Rio Tinto is in early talks for a possible acquisition of Glencore, the companies said late on Thursday, in what could create the worlds largest mining company with a combined market value of nearly 207 billion.
Global miners are racing to bulk up in metals including copper, set to benefit from the energy transition and artificial intelligence demand. That has sparked a wave of project expansions and takeover attempts, including the pending merger of Anglo American and Teck Resources to create a 53 billion copper-focused heavyweight.
Rio Tinto and Glencore revealed little on what a tie-up might look like, including which assets could be included, in what is the second round of talks in just over a year between the two after Glencore approached Rio Tinto in late 2024 for a deal that did not ultimately proceed.
