Skip to content

Mining in Brazil M&A Movements Analysis

M&A Movements

Mergers and acquisitions (M&A) activity in the Brazilian mining sector has seen notable movements in 2024 and 2025, significantly influenced by strategic realignments of major players and the growing global demand for critical minerals. According to a KPMG survey, Brazil's mining sector recorded 30 M&A operations in 2024, an increase from 21 in 2023 and the highest figure since 2014, indicating a continuing momentum for such transactions in 2025. This trend is partly driven by the country's substantial potential in critical minerals, such as lithium and rare earths. Foreign investors are also active, with 12 transactions in 2024 involving the acquisition of a Brazilian asset by an international player. M&A is also seen as a financing option for junior companies facing capital-raising difficulties, particularly in the current economic climate with high interest rates.

A significant M&A movement in 2025 is Anglo American's agreement to sell its Brazilian nickel operations to MMG Singapore Resources, a subsidiary of China's MMG, for up to $500 million. This divestment includes the Barro Alto and Codemin ferronickel operations and the Jacaré and Morro Sem Boné greenfield projects. The sale is part of Anglo American's broader strategy to simplify its portfolio and focus on core commodities like copper and premium iron ore that are essential for the energy transition. The transaction is expected to be completed by the third quarter of 2025.

Another key movement, completed in March 2023 but impacting the 2024 and 2025 operational landscape, was Pan American Silver's acquisition of Yamana Gold, which included the Jacobina gold mine in Brazil. This acquisition significantly increased Pan American's scale of operations in Latin America and added the producing Jacobina mine to its portfolio. Jacobina achieved its highest recorded gold production in 2024 under Pan American's ownership.

In the fertilizer minerals segment, Mosaic Fertilizantes signed an agreement in January 2025 to sell its idled Patos de Minas phosphate mine in Brazil for $125 million. This sale is part of Mosaic's strategy to optimize its asset portfolio, streamline operations, and redeploy capital to higher-return opportunities. Mosaic is also exploring strategic alternatives for its Patrocinio and Araxa mine and beneficiation facilities.

While not a completed transaction within the 2024-2025 timeframe, the potential sale of Bahia Mineração (Bamin) by Eurasian Resources Group is noteworthy. A consortium including Vale, local miner Cedro Mineração, the development bank BNDES, and UK-based Brazil Iron are reportedly evaluating this iron ore asset.

In the critical minerals space, a proposed acquisition highlighting the increased interest in this sector is Pilbara Minerals' proposed acquisition of Latin Resources and its Salinas lithium project for over US$360 million. This indicates potential new ownership and accelerated development for a significant Brazilian lithium asset.

These M&A activities reflect a dynamic period in the Brazilian mining industry, driven by portfolio optimization, strategic focus on energy transition minerals, and opportunities in the critical minerals sector.

Impact of M&A Movements on the Value Chain

Major M&A movements in the Brazilian mining sector in 2024 and 2025 have had discernible impacts across various stages of the value chain:

Value Chain Step Impact of Major M&A Movements (2024-2025)
Prospecção e Pesquisa Mineral Increased M&A activity in critical minerals (lithium, rare earths) is expected to drive further exploration investment by acquiring companies aiming to expand their resource base in these strategic commodities. Divestments by major players might lead to a shift in their exploration focus.
Lavra (Extraction) Acquisitions (e.g., Pan American Silver/Jacobina) directly add operational mines to the acquiring company's production portfolio. Divestments (e.g., Anglo American's nickel, Mosaic's phosphate) transfer the ownership and operational control of mines to new entities. The potential sale of Bamin could result in new ownership of iron ore extraction assets.
Beneficiamento e Transformação M&A involving integrated mining operations often includes processing facilities (e.g., Anglo American's nickel operations include ferronickel plants). Acquisitions of critical mineral projects will necessitate future investments in processing technologies and infrastructure tailored to these specific minerals. Changes in ownership of mines with associated processing plants (e.g., Mosaic's phosphate operation) will transfer responsibility for these assets.
Logística e Transporte Changes in ownership of mining assets and potential shifts in production volumes resulting from M&A can influence the demand for and utilization of existing logistics infrastructure. While major integrated logistics are largely held by dominant players, divestments or acquisitions can subtly alter cargo flows for specific commodities and regions. Anglo American's continued investment in the Minas-Rio system post-nickel divestment reinforces the importance of this specific integrated logistics chain.
Comercialização e Distribuição M&A directly impacts who is bringing specific mineral products to market. Pan American Silver now commercializes gold from Jacobina. MMG will be responsible for selling nickel from the acquired Anglo American assets. Acquisitions in critical minerals are often aimed at securing supply chains for acquiring companies or their customers.
Descomissionamento e Fechamento Changes in ownership through M&A transfer the legal and financial responsibility for the eventual decommissioning and environmental rehabilitation of mining sites to the acquiring entity. This includes managing existing environmental liabilities and adhering to closure plans.

