Mining M&A Drop Imperils Explorer Aspirations: Corporate Canada

Mining acquisitions valued at less than $1 billion have slumped to an eight-year low as the industry’s largest players rein in spending after a drop in commodities prices.

The slump threatens hundreds of exploration and development companies that don’t have revenue, more than half of which are based in Canada. Being bought by a larger miner is proving increasingly elusive as companies such as Toronto-based Barrick Gold Corp., the biggest gold producer, avoid acquisitions and new projects in favor of improving existing operations.