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Mining Dealmakers Set for Year of Hot M&A After Monster Gold Bid

  • Takeover talk expected at Toronto’s annual PDAC mining event
  • Mining M&A is off to a strong start in 2023 thanks to Newmont
Attendees at the Prospectors & Developers Association of Canada (PDAC) conference in Toronto, Ontario, Canada, on Tuesday, June 14, 2022. 

Attendees at the Prospectors & Developers Association of Canada (PDAC) conference in Toronto, Ontario, Canada, on Tuesday, June 14, 2022. 

Photographer: Cole Burston/Bloomberg

There’s never a shortage of dealmaking gossip at Toronto’s annual mining show, though past gatherings have brought more speculation than actual transactions. This year feels different.

Newmont Corp.’s $17 billion pursuit of Newcrest Mining Ltd. underscores the gold industry’s appetite for consolidation. Diversified miners including BHP Group Ltd., Glencore Plc and Rio Tinto Group are also signaling renewed interested in takeovers, which makes the Prospectors & Developers Association of Canada gathering fertile ground for deals.