5.10 until March 2028. Upsized from a US$75m target.The use of funds is not fixed and includes possible acquisitions: investors are backing management rather than a project.Source: Newsfile
14 September 2026Generation MiningMarathon copper-palladium, Ontario, CanadaFunding packageAbout $1.3bnFinal $340m: a $200m bought deal at $0.64, a $40m placement with Canada Growth Fund and $100m of convertible notes from Canada Growth Fund and Canada Infrastructure Bank, on top of senior debt, a stream and leasing.A full capital stack, with state-backed funds and a $185m cost-overrun facility required by the senior lenders.Source: Generation Mining
13 September 2026Minerals 260 and Franco-NevadaBullabulling gold, Western AustraliaRoyaltyA$200mA$170m for a further 1.45% gross royalty, taking Franco-Nevada to 3.90% (2.75% after 6 Moz), plus a A$30m cornerstone order in a future equity raise.A royalty company funding both the royalty and the equity: its total support for the project reaches A$420m.Source: Allens
25 March 2026Orezone Gold and Franco-NevadaCasa Berardi acquisition, Quebec, CanadaStreamUS$100mUpfront deposit for 6,500 oz of gold a year to 2030, then 5% of production (2.5% at Heva-Hosco), with Orezone paid 20% of spot.A stream used to pay for an acquisition: the buyer sells future ounces instead of issuing shares.Source: Torys
16 February 2026BHP and Wheaton Precious MetalsAntamina, PeruStreamUS$4.3bnSilver from BHP’s 33.75% share of Antamina. Wheaton pays 20% of the spot price per ounce delivered. Closed in early April 2026.A major selling a by-product stream to raise cash. Deal reports call it the largest streaming transaction by upfront payment.Source: McCarthy Tétrault