The decision layer
African mineral transactions 2015–2025 plus international comparables, rendered from the deployed set at build time. Every deal Sourced; value-status flags carried where the record qualifies its own figure. Click “source” on any row for the per-deal verification stamp and attribution. Spans shown are spans of this set — never asserted as market curves.
12 early-stage deals across the set — the junior / development-finance lens (EBRD, DFI)
| Year | Deal | Commodity · stage | US$M | Metric |
|---|---|---|---|---|
| 2025 | Shenghe Resources (from Peak Rare Earths) Ngualla NdPr project (Tanzania) sourcedsourceShenghe acquired the 80.3% of Peak Rare Earths it did not own for A$195M (~US$128M), taking full control of Ngualla; court-approved 19 Sep 2025, Peak delisted 1 Oct 2025. RECONSTRUCTED: prior $420M 2022 was unsupported. [verified primary source 2026-05-30] |
REE · Dev | 128 | — |
| 2024 | Gold Fields Osisko Mining (Windfall, Canada - intl comp) sourcedsourceInternational Au dev-stage benchmark. C$2.16bn = US$1.57bn per Gold Fields (currency-corrected). [verified 2026-05-30] |
Au · Dev | 1,570 | $403/oz |
| 2024 | Montage Gold (2024 equity raise, not IPO/M&A) Kone project funding (Cote d'Ivoire) sourcedsourceMontage raised C$215M equity in 2024 (~US$157M) for Kone; NOT a $220M IPO (already TSX-listed). Separately Kone secured a US$825M financing package (Wheaton US$625M stream + facilities; Zijin US$75M stream + US$50M loan), Oct 2024. Was $220M IPO (corrected). [verified 2026-05-30] |
Au · Dev | 157 | — |
| 2024 | Zijin Mining Montage Gold 9.9% strategic stake (Kone, Cote d'Ivoire) sourcedsourceZijin invested C$58.2M (~US$43M) for 9.9% of Montage Gold (Kone owner), 2024. RECONSTRUCTED: prior Goldstrike Resources->Kone $600M 2023 was unsupported - Kone permit traces to Red Back Mining (2008)/Kinross, not Goldstrike. [verified primary source 2026-05-30] |
Au · Dev | 43 | — |
| 2024 | Shenghe Resources (offtake, not acquirer) Ngualla 100% concentrate offtake (Tanzania) · supply deal no acquisition value sourcedsourceBinding offtake: Shenghe to buy 100% of Ngualla rare-earth concentrate (signed Jun 2024). Supply deal - no acquisition value. RECONSTRUCTED: prior Lynas Rare Earths->Ngualla offtake was wrong; offtake partner is Shenghe, not Lynas. [verified primary source 2026-05-30] |
REE · Dev | — | — |
| 2024 | Ivanhoe Electric Samapleu-Grata Ni-Cu JV 60% (Sama Resources, Cote d'Ivoire) sourcedsourceIvanhoe Electric earned 60% of the Samapleu-Grata Ni-Cu JV by investing C$25M (~US$18.4M) by Mar 2024 (earn-in formalised Mar 2021). Was $30M (corrected). [verified primary source 2026-05-30] |
Ni-Cu · Exp | 18.4 | — |
| 2023 | BHP (Kabanga Nickel stake) Kabanga Nickel (17% via two investments) sourcedsourceBHP invested US$90M total for 17% (US$50M initial Jan 2022 incl US$10M into Lifezone; doubled by 2023). Was $60M (corrected). BHP exited Jul 2025, selling 17% to Lifezone for up to US$83M deferred; Lifezone ~84% (Tanzania Govt 16%). [verified 2026-05-30] |
Ni-Co · Dev | 90 | — |
| 2022 | Ivanhoe Mines / Gecamines Kipushi restart JV (DRC) sourcedsourceKipushi restart JV (term sheet 14 Feb 2022; executed 2023). US$250M = proposed offtake pre-payment facility; 2022 FS pre-production capital US$382M. Financing/restart-JV benchmark, NOT an acquisition consideration. [verified 2026-05-30] |
Zn · Dev->Op | 250 | — |
| + 4 more development-stage deals — the full curated set with metrics is a Pro deliverable. Pricing | ||||
15 records
| Year | Deal | Commodity · stage | US$M | Metric |
|---|---|---|---|---|
| 2025 | Shenghe Resources (from Peak Rare Earths) Ngualla NdPr project (Tanzania) sourcedsourceShenghe acquired the 80.3% of Peak Rare Earths it did not own for A$195M (~US$128M), taking full control of Ngualla; court-approved 19 Sep 2025, Peak delisted 1 Oct 2025. RECONSTRUCTED: prior $420M 2022 was unsupported. [verified primary source 2026-05-30] |
