Gold M&A Is Heating Up But Miners Are Pledging Discipline (1)

With gold prices at a record high, mining companies are back hunting for deals while trying to reassure investors that they’ve learned from past mistakes of overspending.

There has been a flurry of activity in recent months, with Gold Fields Ltd.’s $1.6 billion purchase of Osisko Mining Inc. and AngloGold Ashanti Ltd.’s $2.5 billion acquisitionof Centamin Plc. That has sparked speculation over what could be next, with signs that more companies are working to ink deals.

Bullion’s rally and easing cost pressures have made assets more appealing, especially for those seeking to replace aging mines. ...