Mergers and Acquisitions Worth US$60 Billion Accelerate Mining Consolidation in the Region
The rally in copper and gold prices is driving a new wave of corporate consolidation in South America, while Peru has increased its exploration investment by 41% and seeks to capitalize on the new cycle of critical minerals, said Adán Pino, president of proEXPLO 2026.
Lima, February 25, 2026.– The sustained rebound in copper, gold, and silver prices has triggered a new phase of consolidation in the South American mining industry, highlighted Adán Pino, president of proEXPLO 2026. In recent months, mergers and acquisitions totaling around US$60 billion have reshaped the regional corporate landscape, reflecting long-term bets on strategic assets linked to the energy transition and the growth of artificial intelligence.
Among the most relevant transactions is the alliance between BHP and Lundin Mining, valued at US$3.25 billion, to develop the Filo del Sol and Josemaría projects in Argentina’s San Juan province. “Both deposits host estimated resources and reserves of 32 million tonnes of fine copper and 68 million ounces of gold, consolidating Argentina as a new hub for exploration investment,” Pino noted in a recent column published in El Comercio.
This is in addition to Jiangxi Copper’s acquisition of SolGold in a US$1.17 billion transaction that incorporates the Cascabel project in Ecuador, with estimated resources of 14 million tonnes of fine copper and 37 million ounces of gold.
For the geologist, the most significant move in terms of scale is the merger between Anglo American and Teck Resources, valued at nearly US$60 billion, involving operations in Peru and Chile and projecting combined annual production of 1.3 million tonnes of copper. The deal reflects a clear trend: major mining companies are seeking to strengthen their portfolios with world-class copper assets amid a scenario of structurally rising demand.
South America on the Radar
The energy transition—requiring larger volumes of copper for electrification, renewable energy, and power grids—along with the expansion of artificial intelligence and its growing demand for data centers, has reinforced the appeal of the Andean region, which hosts some of the world’s largest geological resources.
“In this context, Peru recorded a 41% increase in mining exploration investment between January and November 2025, reaching US$694 million. The country is seeking to regain momentum at a time when regional competition is intensifying and capital flows favor jurisdictions with greater regulatory predictability and permitting efficiency,” he noted.
Argentina, for its part, is showing a shift in provinces traditionally reluctant toward mining activity, such as Mendoza, which are beginning to authorize projects under stricter technical and environmental standards. Chile maintains its historic position as a key producer, while Ecuador is gaining ground with new copper-gold discoveries.
The Challenge: From Geology to Development
For Adán Pino, president of proEXPLO 2026, the new cycle represents a strategic window for the region. However, he warns that geological advantage does not guarantee automatic results. “The challenge is to transform resources into viable projects, with technical rigor, environmental sustainability, and administrative efficiency,” he said.
At proEXPLO 2026, to be held in Lima from May 4 to 6 at the Centro Exposiciones Jockey, samples and progress updates on flagship projects from Argentina, Chile, and Peru will be presented, reflecting the growing interest in exploration assets across the region.