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Australia was the second highest country globally for M&A deals activity in February (15 deals), trailing Canada (40 deals).

North America had the highest volume and highest value ($US400.66 million) out of all regions for metals and mining M&A deals.

The top five deals for the month attributed to 74.6 per cent of M&A deal value ($US939.64 million).

South African company Harmony Gold Mining had the biggest acquisition deal of the month, after buying AngloGold Security ServicesLimited, Covalent Water CompanyLimited, First Uranium (Pty) and Masakhisane InvestmentsLimited for $US 300 million.

This has made South Africa the most valuable country for M&A deals in February.

The value of M&A deals for February was up 18.4 per cent from January, however there has been a 67.1 per cent drop from the 2019 average which stood at $US3.29 billion.

Global metals and mining M&A deals worth $US2.32 billion were announced were announced as of the end of February, the report found.