Rio Tinto Group and Glencore are discussing the possibility of combining their businesses, according to sources familiar with the matter, in a transaction that could result in the industry’s biggest deal to date.
Rio Tinto and Glencore recently held preliminary talks on a deal, said the sources, who asked not to be identified discussing confidential information. It is unclear whether negotiations are still ongoing.
A Rio Tinto representative declined to comment. A Glencore spokesperson was not immediately available.
Rio Tinto is the world’s second-largest mining company, with a market value of around US$103 billion, while Glencore is valued at US$55 billion. The combination of the two companies could potentially create a giant capable of surpassing the historical industry leader, BHP Group, which has a market value of approximately US$126 billion.
Rio Tinto’s American depositary receipt shares fell, while Glencore rose.
The mining industry has been buoyed by a wave of negotiations in recent years, driven largely by the desire of major producers to expand production of copper — a metal central to the world’s decarbonization efforts.
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Both Glencore and Rio Tinto own some of the best copper mines in the world. However, Rio Tinto — like BHP — still relies heavily on iron ore to boost its profits, at a time when China’s construction boom is coming to an end and the iron ore market appears to be heading for a prolonged period of weakness.
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