The Globe and Mail reports in its Wednesday edition that Bank of Montreal has purchased an Australia-based capital markets business as the lender expands its metals and mining investment banking unit. The Globe's Stefanie Marotta writes that BMO struck an all-cash deal to acquire the capital markets unit of Euroz Hartleys Group Ltd. for $145-million (Australian). The Perth-based company is a metals and mining-focused equity capital markets, mergers and acquisitions, and strategic advisory firm. Australia is a major hub for the financing of the metals and mining sector, which has boomed in recent years. The race to power new technology in artificial intelligence, defence and electric vehicles is driving demand for critical minerals. "We're in a mining super cycle, and it's been going on for a number of years," Carrie Cook, BMO global head of investment and corporate banking, told The Globe. BMO's metals and mining business has grown significantly, and the bank sees it as a template for how it could improve in other areas. BMO says that since 2018, revenue more than tripled in the franchise. BMO has advised on major deals in recent years, including Teck Resources' pending sale to British mining giant Anglo American PLC.