This year is going to see a significant drop-off in the value of mining technology company financings and acquisitions – barring something dramatic happening in the fourth quarter – with 2023 transactions ticking over US$1 billion in Q3.
The value of deals in the past two years has been between $2.75 and $3 billion, including some of the biggest M&A and equity funding transactions in the sector’s history.
Imdex’s $242 million acquisition of Norway’s Devico is the largest mining tech deal so far in 2023. KoBold Metals ($195 million) and Boston Metals ($120 million) lead equity financings.
AspenTech’s proposed $623 million buyout of Australian mining software company Micromine, announced in 2022 but not concluded as expected in the first half of this year, has now been scratched from the deal register.
However, software and digital tech was a focus for more than half the mining-tech deals done in the first nine months of this year (full table below).