LATAM Leads Mining M&A; Mexico Attracts Growing Investment

Global mining M&As reached nearly US$30 billion in the first three quarters of 2025, with Latin America accounting for about 75% of the total as investors move away from higher-risk regions. Mexico is an example of this trend, drawing capital as companies seek jurisdictions with high mining potential.

The Future Minerals Barometer Report 2025, produced by McKinsey & Company and the Future Minerals Forum in partnership with S&P Global Market Intelligence, Global AI, and GlobeScan, integrates project-level data, market insights, and stakeholder perspectives to guide global decision-making. The report identifies a growing imbalance between mineral reserves and investment: more than half of the world’s critical mineral deposits are in Africa, West Asia, and Central Asia, yet these regions receive the least exploration funding, raising concerns about long-term supply security.

Since 2021, Latin America’s mining deal values have risen over 200%, while Africa has seen an almost 80% decline, reflecting investors’ preference for countries with better permitting processes and predictable policies. McKinsey’s 2024 Global Materials Perspective also points out that mining productivity has grown only about 1% per year since 2018, underscoring the importance of disciplined capital management and regulatory certainty.

The report highlights mounting pressure on global critical mineral supply chains as demand for copper, lithium, nickel, and rare earths accelerates, driven by the energy transition, digitalization, and defense needs. Slow permitting, infrastructure gaps, capital-intensive projects, and policy uncertainty continue to impede development. More than 45% of refined production for electric vehicle materials is concentrated in a single region, amplifying exposure to geopolitical tensions, trade disruptions, and price volatility.

Investment patterns indicate a broader recalibration of risk. GlobeScan CEO Chris Coulter noted that Africa, West Asia, and Central Asia face major hurdles but also offer opportunities if policy, infrastructure, and financing constraints are addressed. 

The report estimates that roughly US$5 trillion in investment will be required by 2035 to meet critical mineral demand, yet current exploration spending remains 40–50% below necessary levels. With an average 16-year gap from discovery to production, many projects identified today are unlikely to make a significant contribution to 2030 or 2035 climate targets.

Recent Mining Transactions in Mexico

After years of relatively modest investment, Mexico is now seeing a surge in mining M&As, reflecting its growing attractiveness to investors seeking stable jurisdictions and high-potential assets. 

In 2025, Guanajuato Silver announced it has received conditional approval from the TSX Venture Exchange (TSXV) to acquire the Bolanitos gold-silver mine from Endeavour Silver. Similarly, Goldgroup Mining finalized the acquisition of Molimentales del Noroeste, gaining full ownership of the San Francisco Mine in Sonora. The company views this acquisition as strategic due to its proximity to the operating Cerro Prieto mine and the potential of the mineral resources.

Last month, Silver Wolf Exploration announced the completion of all expenditure and payment requirements to acquire a 100% interest in the Ana Maria and El Laberinto properties in Mexico. After the acquisition, Avino Silver & Gold Mines ended up owning 18.19% of Silver Wolf’s shares. 

In November, Mexican Gold Mining announced the acquisition of full ownership of certain mineral titles and associated rights covering 3,824.3585ha at the Tatatila Project in Veracruz, Mexico. This acquisition was completed under a mining concessions assignment agreement with its subsidiary Roca Verde Exploración and Chesapeake Gold, along with its subsidiaries Minerales El Prado, and Chesapeake México.