REE · Dev | 128 | — |
| 2024 | MMG Cuprous Capital / Khoemacau (Botswana) · verified primary source sourcedsourceUS$1,734.7M settled consideration for MMG 100% acquisition of Cuprous Capital (Khoemacau owner), completed Mar 2024 (announced EV US$1,875M, Nov 2023). 100%-acquisition basis. [verified primary source] |
Cu-Ag · Op | 1,734.7 | — |
| + 13 more in this category — the full curated set with metrics and value-status flags is a Pro deliverable. Pricing | ||||
6 records
| Year | Deal | Commodity · stage | US$M | Metric |
|---|---|---|---|---|
| 2025 | Rio Tinto Arcadium Lithium (global - intl comp) sourcedsourceMega Li acquisition benchmark. Announced Oct 2024, completed 6 Mar 2025, US$6.7bn (Arcadium created Jan 2024; year corrected from 2023). [verified primary source 2026-05-30] |
Li · Op | 6,700 | — |
| 2024 | Gold Fields Osisko Mining (Windfall, Canada - intl comp) sourcedsourceInternational Au dev-stage benchmark. C$2.16bn = US$1.57bn per Gold Fields (currency-corrected). [verified 2026-05-30] |
Au · Dev | 1,570 | $403/oz |
| + 4 more in this category — the full curated set with metrics and value-status flags is a Pro deliverable. Pricing | ||||
1 record
| Year | Deal | Commodity · stage | US$M | Metric |
|---|---|---|---|---|
| 2022 | Ivanhoe Mines / Gecamines Kipushi restart JV (DRC) sourcedsourceKipushi restart JV (term sheet 14 Feb 2022; executed 2023). US$250M = proposed offtake pre-payment facility; 2022 FS pre-production capital US$382M. Financing/restart-JV benchmark, NOT an acquisition consideration. [verified 2026-05-30] |
Zn · Dev->Op | 250 | — |
1 record
| Year | Deal | Commodity · stage | US$M | Metric |
|---|---|---|---|---|
| 2024 | Montage Gold (2024 equity raise, not IPO/M&A) Kone project funding (Cote d'Ivoire) sourcedsourceMontage raised C$215M equity in 2024 (~US$157M) for Kone; NOT a $220M IPO (already TSX-listed). Separately Kone secured a US$825M financing package (Wheaton US$625M stream + facilities; Zijin US$75M stream + US$50M loan), Oct 2024. Was $220M IPO (corrected). [verified 2026-05-30] |
Au · Dev | 157 | — |
1 record
| Year | Deal | Commodity · stage | US$M | Metric |
|---|---|---|---|---|
| 2024 | Shenghe Resources (offtake, not acquirer) Ngualla 100% concentrate offtake (Tanzania) · supply deal no acquisition value sourcedsourceBinding offtake: Shenghe to buy 100% of Ngualla rare-earth concentrate (signed Jun 2024). Supply deal - no acquisition value. RECONSTRUCTED: prior Lynas Rare Earths->Ngualla offtake was wrong; offtake partner is Shenghe, not Lynas. [verified primary source 2026-05-30] |
REE · Dev | — | — |
1 record
| Year | Deal | Commodity · stage | US$M | Metric |
|---|---|---|---|---|
| 2024 | Barrick Mining Lumwana Super Pit expansion (capex, not M&A) sourcedsourceUS$2.0bn Super Pit expansion CAPEX (FS Feb 2025; launched Oct 2024). NOT an acquisition/JV. Year corrected 2023->2024. [verified 2026-05-30] |
Cu · Op | 2,000 | — |
Category and verification fields are the deployed set's own tags. African M&A and international comparables are presented separately by design. On the EV/oz gap between the buckets: the buckets differ in deal vintage (African 2019/2021 vs international 2022/2024, across a period of materially rising gold prices) and mix stage, so the full spans are confounded and are not evidence of a jurisdiction discount by themselves. The nearest like-for-like contrast in the set — Teranga 2021 (African, operating, $122/oz) against Pretivm 2022 (international, operating, $394/oz) — is a single near-contemporaneous same-stage pair, consistent with the verification-discount thesis this platform exists to close, and presented as exactly that: one pair, not a statistic.