Mining Giants Rio Tinto and Glencore Back in Merger/Acquisition Talks

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Written by Brian Ford, Editor-in-Chief for IIR News (Sugar Land, Texas)

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Summary

Rio Tinto is in preliminary discussions to combine its mining resources with those of Glencore, but the outcome of those negotiations is far from certain.

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The Talks Resume

Rio Tinto (London, England) is in talks again to acquire all or part of Glencore (Baar, Switzerland) in a move that could potentially create the world's largest mining company.

Merger talks between the two companies had collapsed nearly a year ago, but each released statements Thursday saying they were in preliminary discussions "about a possible combination of some or all of their businesses, which could include an all-share merger between Rio Tinto and Glencore."

"The parties' current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement," the companies continued.

"There can be no certainty that an offer will be made or as to the terms of any such offer, should one be made," the companies continued. Rio Tinto said it will have until 5 pm (London time) on February 5 "to either announce a firm intention to make an offer for Glencore ... or announce that it does not intend to make an offer..."

Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can view a list of detailed operational Glencore plant profiles and a list of operational Rio Tinto facilities.

Industrial Info also is tracking more than 468 projects totaling US$57.3 billion between the two companies. GMI subscribers can view a list of detailed Rio Tinto projects and a list of Glencore projects.

According to the Financial Times, a combined mining firm would have an enterprise value of more than US$260 billion.

It's About Copper

Already a major producer of iron ore, Rio Tinto has stated its plans to greatly increase its copper output to 1 million tons per year by 2030. For more on that, see December 11, 2025, article - Rio Tinto Targets 1 Million Tons Per Year of Copper Output. The acquisition of global mining and trading firm Glencore could help Rio Tinto reach that goal.

The merger/acquisition talks come after the announced merger of mining firms Teck Resources Limited (Vancouver, British Columbia) and Anglo American plc (London, England), which is expected to create a top-five copper producer. For more on that, see September 9, 2025, article - Miners Anglo American, Teck Resources Announce Merger.

According to Joe Govreau, VP Metals & Minerals research for Industrial Info, "Costs for new mines are skyrocketing with increasing ESG responsibility and lengthy permitting requirements. This is leading to a wave of mergers and acquisitions as we enter 2026. Its just cheaper for companies to acquire than grow organically in some cases."

Key Takeaways

• Merger/acquisition talks between Rio Tinto and Glencore could lead to creation of the world's largest mining firm.
• However, the outcome of those discussions is far from certain.
• Rio Tinto plans to increase its copper output to 1 million tons per year by 2030.

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About IIR News
IIR News is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resource's Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).