`Disastrous’ Deals Sideline Gold-Mining M&A as Metal Rises (1)

Stung by some lousy investments that led to billions of dollars in losses a few years ago, the world’s major gold producers have cut way back on mining deals -- even as metal prices posted their biggest rally since 2010.

The value of the industry’s transactions, from acquisitions to venture-capital financing, tumbled by more than a third in 2017 to $8.95 billion, the lowest in at least a dozen years of data compiled by Bloomberg. The decline reflects the skittishness of an industry that went on a buying spree in 2010 and 2011, when prices surged to records, and then ...