The value of the ten biggest mining deals passed $4 billion in November, with Endeavour Mining’s $1.8 billion bid for Teranga Gold dominating merger and acquisitions for the month.
The deal comes as smaller gold miners have been struggling to compete with the likes of mining giants Barrick Gold and Newmont.
Record gold prices, which had soared this year amid the coronavirus pandemic, has led to a flurry of deals across the mining industry as smaller producers rush to scale up.
The Endeavour acquisition of Teranga Gold was described by the companies as a “merger of equals style” deal.
Endeavour’s previous attempt at a major merger failed last year with talks between Endeavour and Egypt-focused Centamin falling apart. However, in March, Endeavour bought Burkina Faso-focused Semafo, creating the biggest gold producer in the region.
Verdict deals analysis methodology
This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.
GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.
More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.