Rio Tinto and Glencore Walk Away from Merger Talks

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

The Rio Tinto-Glencore merger collapsed over concerns of undervaluation.

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Rio Tinto confirmed its intention not to make an offer to acquire Glencore after failing to reach an agreement, ending a possibility to create the world's largest mining company.

As part of the deal, Rio Tinto offered to retain the chairman and chief executive officer positions and to deliver pro forma ownership of the combined operations. However, Glencore considered the offer an attempt to undervalue its operations, particularly its copper business and project pipelines.

The merger would have created one of the world's largest copper and iron ore producers, with assets across continents and spanning mining operations of other commodities such as cobalt, gold and zinc.

Industrial Info is tracking 182 Glencore-owned assets worldwide and 243 projects, representing investments of US$21.17 billion. Rio Tinto controls 94 assets and has forecasted 217 projects totaling US$36.51 billion, according to IIR's database.

Separately, this week, Orion Critical Mineral Consortium and Glencore signed a memorandum of understanding for Orion to acquire a 40% stake of Glencore's interests in the Mutanda Mining and Kamoto Copper Company (KCC) in the Democratic Republic of Congo, valued at about US$9 billion.

Production Results

In 2025, Rio Tinto produced 327.3 million tons of iron ore from its Pilbara assets. In addition, the company produced about 883,000 tons of copper, representing an 11% year-on-year increase, and 57,000 tons of lithium carbonate equivalent (LCE) from its acquisition of Arcadium in Argentina in 2025.

Glencore, for its part, produced 851,600 tons of copper, 36,100 tons of cobalt, and 969,400 tons of zinc through 2025. In addition to these metals, the company also produces other commodities, including lead, nickel, gold, silver and coal.

Gold, Copper and Silver Prices

The price of copper and precious metals dropped by the end of January, amid a stronger U.S. dollar and favorable market expectations following signals from potential candidates for the next chair of the United States Federal Reserve.

Despite the recent drop, copper prices remain near US$6 per pound, with some experts forecasting a further decline in the next few months. For gold, prices decreased after surpassing the US$5,000-per-ounce mark in January, though they remain close to that level.

Meanwhile, silver was the hardest hit among commodities, falling from roughly US$114 per ounce to US$75 per ounce.

Key Takeaways

• Rio Tinto and Glencore terminate merger discussions.
• The merger would have formed a leading mining company worldwide.
• Glencore is in acquisition talks with Orion Critical Minerals Consortium.

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About IIR News Intelligence
IIR News Intelligence 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).

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