Rio Tinto and Glencore are set to revive merger talks that could create the world's largest mining company, valuing the deal at over $260 billion. The renewed discussions come after previous attempts collapsed in 2024 due to disagreements on valuation, operational management, and coalmining operations.
The potential deal would see Rio Tinto acquire Glencore, a move that would add significant scale to the Australian-based miner's operations, which already spans 35 countries with around 60,000 employees. In contrast, Glencore operates in over 30 countries with approximately 150,000 workers through employees and contractors.
According to sources, the talks are centered on an all-share merger, although it is unclear whether Rio Tinto would retain Glencore's coal business or divest it altogether. However, a recent report by Bloomberg suggested that Rio might be open to retaining the coal operation, which could see a reversal in its stance on sustainable mining practices.
The resumption of talks follows a string of high-profile mergers in the mining sector, including the $53 billion deal between Anglo American and Teck Resources in September. Copper prices have surged, with values reaching an all-time high above $13,300 per tonne this week, as analysts predict a potential supply shortfall of up to 10 million tonnes by 2040.
Industry experts believe that a full combination of the two companies could create a global leader in multiple industrial metals, including iron ore and transition metals such as copper, cobalt, and lithium. "Last year's theme of consolidation in the natural resources sector has shown no sign of let-up in the early part of 2026," said Derren Nathan, head of equity research at Hargreaves Lansdown.
The deal would be significant not only due to its size but also its potential to drive synergy and cost savings. "The diverse asset base and likely synergies have the potential to provide further protection against commodity price fluctuations," noted Nathan. However, key questions remain about how Glencore's coal and trading arms fit into Rio Tinto's business model and push for improved sustainability credentials.
Under UK takeover rules, Rio Tinto has until February 5th to make a formal offer or confirm it is not proceeding with the deal. The company's shares fell 6% in Australia on Friday, while Glencore's rose nearly 10%.
The potential deal would see Rio Tinto acquire Glencore, a move that would add significant scale to the Australian-based miner's operations, which already spans 35 countries with around 60,000 employees. In contrast, Glencore operates in over 30 countries with approximately 150,000 workers through employees and contractors.
According to sources, the talks are centered on an all-share merger, although it is unclear whether Rio Tinto would retain Glencore's coal business or divest it altogether. However, a recent report by Bloomberg suggested that Rio might be open to retaining the coal operation, which could see a reversal in its stance on sustainable mining practices.
The resumption of talks follows a string of high-profile mergers in the mining sector, including the $53 billion deal between Anglo American and Teck Resources in September. Copper prices have surged, with values reaching an all-time high above $13,300 per tonne this week, as analysts predict a potential supply shortfall of up to 10 million tonnes by 2040.
Industry experts believe that a full combination of the two companies could create a global leader in multiple industrial metals, including iron ore and transition metals such as copper, cobalt, and lithium. "Last year's theme of consolidation in the natural resources sector has shown no sign of let-up in the early part of 2026," said Derren Nathan, head of equity research at Hargreaves Lansdown.
The deal would be significant not only due to its size but also its potential to drive synergy and cost savings. "The diverse asset base and likely synergies have the potential to provide further protection against commodity price fluctuations," noted Nathan. However, key questions remain about how Glencore's coal and trading arms fit into Rio Tinto's business model and push for improved sustainability credentials.
Under UK takeover rules, Rio Tinto has until February 5th to make a formal offer or confirm it is not proceeding with the deal. The company's shares fell 6% in Australia on Friday, while Glencore's rose nearly 10%.
this $260 billion merger talk is crazy... i mean, think about it - two of the biggest players in mining merging into one giant company... if they can make it work, that would be a huge player in multiple metals. but how are they gonna make coal work with Rio's sustainable vibe? 
and what's up with the valuation disagreements? apparently, it was the same issue last year that derailed their talks. so why do they think this time will be different? 
also, copper prices have been through the roof lately... is this just a supply shortage or what? 
. I mean, think about it - the world's largest mining company could really make a difference in terms of scale and efficiency. And with copper prices at an all-time high, it's like the stars are aligning for this deal to happen 
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. If they can make this merger work, it could be a game-changer for the industry as a whole. Plus, with all the consolidation happening in the sector, it's like the perfect storm of opportunities 
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. Fingers crossed! 
It's like they're playing with fire here. I'm all for consolidation in the mining industry, but this is taking it to a whole new level. And what really gets my goat is that Rio Tinto's stance on sustainable mining practices might just be about to get reversed if they do end up retaining Glencore's coal business. 
Coal, guys! It's like you're forgetting the entire world isn't exactly thrilled about it anymore.
Up to $13,300 per tonne?! No wonder they're trying to merge these two companies. But what about the impact on smaller players and communities that rely on mining for their livelihoods? It just seems like another case of the big guys having their way while everyone else is left to deal with the fallout. 
if rio tinto retains glencore's coal business though, it's gonna be super interesting to see how they navigate those sustainability concerns 
i mean i know they're all the rage but honestly i'm not feeling it anymore... the taste is just so overrated and the baristas are always like "oh yeah we can make that latte art on your drink" and i'm just like "no girl i just want my matcha" 
anyway back to mining news i guess... 260 billion dollars is wild but have you seen the prices of a decent coffee cup lately? it's like they're charging us per breath or something 
. Now, I know some people might be worried about sustainability, but if Rio Tinto is open to retaining Glencore's coal business, that's a positive sign 
could be huge for miners like copper prices hitting a new high 
gotta keep an eye on how this one plays out though 
doesn't anyone care about the environmental impact of all this mining? $260 billion is a huge chunk of change... not sure if it's worth it in the long run 
. It's like they're trying to corner the market on everything from copper to coal 
. But at the same time, you've got to wonder if this is just a case of companies trying to stay ahead of the game in a market where prices are soaring and supply is dwindling 
I think this merger is gonna be a game-changer for both companies! 
. Glencore's coal business would still be a big part of Rio Tinto, which seems counterintuitive given Rio's recent push for eco-friendly practices 
. Still, I guess it's too early to tell what'll happen... but let's hope the deal doesn't harm our planet more than it helps 
. Either way, it'll be cool to watch and see what happens 
. With copper prices being so high right now 
. It could lead to some serious cost savings and drive growth for both companies