Demand from emerging countries will continue to drive M&A - Africa will emerge as one of the most important mining geographies this year. China dominates, representing close to half of the growth market- led deal activity in 2011. Despite a weak macro backdrop and falling commodity prices, 2011 marked the second busiest year in mining M&A activity in history. In 2011, growth market miners by value represented almost a quarter (24%) of global mining M&A. This is nearly 50% higher than the total deal value seen at the 2006 market peak and compares to the less than 1% penetration observed at the start of the millennium for the same group, according to PwC's Global Mining 2011 Deals Review & 2012 Outlook: On the road again report. Regarding Western-led deals in 2011, many developed world buyers are 'playing it safe' – 72% involved acquisitions of projects in another developed world region. The report indicates that this trend may be a barrier to long-term growth, given that roughly three-quarters of known reserves lie in countries outside the developed markets.