The number of global mining M&A deals fell more than 30 percent to 940 transactions in the first half of 2012 due to the global economic recession and a drop in commodity prices, international accounting firm PricewaterhouseCoopers said in a report released on Monday.

The total value of deals for the first six months of 2012 was $79 billion, slightly higher than the $71 billion for the same period a year earlier, but the figure includes Glencore International Plc's $53.6 billion offer for Xstrata Plc. Excluding that deal, the total value of transactions drops to $25 billion, one-third of last year's first half-year total, reflecting the global market uncertainty.

While China's growth has advanced by a modest 7.6 percent in the second quarter after decades of averaging 10 per cent annually, demand for mining deals still appears strong.

China-led deals nearly doubled from 7 percent in the first half of 2011 to 13 percent in the first half of 2012 with these figures excluding announced deals which were later abandoned.

"While we see few buyers, now is the time when people should buy and history shows this is when bargains are achieved. Also, with market conditions expected to remain tight for months to come, miners are looking for innovative ways to fund projects and future growth, a trend that will continue into 2013," said Tim Goldsmith, PwC Global Mining Leader.