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    (Bloomberg) -- Deals among cashed-up mining companies are poised to pick up once lingering uncertainties from the pandemic dissipate, according to the most-active investment bank in the industry.Miners are flush with cash and ready to expand through acquisitions, with resurgent demand and supply shortfalls driving up metals prices and company earnings to levels not seen for a decade, according to global metals and mining group co-heads Ilan Bahar and Jamie Rogers of BMO Capital Markets, which is hosting one of the world’s largest mining conferences this week.“History has shown that when there’s positive momentum in commodity prices that tends to drive M&A activity,” Bahar said in an interview ahead of the gathering. “As the world opens up -- if the commodity price remains strong -- we expect M&A to follow.”The deal-making environment is among this week’s topics at the 30th annual global metal and mining conference, which is being held virtually due to ongoing travel restrictions and risks associated with the pandemic. Such Covid-19 issues have already constrained mergers-and-acquisition activity in the past year, even though Bank of Montreal’s investment bank sees plenty of discussions happening.“It feels pretty busy,” Rogers said in the interview, while noting “there’s still that stumbling block of boards and directors trying to get over the hurdle of ‘How can I step out and make a big acquisition without putting boots on the ground?’”Pent-up demand for acquisitions should start to be realized as the world opens up assuming buoyant commodity prices hold up, the co-heads said of the five-day virtual gathering that has attracted a record number of equity investors and presenting companies.“If it weren’t for the travel restrictions associated with Covid -- with this commodity price environment, with this momentum -- we would have seen much more M&A,” Bahar said.The pace and type of deal-making varies by sector, according to the bankers, whose firm advised on 118 takeovers in the past decade and ranks among the top-10 based on total deal value and market share, according to data compiled by Bloomberg.Gold DealsIn gold, which saw a wave of large takeovers in 2019, producers are expected to buy more exploration and development companies to shore up future supply, with shareholders keen to see more consolidation.Among companies involved in industrial metals like copper and nickel, there are fewer players to consolidate. The main decision facing executives and directors is whether to spend the windfall on stepping up development of their own pipeline of projects or to go after complementary assets of other companies.“That’s a real dynamic we’re seeing right now,” Rogers said. “Many of the largest players are awash in cash because of metal prices and they look and say ‘OK, do I look outside or inside for my best returns?’”For now, the answer leans toward the latter, according to Rogers. Battery metals like copper have rallied so much that prices are reaching levels that might encourage companies to build rather than buy, especially as share values soar.Longer term, the industry may undergo further consolidation as it it becomes more expensive to operate and build mines due to declining ore quality and rising environmental and social expectations. “Usually higher prices bring further consolidation. We’ll have to see, but that’s a common trend,” Southern Copper Corp. Chief Financial Officer Raul Jacob said in an interview Monday. “We would expect there will be some consolidation in the future.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Stocks edge down as investors hit pause, watch bond yields

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  • Workhorse Wants to Overturn the USPS Decision. What That Would Mean for the Stock.

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  • Monthly stimulus checks may be on the way for families later this year

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  • U.S. Inflation Expectations Hit Decade High as Yields Resurge

    (Bloomberg) -- U.S. Treasuries tumbled anew on Wednesday, driving long-maturity yields to their highest levels this week and pushing up inflation expectations as traders continued to price in a quicker economic rebound from the pandemic.Benchmark 10-year Treasury yields surged as much as 10.3 basis points to 1.495%, a move reminiscent of last Thursday’s startling selloff in government debt. Meanwhile, a market proxy for the anticipated annual inflation rate for the next half-decade exceeded 2.5% for the first time since 2008 -- aided by climbing oil prices. At least part of the trigger for the fixed-income losses came from the U.K., which said it will sell more bonds than expected as its economy emerges from a deep recession.Also in the background was Joe Biden’s announcement that enough doses of virus vaccine should be available to every American adult by the end of May, and a report Wednesday that the president would moderate certain stimulus demands to try to win support for his virus-relief bill. Rising yields have started to draw the attention of Federal Reserve officials, leaving all eyes on an appearance Thursday by Chair Jerome Powell.Among other things, “the stimulus package is likely to go through and the economy is reopening,” said Michael Franzese, managing partner at MCAP LLC in New York. “The battle is on between rates going higher super-fast and a Federal Reserve that’s trying to keep the market stable and may try to slow the momentum of the reflation and economic-rebound trade into something more manageable.”Early inklings of inflation were evident in data from the Institute for Supply Management this week: Measures of prices paid jumped to their highest levels since 2008.A large trade on Wednesday in 10-year Treasury options and accompanying futures selling also fueled the leap in yields, as did heavy corporate bond supply.The rates market is not yet done fully pricing in robust U.S. economic growth, which would entail a 10-year yield trading around 1.90%, said Mark Heppenstall, chief investment officer of Penn Mutual Asset Management in Horsham, Pennsylvania. That’s the level last seen in January 2020, two months before pandemic fears started prompting forced shutdowns in the U.S.Beyond rising nominal and breakeven rates, “the dynamic rise in the 10-year real, inflation-adjusted yield we’ve seen is the market partly adjusting to a faster-than-anticipated pace of rate normalization by the Fed,” he said.The timing of the Fed’s first rate hike, known as liftoff, and subsequent rate hikes haven’t been factored in, making Treasuries vulnerable to a further selloff in the weeks ahead, according to Heppenstall.(Adds reference to Fed rate hikes in ninth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.