Mining and Steel M&A Landscape

Research evidence excerpt

Mining and Steel M&A Landscape

rkets.

this year/early next year? Antitrust issues in copper would be difficult to overcome, but we can't rule

out the possibility. BHP could pursue other major miners as well.

Of the companies in our coverage (Exhibit

Glencore: As an M&A machine, Glencore will likely be active in deals, and this could include making 1), we believe those discussed in this note

acquisitions or selling/demerging assets. It could also be a target as management has said that are most likely to be involved in M&A in the

everything is effectively for sale - including the entire company - at 'the right price'. near future, but others also cannot be ruled

out. For instance, could Anto be an acquirer

Anglo American: Anglo's priority is to complete its own simplification plan and merge with Teck,

of assets? Will Alcoa look to acquire

after which the combined Anglo-Teck could be a compelling strategic fit as a target based on its

bauxite/alumina assets in Australia? Will

large, high quality portfolio of copper assets and tier-one iron ore mines. The merged Anglo-Teck

Lundin look for bolt-on deals in parallel with

could also consider acquisitions.

development of Vicuna? Does MMG look

Vale: Vale Base Metals (as Party X) considered a merger with Teck Resources in 2025 and will likely for more assets to acquire? Will US coal

look for opportunities to grow organically and via M&A. VBM could use a merger and/or listing as and steel companies pursue deals? Watch

a path to a partial de-merger from Vale. this space.

Freeport: Freeport's focus is surely on ramping up Grasberg and delivering organic growth in the

Americas - including from leaching in the US. We think M&A is unlikely until after Grasberg gets

back to full capacity (2028), if at all.