In the first edition of KWM’s new "It's Public" podcast, M&A partners Will Heath, Antonella Pacitti, Heath Lewis, and Paul Schroder discuss why 2025 is shaping up as a promising year for resources M&A. Their discussion covers the energy transition and uncertainty themes driving consolidation, the regulatory and dealmaking environment, geopolitical and trade uncertainty, and the financing and investment trends all fuelling resources dealmaking.

Key Topics Covered:

• Energy Transition and Uncertainty: The long-term energy transition and shorter-term uncertainty are driving consolidation in the resources sector, particularly in markets like Australia with abundant transition resources.
• Current Landscape and Consolidation Trends: Discussion on mega deals, opportunism sparked by distressed assets, and the regulatory and dealmaking environment.
• Gold and Lithium: Insights into the consolidation theme in gold and lithium M&A, including the all-scrip takeover of Latin resources by Pilbara minerals.
• Coal and Other Deals: The demand for coal, private capital filling funding gaps, and the competitive Anglo coal sale process.
• Geopolitical and Trade Uncertainty: The impact of geopolitical uncertainty on resources deals and the importance of critical mineral supply.
• Regulatory Environment: The need for efficient and fair processes around foreign investment, anti-trust, and other regulatory approvals.
• Cross-Border Deals and Capital: The role of private equity, sovereign wealth funds, and the influx of Canadian companies raising capital on the ASX.

Transcript Excerpt:

• Will Heath: "We believe it's going to be a big year for resources M&A, with a couple of big themes dominating the mining M&A landscape. The first and long arc is the energy transition, and the second and shorter arc is uncertainty. Both drivers favour markets like Australia, with abundant transition resources like copper and other crucial critical minerals, as well as in the uncertainty scope hedge commodities like gold."

Hosts and Guests:

• Will Heath: M&A Partner
• Antonella Pacitti: M&A Partner
• Heath Lewis: M&A Partner
• Paul Schroder: M&A Partner