Global mining mergers and acquisitions reached approximately $30 billion in the first three quarters of 2025, with 74% of this deal value concentrated in Latin America, as noted in a report by McKinsey & Company and the Future Minerals Forum. The report, titled *Future Minerals Barometer Report 2025*, highlights that while Latin America experienced over 200% growth in mining deal values since 2021, Africa saw nearly an 80% decline in investments due to a shift towards jurisdictions perceived as more stable.
Despite having more than 50% of the world’s critical mineral reserves located in the so-called Super Region of Africa, West Asia, and Central Asia, these areas attract the lowest exploration spending globally, increasing long-term supply risks. The report warns of mounting pressure on global critical mineral supply chains, driven by rising demand from the energy transition, digitalization, and growing defense needs. A cumulative investment of around $5 trillion by 2035 is estimated to be necessary to meet this demand, while current exploration spending remains significantly below required levels.
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