Rio Tinto & Glencore Resume Mega-Merger Talks

Mining giants Rio Tinto and Glencore have confirmed they are back in talks about a possible $260 billion merger. If it happens, it could create the world’s largest mining company.

Rio Tinto said the discussions could involve an all-share merger, where Rio Tinto would acquire Glencore through a court-approved plan.

Stock Impact:
After the news, Rio Tinto’s shares in Australia fell 6.3% on Friday.

Timeline:
Rio Tinto has until Feb 5 to announce whether it will make a formal offer for Glencore or not.

Background:
The two companies first discussed a merger in late 2024, but talks fell apart due to disagreements over valuation and the future of Glencore’s coal mines.

Rio Tinto’s Plans:
In August 2025, Rio Tinto’s CEO, Simon Trott, announced a reorganization to focus on iron ore, aluminium, lithium, and copper. The company plans to cut costs and unlock up to $10 billion from its assets.

Mining Sector Trends:
This potential merger adds to growing M&A activity in mining. Last September, Anglo American and Teck Resources agreed to a $66 billion merger. A deal between Rio Tinto and Glencore would make the company one of the top five copper producers.

Why Now:
Rising demand for copper and record-high prices of $13,000 per ton have renewed interest in the deal.