Will the current M&A wave reshape the mining sector in 2025? Nicole Adshead-Bell, Director of Cupel Advisory, joins Kitco’s Senior Mining Editor and Anchor Paul Harris to break down a pivotal Q1 for the gold and copper sectors. In this Digging Deep episode, she unpacks the M&A frenzy sweeping the mining space, the implications of record gold margins, and why high prices may be masking deeper production issues. Nicole also weighs in on China’s aggressive push into Latin America, a massive copper-gold discovery by Lundin-BHP, and the financing turnaround at i-80 Gold.

Key points:
- Majors see gold output slide by 1.5M oz while margins exceed 60%
- M&A cycle is accelerating, investors now demanding near-term growth
- Lundin-BHP’s Vicuna project revealed as biggest copper discovery in 30 years
- China’s long-game: Latin American copper takeovers amid Western inaction
- U.S. permitting delays, rising arsenic ore challenge future copper supply

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.