Giant companies Rio Tinto and Glencore announced the start of early negotiations that could result in one of the largest deals in the history of the industry. If merged, the market value of the new structure will approach $207 billion and surpass the current sector leader, BHP Group.
The companies are considering various options, including a buyout of Glencore with payment in Rio Tinto shares. At the same time, both sides emphasize that agreements have not yet been reached, and there are no guarantees that the deal will take place.
News of the negotiations caused a noticeable market reaction. Glencore shares in the US rose about 6%, while Rio Tinto shares in Australia fell more than 6%, their steepest intraday drop in years.
The interest of major players in consolidation is intensifying against the backdrop of the global energy transition. Metals, primarily copper, are becoming strategically important for the development of renewable energy, power grids and data centers. This is why mining companies are expanding their business and are more actively considering acquisitions.
Negotiations between Rio Tinto and Glencore were already underway at the end of 2024, but no agreement was reached then. A new round of discussions began at the end of 2025, under Rio Tinto’s new CEO Simon Trott. He took over the company in August and set a course for optimizing assets and finding opportunities for large transactions.
Negotiations between Rio Tinto and Glencore reflect growing race for strategic metals. If the deal goes through, it could radically change the balance of power in the global market and accelerate the consolidation of the mining industry.
Source: MINING.COM
Photo: Glencore
