Rare earths rising in global mining deal count

There will be no shortage of quality nominations for the 2026 Resourcing Tomorrow Mining Deal of the Year award with Mining Beacon’s review of global merger and acquisition activity showing 100 deals worth US$58.43 billion in the first half alone.

That doesn’t include Regis Resources’ May takeover offer for fellow Australian gold producer Vault Minerals that was trumped this month by a $3.9 billion proposal from Genesis Minerals.

Outside of that, gold-focused deals made up 35% of global mining and metals M&A transactions (35 of 100) in the first six months of this year (34.4% by value).

Add that to gold equity, debt, stream and other financing and the yellow metal was also the primary target of 35% of total mining and metals deals in the first half of 2026.

Mining Beacon recorded 429 financing and M&A transactions in the period: 329 financings and 100 corporate and asset-level acquisitions worth a total of $101.83 billion.

Of that circa-$102 billion total gold accounted for 30.7% by value, copper came next with 19.5%, rare earths accounted for 9.3%, coal was at 7.7% and lithium 6.2%.

On the financing side ($43.4 billion), gold accounted for $11.15 billion, copper $9.04 billion (63 transactions), rare earths $4.3 billion (18), lithium $3.86 billion (15) and nickel $1.91b nickel (7).

Other minerals and metals drawing equity, debt and government funding in the first half of 2026 included coal with $1.2 billion (four transactions plus $6.6 billion of M&A); silver with $1.14 billion (22 transactions); tungsten with $1.06 billion (11); uranium with $910 million (10); graphite $847 million (9); and tin $551.5 million (8).

Efforts to revive the largest antimony project in the USA, Stibnite in Idaho, got a boost with the US Export-Import Bank giving conditional $2.9 billion loan backing.

Rare earths are well and truly in the spotlight with $5.18 billion of first-half M&A bookended by US-based Energy Fuels’ $300 million acquisition of Australian Strategic Materials and its $1.9 billion deal announced in June to acquire Germany’s Vacuumschmelze GmbH & Co from Ara Partners.

Five rare earths M&A transactions plus 18 financings meant the historically low-key sector accounted for 5.4% of total mining and metals deals in the first six months of 2026.

US investment bank Morgan Stanley said the Energy Fuels-VAC acquisition further underlined “mine-to-magnet integration as a Western strategic priority”.

“Ex-China NdFeB [neodymium-iron-boron] magnet capacity is scaling,” it said.

“US capacity could reach about 28,000 tonnes per annum by 2028 from proven producers, or about 35,000tpa including potential new entrants, well above current US bulk magnet imports of 8500tpa. Broader potential beyond 2028 could reach 50,000-55,000tpa if funded and prospective projects are included.

“Outside the US, Europe has 3600tpa of current capacity, led by Vacuumschmelze in Germany, Neorem in Finland and Neo Performance Materials in Estonia. However, Europe imports about 22,000tpa of magnets from China and should see demand growth from EVs, wind, industrial and robotics.

“Japan is more established with about 6800tpa, while Korea and Vietnam have smaller capacities.

“However, constraints remain in oxide-to-metal conversion and heavy rare earth supply, while higher production targets would require additional feedstock. End market demand needs to follow from automotive, industrial and defence supply chains, alongside reshoring and OEM willingness to pay regional premiums.”

Resourcing Tomorrow’s Mining deal of the year award is sponsored by Pinsent Masons

Nominations are due to close at the end of August.

Judges will look at transactions and strategic partnerships – including takeovers, mergers, project financings, joint ventures, offtake deals or listings – completed between October 1, 2025 and the end of September this year.