The M&A boom in Australia’s mining sector is primed for an extended run as companies scramble to bolster their exposure to the riches arising from the energy transition after a decade of underspending on new resource projects.

While miners have spent much of the past 10 years focusing on cash flow and returns to shareholders at the expense of chasing growth, there has been a marked shift this year to splashing out on new operations that fulfil the growing demand for raw materials needed for decarbonisation.