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Glencore and Rio Tinto in Talks Over Deal That Could Create $260 Billion Mining Giant

By  |  January 8, 2026
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Glencore said on Thursday that it has entered preliminary discussions with Rio Tinto about a possible combination involving some or all of their operations, signaling renewed consolidation talk among the world’s largest mining companies. The discussions remain at an early stage and may include the possibility of an all-share merger, according to a statement from Glencore.

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    Per a statement, Glencore indicated that any potential transaction under consideration would likely be structured through Rio Tinto acquiring Glencore via a court-approved scheme of arrangement. The company emphasized that talks are exploratory and that there is no assurance an agreement on terms or a formal offer will ultimately be reached.

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    The potential scale of a combined group would be significant. According to the Financial Times, which first reported the discussions, a merged entity could carry an enterprise value exceeding $260 billion. Rio Tinto, the world’s largest iron ore producer, currently has a market capitalization of roughly $142 billion, while Glencore’s valuation stood near $65 billion at the last market close.

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    According to a statement, Glencore also noted that this is not the first time the two mining giants have examined closer ties. In 2024, Glencore approached Rio Tinto regarding a possible combination of their copper businesses, though those talks ended quickly without a deal.

    The latest discussions highlight ongoing strategic reassessments within the global mining sector, as companies weigh scale, asset portfolios, and long-term demand for key commodities such as copper and iron ore. However, per a statement, Glencore reiterated that the current talks remain uncertain and that investors should not assume a transaction will result.

    Source: Reuters