Rio Tinto and Glencore have confirmed talks have restarted over a potential merger that would create a nearly $200 billion mining behemoth.
UK-based Rio Tinto and Anglo-Swiss Glencore said in regulatory statements late on Thursday that discussions involve an all-share transaction. Under these terms, Rio Tinto would acquire Glencore through a court-sanctioned scheme of arrangement.
Any transaction remains at a preliminary stage, with no agreement reached on terms, structure or scope, the companies said.
The companies had most recently discussed a merger in 2024. Glencore, which has a market capitalisation of around $65 billion, had also considered a takeover of the larger $133 billion-valued Rio Tinto in 2014.
Under the UK’s City Code on Takeovers and Mergers, Rio Tinto has until 5pm London time on February 5 to either announce a firm intention to make an offer or walk away, unless the deadline is extended by the Takeover Panel.
Shares of London-listed Glencore rallied 6 per cent while Rio Tinto’s Australian-listed shares fell as much as 6.4 per cent once talks were confirmed. At market close, Glencore and Rio Tinto settled 2.32 per cent and 6.20 per cent lower, respectively.
If both parties go ahead with the deal, it would be the biggest the mining industry has seen in years. The takeover talks are also reminiscent of the 2001 merger of the much larger BHP, valued at $19 billion and $9.7 billion-valued Billiton. The potential merger also comes against the backdrop of gold, silver and copper prices, which have had a record rally in 2025. It would also provide a larger resource base and supply chain access to commodity trader Glencore, which had a challenging 2025, complicated by US tariffs.
Glencore said it was responding to recent speculation and confirmed it was in discussions with Rio Tinto “about a possible combination of some or all of their businesses”. While the expectation is that any merger would be effected through Rio Tinto’s acquisition of Glencore, the commodities group emphasised there was no certainty that an offer would be made or that terms would be agreed.
The companies said that the announcement should not be taken as an indication that agreed terms exist under takeover rules. Further updates would be provided if discussions progress, they said.
