Insight
Global coal M&A 2025: falls to its lowest point
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
M&A activity fell to historic lows in 2025, with just five coal transactions totaling US$293 million—a dramatic decline from 2024's US$6.8 billion across 21 deals. The collapse of Peabody's US$3.8 billion acquisition of Anglo American's steelmaking coal business dominated the year. Structural shifts continue as diversified miners exit coal assets while specialist producers and private capital consolidate positions. A clear divide persists as met coal attracts investment for its steelmaking role, while thermal coal faces mounting ESG pressure. Anglo American progresses its full coal divestment, targeting completion by end-2026. Distressed sellers emerged in Australia as rising costs and royalties pressured smaller producers into administration.
Table of contents
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Executive summary
- Structural shifts continue across key markets
- 2024 sees strong M&A activity
- Peabody/Anglo American deal collapse dominates
- M&A transactions slow in 2025
- Diversified miners still exiting or adjusting to a met coal focus
- Pure-play coal miners expand and diversify portfolios
- Deals pipeline – not much has changed except for some distressed sellers
- Regulatory risks drive premium for operating assets
- No deal implied prices calculated in 2025
Tables and charts
This report includes the following images and tables:
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Deal pipeline value by regionDeal pipeline by coal type and regionEV/resource by operating status
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EV/reserves by type of coalQueensland HCC coal spot priceNewcastle export thermal coal priceAcquisition spend by regionNo of deals by region
What's included
This report contains:
