Glencore and Rio Tinto hold buyout talks to create $207bn mega-miner
Glencore and Rio Tinto, said late on Thursday they were in early buyout talks that could potentially create the world's largest mining company with a combined market value of nearly $207-billion.
The discussions are the second round of talks in just over a year between the two companies, after Glencore approached Rio Tinto in late 2024 but a deal did not proceed.
Glencore and Rio Tinto said discussions were about a possible combination of some or all of their businesses.
The two companies said one option would include an all-share buyout of Glencore by Rio Tinto.
Rio Tinto, the world's biggest iron ore miner, has a market capitalisation of about $142-billion, while Glencore is valued at $65-billion as of its last close.
The combined company would have an enterprise value, which takes into account debt, of more than $260-billion, according to LSEG data. The Financial Times first reported the news.
"Glencore confirms that it is in preliminary discussions with Rio Tinto about a possible combination of some or all of their businesses, which could include an all-share merger between Rio Tinto and Glencore," it said in a statement
The Swiss miner and trader added that any deal would be implemented through Rio Tinto's acquisition of Glencore in a court-sanctioned scheme of arrangement.
There was no certainty that the terms of any deal or offer would be agreed upon, Glencore and Rio Tinto said.
Under UK takeover rules, Rio Tinto has until February 5 to make a formal offer for Glencore or say it will not proceed.
US-listed shares of Glencore were up 6% after the company confirmed deal talks, while Rio Tinto's US listed shares were down 0.6%.
Rio, the world's No. 2 miner, and Glencore, one of the world's biggest producers of coal and base metals, restarted deal talks at the end of 2025, a source said.
Rio Tinto has undergone significant changes since the 2024 approach by Glencore. Under its new CEO Simon Trott, who took over in August, Rio Tinto is focused on becoming leaner with fewer non-core assets.
Both companies are shifting their focus towards copper, a commodity expected to be in high demand as the world adopts greener forms of energy.