References

  • Anglo American's Strategic Sale of Brazilian Nickel Mines Amid Market Shifts: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXGTptuWQV_DMbxeiMC0lteteF2RzvWp2N_YbTjGxJp_IvAexPWJy5aAJ07-cP4kH2giIKtGKDn6_iJR4QBcUWGRMprOMktu0e8Ww9qPM6QvmF_cNlrsk1WJgNPGmdjz1MMhstOTbJ-d4mZoqJ9v1mAgBoEBXb9-uDaJaCYcaDkTbigfheJgMGL0BuVvNqPw7dDtBfA05fxx1C_bsHPpolu8YiaqbIji
  • Critical minerals potential boosts Brazilian mining M&As - BNamericas: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFhSjrFMJhSesRGW-5aJvhzYqRKwEAIydOsJT-rXImV3Mxu838eEUC-lS_FsLKlY5nPQ8PmKKRGfAdibvO0iSacQt_ok0AURHweL37LA_Iou2AJ2IMqWLlaAUbW1u_ZAORW7iKeOjxfkzhem3RPu9er3jSB1_yqATBV8LY4_SFHmR1YLwIJ6gQpewBPTPyYpdPNSN2Q
  • The Mosaic Company Reports Third Quarter 2019 Results | Business Wire: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXGfcEdYXrRRfmdkBdkMr5l0pVKgdyeW5qeIqkLG84B0gEddhXEba-xBRkoox76RKkPwtIZ_TlTqpl5DmmmJlcUwJKF96i7o5QLljpJmD3eLqpLv9ws40c_ditVRmO12BPk5myP1POkrSKh8kz9mJKsr3ElC63BkYJlrvo-w4LWqiPG7aIkRGLM6vHyuvKgfFUeP9YTak5awNr1cKDzvzHFdnAb7bA==
  • Pan American Silver Completes Acquisition of Yamana Gold: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFWQabx8FW_2ORP7qJnRF_4HM3VuncIpb7biCRWVRUbwvCMBShrZvtG4cNx95LmHsF0q_SxOvfM32tSVGwdaHwCtajVpMrLOnLgJMsa8aZkzqwmMRKMZlzrAGy17URF6LdO258FMRMDXrV7x_ifNBivu5ipvUNKl6Se3GUCP6ZIcJinZ2-c7vEru79x9ibbs_xQSg==
  • Anglo American to sell nickel business to MMG for $500m - Mining Technology: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXHjbRppYRHa2fTWYmwgIo9SFVuJHjSLtl6YyLFwh3J73TA981DGCK6p0IW0dHQPbZUallI9h-BZ-Kwb-TSKSOOmP57CJ-7A6wx0ic2QxLCnKiGy3Z3XunzdUssVeirEjkGAC7BaonP7ZHtsPyaLrigvVttegtqbJ2BSaNicEwI=
  • Mosaic and Fosfatados Centro Announce Agreement for Sale of Phosphate Mining Unit in Brazil - Stock Titan: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXG-chZdcLvS-gy7E-DUjUfjQjdDSuuYFyT9XKkwS76ycCGnPvmdhytT4fUTd6yqPJ64Hp9O5aS6q-FZSeigNbtMVNtbL-EWQELwv-1h-Re6VQyKS5uAofM4bMl2v2Nv-eEMOrOjo_wsEFBEsbOaNBkgcSCeCRNuXObJasy0Wwos3cptRZm2rHR99G8wFOx6pkXgb80SDuZxe0_60Me4FDmpTIaz3zvSGw==
  • Anglo American sells nickel business up to $500 Million - Energy News: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFbzo2ll77RaRetgx29eyVGlztTT9PBfBczGt0exAjnfCFF4vakDkrQ_TyTpgeAvwzas9O0jE14X05nUmXrB6vRj9uXpZhU_8Rz1QaDrMVifBy-LxoTi4mKTMOsHpwQyeUmv29w69bNX3tsICI1k8M3aEp0KGbf2oP51mbQkQ2HKqZ47E3kv4RF7kfkpxQDMuR-FRmqAFAI1pYJyLRiL60FrFlnUT0=
