Mining deals to head overseas

Australia, the United States, and Canada dominated mining deal making last year but developing countries may soon be the centre of the global industry, according to a new report.

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Australia, the United States, and Canada dominated mining deal making last year but developing countries may soon be the centre of the global industry, according to a new report.

According to the PricewaterhouseCoopers Global Mining 2011 Deals Review and 2012 Outlook Australian mining companies made the most acquisitions last year, accounting for 22 per cent of market share.

But PwC said the developing world was home to the majority of the remaining mineral deposits and a there would soon be a greater shift to these regions.

According to AAP activity in growth markets, including Africa, Latin American, and parts of Asia, now accounted for a quarter of acquisitions in value.

AAP reports that China claimed close to half of last year’s deal activities in developing regions.

Despite economic woes in Europe more than 2600 mining deals were made last year worth $149 billion.

The figure made 2011 the second busiest year in history for mining deals.

The largest deal of 2011 was BHP Billiton’s $15.1 billion deal with US oil and gas company Petrohawk Energy, which will be dwarfed this year if the $90 billion Glencore Xstrata merger goes ahead.

According to PwC Africa would be the new global hotspot for resources projects in 2012, overtaking Latin America.

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