麦肯锡：近75%的矿业并购资金流向拉丁美洲

Core Insights - The report by McKinsey & Company and the Future Minerals Forum indicates that global mining M&A transaction value reached approximately $30 billion in the first three quarters of 2025, with 74% of this value directed towards Latin America as investors withdraw from higher-risk jurisdictions [1] Group 1: Mining Investment Trends - The "Future Minerals Outlook Report" tracks supply chain conditions in Africa, West Asia, Central Asia, and Latin America, revealing a widening gap between mineral resource endowment and investment [2] - Since 2021, mining transaction value in Latin America has increased by over 200%, while Africa has seen a nearly 80% decline in transaction value due to capital flowing to perceived more stable jurisdictions [3] Group 2: Supply Chain Pressures - The report warns that the global supply chain for critical minerals is under increasing pressure due to accelerating demand driven by energy transition, digitalization, and rising defense needs [4] - Demand for copper, lithium, nickel, and rare earths is growing faster than new supply can come online, with long permitting cycles, infrastructure gaps, capital intensity, and policy uncertainty slowing project development [5] Group 3: Geopolitical Risks and Future Needs - Over 45% of electric vehicle material refining capacity is concentrated in a single region, increasing vulnerability to geopolitical risks, trade disruptions, and price volatility [7] - The report estimates that approximately $5 trillion in cumulative investment will be needed by 2035 to meet critical mineral demand, with current exploration spending still 40% to 50% below required levels [11]