  • BRAZIL MINING 2024 - Global Business Reports: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXEBUv-TxQspJQTEZzQMmFZWtXRQDtUhUpQVlf02QHsGfdAdUD6ePUl97NMMPa7vd2UV_OR7Jrs3YWgFcAnrpa-wO1I0dBK30_vTOReZr2DS7Wbb_RT3AZjPJvBymMNMPMpE2zd6k62RhlCB5X3KIZsh23uI-dIw0fzVq0-2P10PGku66OmN
  • Samarco to double iron pellet production capacity by 2025 - Inspenet: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXGrI-M3mIVt0EvXP1lDdD6WBEQajQ1HtFkBy94i50MqmQmpwzDC7TQFgZz8o0gbMMzsPVGebMR-87_kwxI9Unr4FV2ZNhTqY8pi2GB7J77P6fl9_fHCSC-XBT8C5VO9sZIVGbs8ZEOYOgrbKLSvkoILsKHUaoTXRBVLWJq5VYVlqks-5wJqLOcX6g_G7aUrYP-P
  • Q3 2024 update: M&A activity in mining in Brazil - Mining Technology: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXEEBkfmm6Th8uYInOAxT0N7tlTzg6fiSYwVmfrGtM21aRhgWhCKaNLDuvN1QHx9xR8pXxFl2dkm7u5aaKP5POVSF_b8bkBhsxakfgLMt5r3HsLHQHSjKlQhRedLjkzOG2AhHgcC3kS68Rlc32cvWLcebFVrbNTstg5xEAxEZC2L429QVtnPJuWF6F8=
  • Press Release Q1 2025 - Exhibit 99.1: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXH7QciNxlsidUfqx4pnDGEhuIUBSGFkmCgCpui4Dd__zpmKpMs5hbFDzDIjgKAf6GL8Fq2rnzZR2smmxJ24pAQdCJIXYWl3CoZzOUf5NH1C7f38LaR7FRQb-CZaPYwhXBBKrBlzrdAku2_uDEmlMNKRlGJGwczyLwGIfKTo2AGLbJN5yQvQCocmBR_-h6KJd-s2X2QDA6xxPq8cV_ihDUInXJ6bGgY=
  • Press release, dated February 27, 2025, of The Mosaic Company regarding its earnings and results of operations for the quarter and full year ended December 31, 2024 - SEC.gov: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXHUcRQbldd0N1HPdJYaj_lhsQ_XrgRfW3MJAO_lgRAH7he5H2Nw6EWq-3l69vT_KKLK4Z1f8CZRavkbuDifrLgr2qWOugfJGESkKSLiW6wXoSDqBmoVSuKWVAK_RwA6f3I9kS9h6SwnuPwLu3YEBa3MXcwLfVzE3UWeiziheOUhf_CX-o7oSLjwpIb9AAkrS6Tg5bZlfA==
  • Anglo American targets deal for Brazil nickel mines in H1 2025 - MINING.COM: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXGDOnzdIvOVd9EChdm1qDvmaCIGWevAztq7PHB3C8KJYiHDCJUd_yWoS0kpsWsej-BlThO4K_ipxBBynX7HFnMuLXAwSQk4R9U3nWdd0C2zR1ds4hBNDxfyeKfXbB7DZDPqFlcolZhV5Wfs-MGCnnLJU65KDS8RQusUUKBtNV-v-GAc1ehfk0xi9TGoRxNvHek=
  • BHP Brasil reaches settlement with Public Authorities in Brazil for reparation of Samarco's Fundão dam failure: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXHsWl1Bca5ZHOkLYRqdiaRWbzf3sXnYt_rBW94hnpYeOxazyxa9DQWMXXMuMpIlDoJJKfIwU-aS2Aa7Bok02Nz5H8lfHilPu0jMJClk28J-2HYtLLVLI-NmD7Mx8ct0VqtIUDNno-EQbVM2-Q0TP3tN_McZ7mwV61uheJ_MYGWFefmDNiNtW4CKWjSLGJZyzL4=
