Deal activity gathers pace across mining sector

By the Editorial Team · Wednesday, September 30, 2026

Rio Tinto is nearing a deal to sell part of its Pilbara mining infrastructure to Apollo Global Management, potentially raising $2 billion to $3 billion to improve capital efficiency. Meanwhile, Gold Fields has offered $38.7 billion to acquire Northern Star, but the bid faces challenges after rejection and share price declines, with negotiations and shareholder activism still underway.

Deal-making activity is intensifying in Australia’s mining sector, with major players such as Rio Tinto and gold miner Northern Star at the center of several high-profile transactions.

Rio Tinto is reportedly moving closer to finalizing a sale of part of its West Australian mining infrastructure assets, with Apollo Global Management emerging as the leading potential investor. The New York-based private equity firm, known for its extensive portfolio and access to large pools of capital, is believed to be well-positioned to participate in the financing arrangement. Rio Tinto has been preparing a data room to facilitate due diligence by prospective buyers, signaling that a transaction could be imminent.

The assets under consideration exclude port and rail infrastructure but focus on the company’s mining infrastructure in the Pilbara region. This follows a comparable transaction by rival BHP, which last year agreed to sell a 49% stake in its inland power network in Western Australia to Global Infrastructure Partners in a deal valued at approximately $2 billion US. Rio Tinto’s anticipated sale is expected to generate between $2 billion and $3 billion. The move aligns with CEO Simon Trott’s strategy to optimize capital efficiency across Rio’s vast iron ore network, which encompasses 18 active mines, four port terminals, and a rail system extending nearly 2,000 kilometers.

Meanwhile, mergers and acquisitions activity is also heating up in the gold sector. Gold Fields has made a $38.7 billion offer to acquire Northern Star, a bid that Northern Star has publicly rejected. Despite the rejection, sources indicate that negotiations may continue, with Gold Fields remaining the most committed suitor amid other interested parties.

Gold Fields’ offer, made on September 14, consists of 0.3125 of a Gold Fields share plus $7.25 in cash per Northern Star share, valuing the proposal at $27 per share—a 22% premium over Northern Star’s share price on September 11. However, subsequent declines in Gold Fields’ share price have reduced the value of the offer to approximately $22 per share, raising concerns about whether the bid will be sufficient to gain shareholder approval. The offer relies heavily on Gold Fields’ own shares, a factor that some analysts see as complicating the negotiation.

This takeover effort coincides with shareholder activism by Elliott Management, which holds a 6.24% stake in Northern Star, and follows the departure of former CEO Stuart Tonkin, whose exit came amid a series of production forecast downgrades linked to delays at the Kalgoorlie mill expansion. Market observers note parallels between Gold Fields’ current approach to Northern Star and its unsuccessful bid for Gold Road Resources last year, where Gold Fields eventually acquired the business after raising its offer from $3.3 billion to $3.7 billion.

Northern Star is being advised by Goldman Sachs, while Gold Fields has enlisted JPMorgan and Bank of America for financial counsel. Northern Star’s shares ended the most recent trading session down 17.9 cents at $23.29.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.