  • Mosaic Announces January and February 2024 Revenue and Sales Volumes, Update on Riverview Facility Incident: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXE3ekpVRTxA-SR6cdXHusnSTnam1uDxcqUdOY9gse0d-uxlSsHQxWV6QqMEnrLrllUBGaPxTK5_ZyMQm7kX0g07JDYx4EsI51NtXN--Z8ECPD1FwUkNsVYZKYMl1okRAbp7NJpXxVdoWvOp3J50e3B-Ut3hliSl2Z-NnZRzUSfYlFUygvCdSiYQdBIyJwEZ-BSANOzlW92qXLhEXOsxtwty0mOJCQnNyYyvJm5cwkAwQOryxbPfphVRoYFuv8HE9R7JPgCo73e18eJhiExJyFlr-ufMOAwKTMRW7Vp2tzLDoEmMj7uQzP2Is0UYGN6r
  • Pan American Silver Announces Preliminary 2023 Production Results and Guidance for 2024: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXESTJ6tJUaFCCQmIES7hJpje1IX-WxVX3kUg9-McSyX01A0Z2ksm_-iiXbOH_oIA_jP1KhoV_uI7eOeqdxZzczGhc4dZdnO6Fz93BKcxKFAjeiCGw42iHPsP-lSohGGMLmbjfxc-XeorWUfnLnkZVG9aR1sunjiWK6NZ1GGZfgN8bwlXLBIAeoE81wtgemmAX9ZNpquV7I873UsnzSB7JomgeSjgdGes-YR472Nh1TA1qjAL5rWCj570fmhJ5u1C2Nds76PmJAt
  • Samarco mineração S.a.: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXEZFZJC911jGjixINB1RQVLIcUTaPyf1KGnC91eWvuQFBBCApcqw4CzuI_NYf7V1mzItgGtTh5WrvBYwWDy3qMqONQXYz0g1ssiSYpAUD4PihJt5G_o6TzJfKBh9PBIqyHiaOwZwmAHumoFNEuhuEOq5A7BUuL-XJd6fjpR7UJnRwmKtUXdxsYM3Q8OJSHi
  • Pan American Silver achieves 2024 production guidance and enters 2025 with a record cash balance - Business Wire: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFD5d8ohmG1dbFn7UbeN535miGOcL7Z_qfzC388R4HmbPYmG2Y-mAeVLs3yTBr255xgEqhQ5pz3L1dTkEHI4CTkq6balmAW4C2nWjTHUVhs5mODJJuEfYGur7B-dRxW9iBkmrMeV_w5w3mzx2x8cvDJtND3FsLW6ojnTHmXBI23RKSqqYrE8ItTRe6dAUacUW1bLeX1iqxEcftcTfrxDECt0uLMapPsAToOgJzPWSzv1XJDx34yXP7O4bFjCyT1SrNUOEIA0hBOtrM7ZdHx9wIi
  • JUDICIAL REORGANIZATION - SAMARCO MINERAÇÃO S.A.: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFUdRKnFHGNmaN8ZXc1XtwNNnZcILvj2blNlwPhprhQ5EvmSPXjsuG8gDeJNvEGlIn-kXbzUcHRXvA1UYjHoCaQDJPWaG4Br5JNsdowUTcwkw2CMvogG4veZ6BXINPbiivLz98vqZM_Q9FATBBqG5D0LOZZxsry6QMer4KcEPUzmYyBuF7yJ2go7KdtCsVgOdA2cZEbQvf2N9ciH71rUfYneWaJIYd8crk6iA==
  • Pan American Silver achieves 2024 production guidance and enters 2025 with a record cash balance - Investing News Network: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXF3WymGzo5Nk1kAzCDpk9MrG6L6i_ucQejUi4EYgcOnD3X9FsGOmBH0NltLLiGhzY4ANzCBwRD0GCvHmBDCxdAqQE_P3aMHbmG3kW7ZfhdMIroZqY7L2Z6HXszuIwVVPYHmQ9qtzrn7A3JSOnLOwrKTva2kP2HwElfK0okIGJhHiAgZy8Jw6JHJeUIg3bq73cLZICjYcvosLEPDCVeTDnpEibVanaSvw2mTI7QmjhPDboo=
  • Bravo Mining - The Next Big PGM & Copper-Gold Producer in Brazil? - Article | Crux Investor: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXEBd0yalLpdlowvRuAbTs_o5ibHwmb63nvKP4y8zO7nYEGyLRcpGVRv6pcxtvSzKRrC7bDncwfYImkA2FjSoD5gBjoNn5e1pFuoHgZCfnY4n19z9P2_C8RI2pi8LbIYsU7CRuJiM7VTWFq76EV18qsad4QYhwzuelTS-6q2DTAd3l3IaEuZX-hJIUT7uANoy66E2E4HvI6glqW8OA==
  • BHP, Vale and Samarco reach $30 billion Fundão dam settlement - MINING.COM: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXHC7U5G3819sSrOyokA00i4KOntM3yc69ArczJBNuOVEzN1tnYoIMuZdbEk_pYKljz9nQxpnw3Oj6ceI3sexTX74n7MxXy5Wi9kQ6PfQEmuF9uC9cWuzDM2BAMfeUlHIkLoKKeVqTHnq64okdNp4DDpQnMBukiQUfOJ8r_okUHc6ITL1k6ErX7HZw==
  • Anglo American not a sitting duck after breakup, CEO says - MINING.COM: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFrJtgSS8Fyynafnu54iTVQTF1ML5vnMugcmeC-rc0VVmQdnNldsIQyEEjUFSlXFKB5KOUVkp3FunOKUvU1UTPwyncD9vVLpygNiNxHvBDCSu1xli8i6v8DEDChCh7t8PCZ5NxWyHyNn08KoccO3njrxAtMzTyqWNPyB-PC0X6rNPTuxgAdzjuauSg=
  • Merger control in Brazil: a 2024 retrospective and the outlook for 2025 - Mattos Filho: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXGVIWxYNP37ET3bUpw_ue5pDzsj2briJJPqKwIkatWNpFQchehGvvGTpSiQMhlBvpeatW4Qt2FVJG6E3G_LyKQ3XuyR_Zzuei1Fw8W-QzPRi4yo1LhkVT0Cosh_J3ZldibNL82lN47aXl8vOyrHNUG9kii9VKdB58mx8w==
  • Pan American Silver concludes $4.8bn acquisition of Yamana Gold in Canada: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXHlqqHf4OcCgNCzWw8cUjrA1Ybak-_-2NWjsV4cwh2ItnEmsF-rlfABk7474EeRmXuiYHU1Elz4Xz_Y2H2yXNcP8VM41h4xndpp-w1TVYRc5k1eChuBDhl5G1O-lnkEItPRVFGpsRkcoviOjVwtxdCzWK3khF2-8oGVJfhych2z
  • Gold & Copper Highs Driving Mining M&A Activity - Article | Crux Investor: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFHc2AZAipE6atI7BrznE__k1kCoClqFvtrIewse3VHkQUsBtI7TCet6oXJKx5ZEES5QRvqGMbaP6g715fMnwvdlCIChE1rfYlRmAJtIR4mrfsfrso2gx6a_a0HayrGB89e_8jLk5aszPM2cICFXdtl1bpA6GPpjh626LwBp7si60H3QXZXlI7SNsA=
  • Top 10 risks and opportunities for mining and metals companies in 2025 - EY: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXEfUGutdFNnAz2ZBRRNJ5ak8wxifq7aWUMNiLsz6-A56E2W_uS5yly-JEhS0ePGOieDSYZWoxYW0QdqyVaWU0We1-Ye94MLV1vhg5A6YPwCr6Hbc1XMuKtUv8kCIb-HfsmgOfeycxvpV3Z081liyT5q7Gz2q6BaxZUs0dZ6
  • Buying and Selling Mineral Deposits in Brazil - Silveira Capital: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFXb-Pp6TE6OTR7LFaOok4ZdTx6baUeyEfXewDqI2r1i4j-q5UWtWu2e_ij4-YrNEa_qQjclXNjf_KGU4Rkbb_sFZ2lueuBbde4IM_Mcv_InDy1oASdrW0cf7VuFJ3P9xIilHdU6vZ0lUO9C4zfDW9uvdindqbkXXB4-0FTH1XfhTKru6FSyHuUIIx7b340WUcHJHYUWr2i
  • Mining M&A in 2022: Copper outshone gold - Dentons Kensington Swan: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AbF9wXFtrjmaFqw9nu-bEfULPcWNksQEbzxd_eX3YFgY4rFIZUESIKgKWHDEX4-6ageMrRGW3KdbM11wkwxoFLXiiVJBitn8uZ77HnVqk0Z2-uPefLdBL3pOog2RSJ-CCH0QtlXBxRTP-C1pZVFfKWuMdpA8TSHcj-PTg16FTt4WQNtVX6eQ8Yqy8A==